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Presenting the 2022 Partech Africa Report: Resilient African Tech Ecosystem Still Growing with $6.5 Billion Raised in 2022

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Partech Africa

Partech Africa, the VC fund dedicated to technology startups in Africa, has issued its annual report on Africa Tech Venture Capital

DAKAR, Senegal, January 24, 2023/APO Group/ — 

Amid the drastic pullback in global VC funding, the African tech ecosystem stands out with +8% growth from 2021. Debt funding doubled in volume to $1.5B, accounting for nearly a quarter of the total funding. Fintech, still leading, attracted 39% of the total equity volume; Nigeria retained the top spot with 23%

Partech Africa, the VC fund dedicated to technology startups in Africa, has issued its annual report on Africa Tech Venture Capital. The report, which aims to provide a practical picture of the state of the ecosystem, revealed that despite the global VC downturn, the African tech ecosystem grew faster than all other markets globally. 

Total funding invested into tech startups on the continent reached $6.5B, an increase of 8% vs 2021, spread across 764 deals – compared to 724 rounds in 2021. The report, consisting of disclosed and confidential deals, saw debt funding more than double in volume, reaching $1.55 billion through 71 deals [65% YoY growth]. In comparison, equity rounds showed a slight decline, as 653 African tech startups raised $4.9B [-6%] in 693 equity rounds [2% YoY growth].

Focusing on the equity funding, the report revealed the ecosystem was still accelerating during Q1 and Q2 of 2022 compared to 2021, with the YoY comparison showing Q1 and Q2 at +127% YoY and +83% YoY, respectively. However, the global VC slowdown stifled growth in activity in Q3 [-65% YoY] and Q4 [-35% YoY]. In 2022, fundraising activities remained flat across all stages. At $1.4M, Seed+ ticket sizes averaged higher in 2022 [+12% YoY], while Series A remained the same at $8.5M. Later stages reverted to 2019 levels, as Series B and Growth round sizes dropped by -23% and -50% YoY, respectively. In addition, 2022 witnessed a significant reduction in the number of megadeals [over 100M], with only seven deals compared to 14 in 2021.

2022 was a particularly challenging year for the venture ecosystem worldwide, as venture and growth investors scaled back their investment by a third

Speaking on the launch of the annual report, Tidjane Deme, General Partner at Partech, said: “2022 was a particularly challenging year for the venture ecosystem worldwide, as venture and growth investors scaled back their investment by a third. However, by comparison, our report revealed the African tech ecosystem showed great resilience, as more investors have doubled their commitment to the continent by investing in local teams and funds dedicated to the market, which is proving to be the best way forward.”

Overall, Nigeria, South Africa, Egypt and Kenya remain the top investment destinations in Africa, with a share of total volume staying relatively steady at 72%. Nigeria retained the top rank, bringing in  $1.2B in capital, despite a decline of 36% from 2021; South Africa, Egypt, and Kenya each attracted over $0.7B in funding, with Ghana completing the top 5 with just over $0.2B. Overall, 28 countries attracted equity funding in 2022, 13 of them in Francophone Africa..

In light of the market downturn, the report’s findings also revealed that Fintech, which has historically attracted sizable investments, was the most impacted by the slowdown in the number of large rounds. However, fintech remains the most funded sector in Africa, and this across all sources of capital, with 39% of the total equity volume [$1.9B] and 45% of the total debt volume [$691M]. Other sectors have experienced substantial growth and gained a meaningful share of the equity funding activity this year, most notably Cleantech, which made a big comeback with 18% of total equity funding at $863M [+347% YoY] but also 39% of the total debt funding at $605M. 

The report’s findings also show:

  • Female-founded startups raised 22% of all equity rounds in 2022, up 2 percentage points from 20% in 2021. They also contributed $644 Million or 13% of the total equity funding, down 3 percentage points from 16% in 2021.
  • Outside of the top 4 countries, Ghana ($202 million), Algeria ($150 million), Tunisia ($117 million) and Senegal ($105 million) were the only other countries that broke the $100M funding mark.
  • Despite a slowdown in the growth rate of equity investors, Africa’s tech ecosystem attracted 1,149 unique investors for the first time [+29% YoY in 2021]. African tech has seen more investors committed, with 89 participating in 5 or more deals (compared to 65 investors in 2021).
  • The number of debt investors active on the continent is growing 2.5x YoY, with a good mix of local debt institutions, international lenders with emerging market vehicles and Development Finance Institutions.

