Ten Years of African Tech VC: Lessons Learned, Capital Flows, and What Comes Next

Ten Years of African Tech VC: Lessons Learned, Capital Flows, and What Comes Next panel discussion with Tokunboh Ishmael, Co-founder at Alitheia Capital, Sir John Lazar – Co-founder and General Partner at Enza Capital. Dr. Dotun Olowoporoku – Managing Partner at Ventures Platform, Steve Beck – Co-founder & Managing Partner at Novastar Ventures and Neanda Salvaterra – Senior Reporter and official Africa Tech Summit Host.

Panelists dig into the current state of venture capital in Africa, tracing how funding fell nearly 50% from its 2022 peak to stabilize around $3.9 billion, and what that correction actually signals: not a retreat from the continent, but a shift from hype-driven bets to fundamentals-focused investing. The discussion frames Africa’s startup ecosystem as still in its early innings – comparable to Silicon Valley in 1980 – where capital, talent, governance, and exits are all maturing together rather than in isolation.

With most funding concentrated in Nigeria, Kenya, South Africa, Egypt, and Ghana, panelists argue that building denser local ecosystems – not just chasing individual startups – is what will unlock growth in underserved regions like Francophone and Lusophone Africa. They point to strategic acquisitions (about 73% of exits) rather than IPOs as the near-term path to liquidity, and describe the best VCs today as hands-on partners embedded in governance and talent-building, not just check-writers.

Highlights include
⚠️ VC funding in Africa dropped nearly 50% from its 2022 peak but has stabilized around $3.9 billion despite global instability.
💡 Startups solving “real economy” problems — finance, energy, health, logistics — are emerging as the most sustainable growth drivers.
🌍 Africa’s tech ecosystem is still nascent, comparable to Silicon Valley in 1980, and needs a decades-long view to mature.
⚡ Chasing hype and weak governance during the 2020–2022 boom were costly lessons now pushing the ecosystem toward more disciplined, sustainable models.
🗺️ Capital remains concentrated in Nigeria, Kenya, Egypt, Ghana, and South Africa, while Francophone and Lusophone Africa lag due to weaker local ecosystem enablers.
🔄 Strategic acquisitions account for roughly 73% of exits versus just 3% for IPOs, reflecting scarce liquidity and the need for patient capital.
🤝 VCs increasingly act as hands-on partners – building governance, talent, and market connections – rather than passive funders.

Africa Tech Summit London 2026 celebrated its landmark 10th edition on May 29th at The London Stock Exchange. Bringing together leading industry players, the summit explored the latest trends and insights in technology and business across Africa and beyond.

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