Africa Private Capital Report 2022

In April 2023, the African Private Capital Association (AVCA) released the 2022 AVCA Venture Capital in Africa Report. The 2022 report is the fourth edition of the AVCA Venture Capital in Africa report and presents an overview of the venture capital ecosystem in the continent. The Report also provides an analysis of the latest trends and development of Africa’s start-up investment landscape and the profile of the investors active on the continent.

The major findings of the Report are as follows:

  • By region, West Africa attracted the largest proportion of venture capital deal volume in Africa (30%), driven by Nigeria which was the most active country by volume at 22%.
  • Dealmaking was concentrated in the Financials sector, which assumed 31% of deal volume and 42% of deal value.
  • The 2022 median deal size across all investment stages was US$2.0 million, a 43% increase from the 2021 full-year median of US$1.4 million.
  • 15 super-sized deals in companies raising both venture capital and venture debt took place in 2022, with a combined value of US$2.2 billion.
  • 1,000+ investors were active in Africa’s venture ecosystem in 2022. 77% of the investors were international investors while 23% were African Investors.
  • Startups raising their first round of venture financing only accounted for 37% of VC deal volume in 2022.

The path to parity gained momentum – startups with a gender diverse founding team raised a cumulative total close to US$950 million. 26% of funding recipients (venture capital) were startups with a female founder or startups with gender diverse founding teams

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