Q2 2022: The Turn Begins
The African growth capital quarter in review — funding flows, instruments, and what it meant for founders and investors, from the Caban research desk.
1. Global correction, African lag
As listed tech repriced worldwide, African private markets held up on momentum — H1 2022 flows remained near record pace even as the capital behind them grew cautious.
2. Diligence timelines stretch
The first observable symptom was not price but pace: term sheets slowed, closing conditions multiplied, and bridge conversations began.
3. The debt seed is planted
Early venture-debt facilities began appearing in African term sheets — a minor footnote then, the market's defining feature by 2026.
Reading this as a founder? The through-line of every quarter since 2022 is that preparation, not timing, decides who raises. See how investors would read your business today. As an investor? Our pipeline is built on exactly these dynamics.