Cyril Collon, General Partner at Partech, added: “Much of our methodology has remained the same over the years, and we, therefore, can provide a snapshot of how the African continent has evolved over the years. Nigerian and the fintech vertical have remained at the top spot; however, in an environment where equity funding is more challenging, debt has proved to be a solid alternative source of African tech startups in 2022, which signals a maturity within each sector.”

Headquartered in Dakar, Partech Africa is the largest VC fund dedicated to technology startups in Africa. With a focus on Late Seed, Series A and B equity rounds in startups which are changing the way technology is used across multiple sectors, including education, mobility, finance and healthcare, the VC has, to date, invested in 17 African startups, such as Wave (http://bit.ly/3J9lGqy) and TradeDepot (http://bit.ly/3R2IgD9). Using the same methodology as previous years, the seventh Partech Africa annual report on African tech start-ups only includes equity rounds where the total amount is higher than US$200K.

To download the full ‘2022 Africa Tech Venture Capital’ report, click here (https://bit.ly/3R5mChF).

Distributed by APO Group on behalf of Partech Partners.

Business

Sierra Leone’s PDSL to Host Strategic Investor Roundtable at Paris Energy Forum

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Energy Capital

The Petroleum Directorate of Sierra Leone will lead a targeted roundtable at Invest in African Energy 2026, spotlighting upstream potential and cross-regional partnerships

PARIS, France, March 24, 2026/APO Group/ –The Petroleum Directorate of Sierra Leone (PDSL) is set to convene an investor roundtable at Invest in African Energy (IAE) Forum 2026 in Paris, underscoring growing interest in West and North African energy markets and the need for deeper capital engagement across exploration, renewable and offshore services. The session reflects a strategic effort by Sierra Leone to connect its emerging upstream prospects with established operators and project developers as the country moves to unlock the full potential of its emerging oil and gas industry.

 

Sierra Leone is increasingly positioning itself as a frontier oil and gas market with significant offshore potential, and part of the PDSL’s mandate is to catalyze investment interest in its offshore acreage through direct engagement with global capital. Recent data suggest the country holds estimated recoverable resources in the tens of billions of barrels, backed by discoveries and extensive multi‑client seismic datasets that prospective investors are evaluating. The PDSL is actively promoting licensing opportunities and drilling plans, emphasizing fiscal terms and exploration readiness to attract strategic partners.

 

A cornerstone of this strategy is the anticipated launch of the country’s sixth licensing round. Offering a rare early-entry opportunity into a largely untapped deepwater terrain with considerable upside, the upcoming bid round is backed by fresh 3D datasets which de-risk exploration and support new drilling campaigns. Just this month, GeoPartners announced that the final Pre-Stack Time Migration data for its recently acquired 3D multi-client seismic survey in the country was complete and is now available for licensing. The dataset provides a 3D window into the hydrocarbon potential of the underexplored northern Sierra Leone region.

 

Sierra Leone’s licensing drive comes as major operators advance exploration activities. In 2025, Eni signed a Reconnaissance Permit Agreement with the PDSL, securing rights to conduct reconnaissance and technical evaluation activities across offshore blocks G113, G129, G130, G131 and G132. The acreage covers 6,790 square kilometers within Sierra Leone’s territorial waters. Nigeria’s F.A. Oil Limited is pursuing drilling following its award of six offshore blocks through the country’s fifth licensing round in 2023. The company is currently seeking a farm-in partner to advance the project from exploration to production, offering a 40% stake in each of the G Blocks 53, 54, 55, 71, 72 and 73.

 

As these development unfold, the upcoming roundtable at IAE 2026 offers a unique opportunity for operators and policymakers to engage potential investors. The IAE 2026 Forum has become a strategic bridge between African upstream opportunities and global investors, with sessions like the PDSL roundtable designed to foster deeper dialogue and provide clarity on project pipelines and investment prerequisites. Discussions are expected to cover mechanisms for de‑risking exploration activity, optimizing fiscal and contractual frameworks and identifying synergies between hydrocarbon investment and renewable energy commitments.

 

For investors seeking differentiated exposure to African energy markets, the Sierra Leone roundtable represents both a focused exploration of frontier oil potential and a broader conversation about regional infrastructure, partnerships and the evolving demands of energy capital in the years ahead.

