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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

ACG CEO Paulo J. Cruz to Speak at the Angola Access & Investment Conference 2026 in Luanda on How Sport and Entertainment Districts Can Drive Inclusive Economic Growth Across Africa

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Cruz joins heads of state, ministers, ambassadors, and CEOs from over 60 international markets at one of Angola’s flagship investment conferences, connecting sport infrastructure to job creation, accessibility, and sustainable development

LUANDA, Angola, October 14, 2026/APO Group/ –African Collaborations Group (ACG) (www.ACGafrica.com), the leading strategic project origination and collaboration platform focused on the industrialisation of sport in Africa through the origination of bankable sport and entertainment district ecosystems, today announced that its CEO, Paulo J. Cruz, will speak at the Angola Access & Investment Conference 2026 (AAIC) (www.aaic.ao) in Luanda, Angola, from 14 to 17 October 2026.

 




 
 

The AAIC is organised by Expo Connect Angola in partnership with Skyliam Properties, the Cópia Group, and Angolan Business Beyond Borders, with the support of the Angola-Mozambique Chamber of Commerce and Industry (CCIAM) and the Angolan Ministry of Tourism and the Ministry of Telecommunications, Information Technologies, and Social Communication. The conference brings together heads of state, ministers, ambassadors, CEOs, investors, development banks, and business leaders from over 60 international markets.

Mr Cruz will address how ACG’s origination of integrated sport and entertainment districts contributes directly to inclusive economic growth. His intervention will focus on how sport infrastructure, when designed as a financially self-sustaining urban ecosystem, becomes a catalyst for large-scale job creation, skills development, accessible infrastructure, and long-term economic diversification.

Sport infrastructure has the power to be one of the most inclusive economic assets a country can build

The AAIC’s focus on accessibility and inclusion aligns directly with ACG’s approach to sport and entertainment district development. A Victory District™ is designed from inception to serve the widest possible community: creating permanent employment across dozens of professions, providing professional sport training facilities for young athletes, and generating economic activity that benefits surrounding neighbourhoods year-round.

“Sport infrastructure has the power to be one of the most inclusive economic assets a country can build,” said Paulo J. Cruz, CEO of ACG. “A Victory District™ does not just create stadiums. It creates thousands of permanent jobs, from hospitality to broadcast production, from sport coaching to facility management. It creates training pathways for young athletes. And it creates an urban ecosystem that generates economic activity 365 days a year. That is inclusive growth in practice, not in theory. I am honoured to share that vision at the AAIC alongside some of Africa’s most influential investors and decision-makers.”

The AAIC programme includes official MoU signing ceremonies, B2B investment rounds, VIP executive networking with senior government and business leaders across 10 dedicated Business Lounges, and the inauguration of Angola’s first assistive technology factory. The conference covers priority sectors including energy, mining, accessible tourism, agriculture, logistics, health, and infrastructure.

ACG’s Victory District™ framework is designed to originate integrated, mixed-use sport and entertainment districts that move beyond single-venue development models. Each district combines stadiums, indoor arenas, training academies, hotels, conference centres, retail, entertainment, residential, and commercial space within a single masterplanned development, financed by private and institutional capital without reliance on public subsidy.

Mr Cruz brings more than 28 years of experience across Africa, the Middle East, and Europe in originating, structuring, and delivering large-scale infrastructure, urbanisation, and real estate development initiatives. Prior to ACG, he served as Senior Vice President at DAMAC Group, the largest private real estate developer in the Middle East, and as Group CEO of LandAfrique, a pan-African development platform focused on industrial parks, infrastructure, housing, and power projects across Sub-Saharan Africa.

Distributed by APO Group on behalf of African Collaborations Group (ACG).

 

 




 

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Venezuelan Oil and Gas Opportunities Take Center Stage at African Energy Week (AEW) 2026

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Venezuela

The country is promoting new hydrocarbons contracts, upstream and refining opportunities, and technical partnerships with Africa to attract investment and strengthen local energy sector capabilities

CAPE TOWN, South Africa, October 14, 2026/APO Group/ –Venezuela is seeking to attract international investment into its oil and gas sector while building stronger energy partnerships with African countries. Revised hydrocarbon legislation offers new entry routes for private operators, while cooperation on technical training could help African markets draw on Venezuela’s industry expertise. These opportunities featured at the Venezuela Global Investment Forum during African Energy Week (AEW) 2026 in Cape Town.

 




 
 

Ricardo Gomez, Venezuela’s Vice Minister of Commercial Policy, outlined the country’s investment proposition, highlighting 303 billion barrels of proven oil reserves and 193 trillion cubic feet of natural gas.

“Venezuela combines a large hydrocarbon resource base with refining infrastructure and a market that needs reliable energy,” he said. “The opportunities extend from upstream projects to downstream and refining.”

The country’s amended Organic Hydrocarbons Law introduces new ways for international companies to enter the market. Hydrocarbon production participation contracts allow private operators to manage designated assets, oversee operations and market production under negotiated terms. Agreements can extend for 25 years, offering a longer investment horizon for field development and rehabilitation.

