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Amid the drastic pullback in global VC funding, the African tech ecosystem recorded an 8 percent growth in 2022. According to the report by Partech Africa, African techs raised a total of $6.5 billion last year.

Debt funding doubled in volume to $1.5 billion, accounting for nearly a quarter of the total funding. Fintech, still leading, attracted 39 percent of the total equity volume, and Nigeria retained the top spot with 23 percent. The 2022 funding spread across 764 deals, compared to 724 in 2021.

Nigeria, South Africa, Egypt, and Kenya remained the top investment destinations in Africa, with a share of total volume staying relatively steady at 72%. Nigeria retained the top rank, bringing in $1.2 billion in capital, despite a decline of 36% from 2021; South Africa, Egypt, and Kenya each attracted over $0.7 billion in funding, with Ghana completing the top 5 with just over $0.2 billion.

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.