Q4 2023: The Year the Market Reset
The African growth capital quarter in review — funding flows, instruments, and what it meant for founders and investors, from the Caban research desk.
1. 2023 closes near $2.9 billion
Down roughly 35% year on year — a brutal correction, but one that returned African venture to its long-run trendline rather than below it.
2. Equity took the full force
Partech's equity-only series showed a decline above 50% from 2022 — the headline total was cushioned by debt's rise.
3. Quality re-rating complete
By year-end, valuations, terms, and diligence standards had fully reset. Everything after this quarter builds on honest prices.
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.