Start-up closures and scalebacks leave trail of job losses in Africa

A record 20 start-ups closed down across Africa last year, and many more scaled back operations due to a general funding drought that impacted many countries on the continent, leaving a trail of job losses.

Last year, the amount of funding raised by start-ups on the continent declined by 31 percent to about $4.5 billion, from the $6.5 billion raised in 2022, which significantly impacted cash flows for budding companies.