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What We’re Seeing on Startup Funding in H2 2023 in Nigeria, Africa

What We’re Seeing on Startup Funding in H2 2023 in Nigeria, Africa

In H2 2023, more foreign investors are investing in African (very early stage) tech-anchored startups at a rate faster than when they did at the same time last year. Here they invest between $50k to $500k. 

However, in the range from $500k to $5m, that has slightly dropped while from $10m is extremely challenging. Above $20m is now a miracle.

Yet, I do think the market is opening up because the “VC banking crisis” in the US is largely over, and they will be getting back to big deals. In the last few days, we have been getting more calls on due diligence for larger rounds, indicating that the big dance is returning. I expect things to normalize around Nov or early 2024 for mega deals.

Tekedia Mini-MBA edition 15 (Sept 9 – Dec 7, 2024) has started registrations; register today for early bird discounts.

Tekedia AI in Business Masterclass opens registrations here.

Join Tekedia Capital Syndicate and invest in Africa’s finest startups here.

In Tekedia Capital Syndicate, we typically do 6-7 startups in a cycle, but due to interests from some of our funding clubs, etc, we are extending the list to 10 startups, for the cycle starting on Oct 2, 2023, as we can see enough capital to take care of the needs of all the startups. Yes, we will make ten investments in the next 45 days to close the year.

As always, the best companies in Africa and Nigeria are yet to be established. #build one!


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