 

IAE 2026 (www.Invest-Africa-Energy.com) is an exclusive forum designed to connect African energy markets with global investors, serving as a key platform for deal-making in the lead-up to African Energy Week. Scheduled for April 22–23, 2026, in Paris, the event will provide delegates with two days of in-depth engagement with industry experts, project developers, investors and policymakers. For more information, visit www.Invest-Africa-Energy.com. To sponsor or register as a delegate, please contact sales@energycapitalpower.com

 

Distributed by APO Group on behalf of Energy Capital & Power.

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Energy

Cape Town Prepares for African Mining Week 2026 as Draft Program Reveals Continent’s Mineral Drive

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Energy Capital

African Mining Week returns for its 2026 edition with an expanded three-day program, bringing together African mining leaders and global partners to shape the future of the continent’s mining sector

CAPE TOWN, South Africa, March 24, 2026/APO Group/ –Global economic trends – from record-breaking commodity prices to intensifying geopolitical competition for resources – are reshaping the strategic importance of Africa’s mineral wealth. As global countries race to secure supply chains for energy transition metals – which are expected to triple by 2030 – Africa is positioning its 30% share of the world’s critical minerals as a key pillar of economic growth. African governments are modernizing mining codes, developing industrial corridors and investing in mineral processing facilities to support local beneficiation, job creation, workforce development and regional mineral markets.

 

Against this backdrop, the upcoming African Mining Week (AMW) Conference & Exhibition – Africa’s premier gathering for mining stakeholders – has launched the draft program for its 2026 edition {https://apo-opa.co/3NneKLj}. Scheduled to take place October 14–16 in Cape Town, the event provides a platform where policymakers, global investors, project operators, technology providers, academia and mining service companies examine Africa’s mining opportunities, challenges and long-term strategic direction.

Under the theme ‘Mining the Future: Unearthing Africa’s Full Mineral Value’, the three-day, multi-track agenda reflects the growing urgency among African markets to strengthen value addition across the mining value chain.

Regional Cooperation and Policy Alignment in Focus

A key feature of the agenda is the Ministerial Forum, where African mining ministers will provide updates on regulatory reforms and policy alignment initiatives aimed at unlocking greater value from the continent’s mineral resources. Discussions will examine how harmonized regulatory frameworks and regional cooperation can accelerate investment flows and strengthen Africa’s position in global mineral supply chains.

The inclusion of regional policy integration reflects a growing continental push to leverage frameworks such as the African Continental Free Trade Area (AfCFTA) to enhance cross-border mineral cooperation and trade.

We are acting to enhance regional integration through frameworks such as the African Mining Vision and the Africa Mineral Strategy Group

“Africa’s integration is not only a political objective but a strategic economic vision,” stated Emmanuel Armah-Kofi Buah, Ghana’s Minister of Lands and Natural Resources, in remarks reported by Energy Capital & Power – organizers of AMW – in February 2026. “Our natural resources require coordinated policies. Isolated legal frameworks cannot fully unlock their value. Through integration and initiatives such as the ECOWAS [Economic Community of West African States] Mining Code and the African Mining Vision, we can build a stronger and more competitive mineral economy.”

Nigeria’s Minister of Solid Minerals Development, Henry Alake, echoed this emphasis on regional cooperation and beneficiation.

“We are acting to enhance regional integration through frameworks such as the African Mining Vision and the Africa Mineral Strategy Group,” he stated. “We must develop mineral corridors that connect resources, infrastructure and markets across the continent. Our goal is not to simply export raw materials, but to develop industrial hubs that create jobs and value across borders.”

Connecting Global Investors with African Opportunities

Strategic roundtables and Country Focus sessions form a key part of the AMW 2026 program, connecting African mining jurisdictions with international partners from the U.S, Europe, the Middle East and China. These sessions will provide African stakeholders with a platform to showcase exploration opportunities and project pipelines across the mining value chain.

Meanwhile, technical workshops and the exhibition floor at AMW 2026 will provide a platform for equipment manufacturers, technology providers and engineering firms to showcase innovations designed to enhance operational performance across mining operations.

By combining high-level policy dialogue with technical expertise and investment matchmaking, AMW 2026 positions itself as a critical marketplace where Africa’s mineral potential converges with global capital, technology and strategic partnerships – helping shape the next phase of growth for the continent’s mining sector.

AMW serves as a premier platform for exploring the full spectrum of mining opportunities across Africa. The event is held alongside the African Energy Week: Invest in African Energies 2026 conference from October 12-16 in Cape Town. Sponsors, exhibitors and delegates can learn more by contacting sales@energycapitalpower.com.

