Africa’s start-up boom on shaky ground: where have the early-stage bets gone?

• Early-stage deals shrink, threatening future start-up pipeline
• Debt funding surges, reshaping Africa’s investment landscape

ABIDJAN, IVORY COAST – Africa’s start-up funding is rebounding in headline terms, but a sharp decline in early-stage equity deals is raising concerns about the ecosystem’s long-term sustainability.

The continent’s funding landscape is increasingly defined by a paradox: more capital overall, but fewer bets on the earliest-stage ventures that traditionally produce the next generation of high-growth companies.