Powering Africa’s Future: Inside Eunice Ajim’s Early-Stage Investment Vision

Shifting Trends in Early-Stage Investment in Africa

Over the past decade, Africa’s startup ecosystem has garnered significant traction, yet it remains one of the most challenging landscapes for early-stage investment. In contrast to the U.S.—where venture capitalists readily invest in ambitious ideas with little initial proof—African founders are typically required to demonstrate business viability through actual revenue before they can secure funding.

Even though the market appears to have stabilised overall, the WT x Future Africa Annual VC Report 2024 reveals remarkable shifts in funding stages over the past three years, with investments moving further down the value chain. Early-stage funding, in particular, has taken a hit, with its share of overall funding dropping from nearly one-third to less than 10%. The report notes that commercial capital at the early stage has largely withdrawn, leaving accelerator and grant funding as the primary sources of support—funds that are often too modest to quickly scale a startup into a valuable venture.