What we learned about the state of venture capital in Africa during 2022

Venture capital in Africa has been a rapidly growing field in recent years, and 2022 was no exception. As more and more entrepreneurs and startups emerge on the continent, the need for funding to support their growth and development has also increased. Over the course of the year, we’ve learned several key lessons about venture capital in Africa that are worth highlighting.What we learned about the state of venture capital in Africa during 2022

First, it’s becoming increasingly clear that Africa’s startup ecosystem is maturing. In the past, many entrepreneurs were focused on building businesses that could serve their local markets, but we’re now seeing more and more founders looking to build companies that can scale globally. This shift is not only good for the entrepreneurs themselves, but it’s also good for the continent as a whole, as it will create more opportunities for growth and job creation.

Investors are certainly reassign that there is a lot of untapped potential in the African venture capital market. Despite the fact that there are many talented entrepreneurs and innovative startups on the continent, there is still a lack of funding available to support their growth. This means that there are many opportunities for investors to get involved and help these businesses scale. As more capital flows into the African venture capital market, we’re likely to see an increase in the number of successful startups, which will in turn attract even more investment.

It’s become more evident that Africa’s venture capital ecosystem is becoming more connected. The number of cross-border deals between investors and startups has been increasing, which is helping to create a more cohesive ecosystem. This is especially important given the size and diversity of the continent, as it will allow entrepreneurs from different countries to share ideas, resources and best practices with one another.

The year provided a few significant insights.

One of the major insights from 2022 is the continued growth of the African startup ecosystem. Despite the ongoing global economic uncertainty, many African startups managed to raise significant funding and achieve significant milestones. This is a testament to the resilience and innovation of the continent’s entrepreneurs, and a sign of the growing investor interest in the African market.

Another important insight is the diversity of the African startup ecosystem. While countries like South Africa, Kenya, and Nigeria have long been considered the “hubs” of African startup activity, in 2022 we saw a growing number of successful startups emerging from other parts of the continent, such as Egypt, Ghana, and Morocco. This is a positive sign for the future of African innovation, as it shows that the continent’s startup ecosystem is becoming more diverse and inclusive.

A third insight is the importance of local knowledge and connections. As more and more international investors look to Africa for investment opportunities, it has become increasingly clear that having local knowledge and connections is essential for success in the African venture capital market. This applies both to startups and investors; startups need to understand the local market and cultural context in order to be successful, while investors need to have a deep understanding of the local ecosystem in order to identify the most promising opportunities.

A fourth insight is the important role played by government and policy in the development of the African venture capital ecosystem. In 2022, we saw a number of African governments announcing new initiatives and policies aimed at supporting the growth of their startup ecosystems. Examples include the establishment of new venture capital funds, tax incentives for investors, and the launch of accelerators and incubators. These efforts demonstrate the importance of government and policy in supporting the growth of the African venture capital market.

In conclusion, 2022 has been a year of growth and learning for the African venture capital market. We’re seeing the ecosystem mature and expand, with more opportunities for entrepreneurs and investors alike. While there is still a lot of work to be done, the future of venture capital in Africa looks bright and we can expect to see continued growth and development in the years to come.

However, It’s worth noting that, it’s not all about the rosy picture, the African continent has its own set of challenges, including, lack of access to electricity, an underdeveloped financial system and inconsistent regulatory frameworks. These obstacles have made it difficult for venture capital firms to invest and for startups to scale. It also means, that to see a strong and sustainable Africa’s startup ecosystem, these systemic challenges need to be overcome.

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Matthew Musgrove

Matthew Musgrove

Matthew is an entrepreneur and business Advisor with a passion for change management and social empowerment. With a background in business accounting and advisory, as well clinical research project management, he strives to find strategic and sustainable solutions to business problems.



Mark Van Hoff comes from background of technical & production planning, budgeting & scheduling of major live events. As the first production co-ordinator at M-NET for Outside Broadcasts, Mark has managed major local and international productions including Miss South Africa, Miss World, multiple music events and major sports events, including the PnP Cycling Tour.​Mark co-founded Van-Man Productions in 1994, Page to Picture in 2000 and Move Media Networks in 2007. All three companies have achieved domestic success and have been well-regarded in the South African production industry.



Oluwaseun Adewuyi who is the Group Chief Finance Officer (CFO) at Caban, is a Certified Chartered Accountant, with Fellowship status at both the ACCA as well as the Institute of Public Finance and Accountancy, a UK Based industry body with a specific focus on the management of charities, not-for-profit organisations and NGOs.. Oluwaseun comes with strong business acumen and 20+ years of progressive experience in finance and operations management within well-reputed and high growth organisations Including Next Plc and Royal Mail. He has been heavily involved in impact investment across Sub-Saharan Africa and has been instrumental in the creation of a series of community schools in West Africa. Throughout his career, he oversaw a broad range of operations, including Business Strategy and Business Reorganisation, summarising the organisation’s financial status, and coordinating the preparation of tactical plans, financial forecasts, and budgets. Adept at developing and implementing effective internal control framework to maintain sound financial accountability.

tim scholtz


Tim Scholtz, who's is the Chief Operating Officer (COO) at Caban Investments, is experienced in implementing corporate governance guidelines, formulating risk management structures, process and cost optimization. Tim has a strong corporate background, having worked as COO at the South African Tourism board, was COO at the Nelson Mandela foundation and as a internal audit manager at Arthur Anderson earlier in his career.

Ben Botes


Ben Botes is Entrepreneur, VC, co-Founder, Author and Academic with a strong social conscience. Ben Involved with early stage and growth firms for the past 20 years and has been Co-founder of 9 separate businesses across Africa. Ben has directly and indirectly been involved in impact investment and the support of charities and non profits for the last 30 years. Ben is a regular speaker at the African Investment Conference in London and has been featured in Wall Street for Europe, The Guardian Small Business, BBC, the Mail and Guardian in the UK and BizCommunity, Channel 3 TV, Investors Weekly, The Cape Times, Radio 702 with John Robbie and Good Hope FM in South Africa

Dave Romero


Dave Romero is a venture capitalist and entrepreneur with a passion for making an impact. A qualified Professional Accountant, Dave has been a director in multiple financial institutions and was once the youngest Chairman on the JSE, in addition to being listed as one of Business Times’ Top 100 companies and the 40th fastest-growing company in South Africa. Dave is a core founder of the Caban Group, which aims to provide a comprehensive service offering to small businesses in return for equity. With a passion for nurturing entrepreneurs, Dave can often be found outside of the boardroom – offering advice, creating innovative funding solutions and building communities through sustainable practices.



Dr Ruben Richards is a truly inspirational South African leader. Through his peace-building seminars for criminal gangs, Dr Ruben has facilitated the longest ceasefire in the history of gang warfare on the Cape Flats. In addition to being Chairman & Founder of the non-profit Ruben Richards Foundation, Dr Ruben is an ordained cleric, company director, non-executive Chairman of Visual International Limited and was once the Deputy Director-General of the now-disbanded Scorpions.