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Homegrown African VCs emerge to fill in the gaps foreign investors cannot
Dealmaking in the continent has in recent years been dominated by foreign VC firms, which accounted for 77% of the total funding in 2022.
Early reports indicate that, in terms of the most active investors in Africa, there were only seven, most of the them Africa-focused firms, involved in $100,000+ deals every month last year, a drop from 20 (mainly foreign VCs) in 2022 and from 17 in 2021, as funding dipped dramatically. Dream VC co-founder Cindy Ai told TechCrunch, that together with Mark Klyener, they launched the program in 2021 to plug the knowledge and network access gaps across the innovation value chain because of the limited resources covering the nuances of investing, building and scaling startups in Africa. “We want to really be sure that at the end of it, they know what they’re getting themselves into, because it’s like a 10-year or 20-year commitment,” said Fu, who co-founded the Obuntu Foundation with Wambui Kinya also general manager at Google Search Africa and Asta Diabaté, open innovation analyst at Novo Nordisk.
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