Distributed by APO Group on behalf of Energy Capital & Power.

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Business

Tony Elumelu Foundation Selects Seven North African Entrepreneurs in 2026 Cohort

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entrepreneurs

Seven North African entrepreneurs in technology, education, professional services and agriculture selected from 265,000 applications at historic Abuja ceremony

Hope is not just a feeling — it is a system we can build

ABUJA, Nigeria, March 24, 2026/APO Group/ —

  • 7 North African entrepreneurs selected from Morocco, Tunisia and Egypt
  • 51% of the 2026 cohort are women, all selected purely on merit, without any quota in place
  • 3,200 total entrepreneurs selected from 265,000+ applications across 54 African countries
  • USD 5,000 in non-refundable seed capital for each selected entrepreneur
  • Selection conducted independently by Ernst & Young

 

The Tony Elumelu Foundation (TEF) (www.TonyElumeluFoundation.org), the leading philanthropy empowering young African entrepreneurs, announced on Sunday, 22 March 2026 the 12th cohort of the TEF Entrepreneurship Programme at a ceremony held at the Transcorp Hilton, Abuja. The announcement was made by Founder Tony O. Elumelu, C.F.R.

 

Among the 3,200 entrepreneurs selected from 265,000 applications received from all 54 African countries: seven from North Africa. Three from Tunisia, two from Morocco, two from Egypt. Spanning technology, education, professional services and agribusiness, they represent a generation of North African founders building businesses that address the urgent needs of their communities. Their selection, which was conducted independently by Ernst & Young, places them among the most rigorously assessed young entrepreneurs on the continent.

 

This year’s cohort carries a historic signal: 51 percent of the 2026 entrepreneurs are women. They were selected purely on merit, without quota. Across hundreds of thousands of applications, women distinguished themselves through the strength of their ideas, the clarity of their business models and the ambition of their vision.

 

In 2026, the Foundation is empowering a total of 3,200 entrepreneurs across all its entrepreneurship programmes:

 

  • 1,751 entrepreneurs through Heirs Holdings Group: Heirs Energies, Transcorp Power, Transcorp Hotels, and United Capital;
  • 1,049 entrepreneurs in partnership with the European Commission, OACPS, BMZ and GIZ;
  • 100 entrepreneurs in partnership with Sèmè City Development Agency;
  • 100 entrepreneurs in partnership with DEG, the German Development Agency;
  • 100 entrepreneurs in partnership with the IKEA FoundationUNICEF’s Generation Unlimited and the Dutch Government; and
  • 100 entrepreneurs in partnership with UNDP and the Rwandan Ministry of Youth and Arts.

 

 

Each selected Tony Elumelu Entrepreneur will receive USD 5,000 in non-refundable seed capital, access to world-class business management training on TEFConnect, one-on-one mentorship, and entry into a powerful network of investors, partners and fellow entrepreneurs.

 

In his annual letter (https://apo-opa.co/4uOFepM), “A Story of Hope,” Tony O. Elumelu, C.F.R., Founder of the Tony Elumelu Foundation, shared a powerful message to the new cohort:

 

“For a long time, I believed luck was something that simply happened to you. Then I came to understand: luck can be engineered. Opportunity can be democratised. Hope is not just a feeling — it is a system we can build.” — Tony O. Elumelu, C.F.R., Founder, Tony Elumelu Foundation — 2026 Annual Letter

 

The Tony Elumelu Foundation has empowered over 2.5 million young Africans with access to business management training on TEFConnect (https://TEFConnect.com), and disbursed over USD 100 million in seed capital to more than 24,000 selected entrepreneurs.

 

Collectively, these entrepreneurs have generated USD 4.2 billion in revenue and created more than 1.5 million direct and indirect jobs. Through its support for African entrepreneurs, TEF has lifted 2.1 million Africans above the poverty line and positively impacted more than 4 million African households, with 46% of supported entrepreneurs being African women. Eighty percent of TEF-supported businesses survive and scale, against a global average of ten to twenty percent.

 

 

The announcement ceremony was broadcast live in English (https://apo-opa.co/3PWLiML), French (https://apo-opa.co/3PWLiML), Portuguese (https://apo-opa.co/4t4Y7Da) and Arabic (https://apo-opa.co/4bYHlQl).

 

Distributed by APO Group on behalf of The Tony Elumelu Foundation.

 

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