Restructured joint venture companies provide another route, retaining majority state ownership while allowing international partners to take on operational responsibilities through approved agreements. Direct ministerial contracts and strategic alliances offer additional opportunities in field redevelopment, oilfield services and infrastructure.

Venezuela is seeing a lot of interest as a result of aggressive fiscal and regulatory changes that are making the country more attractive

Potential investments span heavy-oil production in the Orinoco Belt, mature onshore fields, offshore gas, pipeline rehabilitation, export terminals and refinery upgrades. Venezuela’s target of signing 105 definitive oil contracts by year-end reflects its wider effort to attract operators and accelerate project development.

Scott Gilbert, CEO and Executive Director of Corcel Plc and Non-Executive Chairman of Apertura Energy, highlighted investor interest in the changing regulatory environment. “Venezuela is seeing a lot of interest as a result of aggressive fiscal and regulatory changes that are making the country more attractive,” he said.

Alongside these commercial opportunities, Venezuela is promoting its technical expertise through the Venezuelan University of Hydrocarbons (UVH). Celia Bejarano, the university’s President, explained how the institution trains engineers and geologists in geophysics, reservoir engineering, well management, natural gas and petrochemicals.

“The Venezuelan University of Hydrocarbons was created to deliver a specialized institution where the country can train its own recruits to develop its own premier resources,” Bejarano said.

Through its Africa-Venezuela Energy Partnership with the African Energy Chamber (AEC), UVH is advancing technical training, knowledge exchange and workforce development. The initiative could help African energy projects apply Venezuela’s experience in heavy-oil production and offshore engineering while strengthening local capabilities. Rene Awambeng, founder and managing partner of Premier Invest, highlighted this opportunity for African developers.

“When we are developing our assets here, we always import talent,” he said. “With the Venezuelan University of Hydrocarbons, we can actually leverage Venezuela’s immense experience to support local content development here in Africa.”

Also speaking during the discussion, NJ Ayuk, Executive Chairman of the AEC, emphasized the strategic value of closer ties between the regions. “Our energy industry has an amazing ally in Venezuela,” he said, describing the country as “open for business and ready to partner with Africa.”

Distributed by APO Group on behalf of African Energy Chamber.

 




 

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Sonangol Cites Commitment to Privatization as Company Charts Next Growth Phase

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Katambi

Katambi-2 appraisal, infill drilling and downstream construction frame the national oil company’s priorities as it marks its 50th anniversary

CAPE TOWN, South Africa, October 14, 2026/APO Group/ –Angolan National Oil Company Sonangol is advancing plans for an initial public offering (IPO) while expanding its upstream portfolio and investing in Angola’s domestic refining capacity, as the national oil company charts its next phase of growth following its 50th anniversary in 2026. Speaking at the opening ceremony of African Energy Week (AEW) 2026, Executive Board Member Osvaldo Inácio reaffirmed the company’s commitment to privatization, alongside efforts to increase production, progress new developments and translate Angola’s oil and gas resources into broader economic growth.

 




 
 

 

“We want to make sure that we do it in a way that, when you buy your shares, you are happy with the performance of those shares. We are doing the internal work required to make sure that when we get to that point, it’s a successful story,” he said.

We want to make sure that we do it in a way that, when you buy your shares, you are happy with the performance of those shares

Sonangol’s 50th anniversary comes as Angola’s NOC develops opportunities across exploration, producing assets and domestic processing. Its next investment phase requires capital and technical partners to turn appraisal results into developments while delivering refinery infrastructure and expanding the value retained from Angola’s oil and gas production.

“We are thinking about what the next 50 years will be like, focusing on producing to transform. We are not only looking at managing resources but how we translate those resources into overall development in the country,” he said.

Sonangol’s September account of its Katambi-2 work in Block 24 described a completed formation test in a non-associated gas reservoir, providing further evidence for assessment of the field’s development potential. In its producing portfolio, the company and its partners also reported approximately 100 meters of net oil pay at PAC 416 in Block 3/05, as part of a program intended to increase operated production. The results give Sonangol a technical basis for future investment, while appraisal, development design and commercial arrangements remain necessary steps.

“If you look at our portfolio, we have both operated and non-operated assets. The focus is on making sure we are doing everything we can to make sure those assets are still producing at the highest rate possible. New developments such as Block 3/05 are advancing. We are also part of Kaminho with TotalEnergies,” Inácio shared.

Downstream, Angola’s government reported in September that the Lobito refinery was approximately 26% physically complete, with around $1.6 billion invested and completion envisaged for 2029. A potential petrochemical complex was under study. Alongside Cabinda’s initial 30,000-bpd refining phase, Lobito gives Sonangol’s diversification program a concrete industrial focus, with financing, construction progress and product marketing central to the next stage.

Distributed by APO Group on behalf of African Energy Chamber.

 




 

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