A brutal funding drought is systematically starving Africa's earliest-stage startups, even as total venture capital inflows remain steady.

Evidence For

• Deal count collapsed: The number of startups raising between $100,000 and $1 million fell 44% in just six months, dropping from 179 in H2 2025 to just 100 in H1 2026.
• Early-stage capital evaporated: Funding reaching pre-seed and seed stages dropped to just $9 million in the first half of 2026, down...