Africa's startup ecosystem has quietly developed a dangerous asymmetry: it's become easier for a handful of well-connected companies to raise $10 million than for thousands of promising smaller businesses to raise $50,000. The data and the dealmakers agree — capital is flooding into the top tier while a "missing middle" of early-stage ventures starves.

Evidence For

• H1 2026 was a record of extremes. African startups raised $1.58 billion across 241 deals,...