New data from the Global Private Capital Association (GPCA) reveals the Middle East and Africa’s third-highest year on record for venture capital investment last year.
GPCA’s annual ‘Trends in Global Tech’ report shows VC deals in the Middle East totalled USD 1.5 billion in 2023. For Africa, the figure was USD 1.1 billion.
Drivers of the strong performance were: (i) Maturation of local investors (ii) Cross-border capital and (iii) Government policies.
The Middle East raised a record USD482 million, led by seed and early-stage funds. Africa achieved its second-highest year for VC fundraising.
GPCA’s 300+ members manage >US$2 trillion of assets in 130 countries.
Further highlights
* Across all GPCA’s markets, VC accounted for 42% of all 2023 private capital deal value
* Seed and early-stage deals took centre stage, with USD 22.2 b deployed (USD 15.3 b for late-stage deals).
* Investors concentrated capital in cleantech, e-commerce and biotech startups
* Public markets activity in China and India drove the bulk of VC exit value
* Venture debt levels have grown, with over USD7.2b deployed since 2021.
The full report: file:///Users/masahudu/Downloads/GPCA_2024%20Trends%20in%20Global%20Tech_vF.pdf
