Startups across the African continent managed to secure half a billion dollars in the third quarter of 2023, breaking down into $324 million in equity funding and $176 million in debt, according to data collected by Africa: The Big Deal.

While this is undoubtedly a substantial amount given the global funding crunch, it's important to note that the combined funding – both equity and debt – was at its lowest level since the final quarter of 2020.

So far this year, African startups have raised $2.3 billion ($1.4 billion in equity funding and $0.9 billion in debt), falling far short of the amount raised in the previous year, standing at less than half the 2022 totals, as shown in the Techloy chart below.