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A new playbook for venture capital in Africa
The mismatch is hard to ignore: Africa accounts for 18% of the global population and 5% of GDP, yet attracted just 0.6% of global venture capital (VC) in 2024. While funding rose from $1.4 billion in 2019 to a peak of $4.6 billion in 2022, it fell sharply to $1.5 billion last year.
Over the same period, the number of active VC investors dropped from more than 1,000 to just over 500, and only 188 startups raised capital in 2024, compared to 353 at the peak in 2022 and a base of 117 in 2019.
This is not just a cyclical slowdown; it reflects deeper structural constraints in how capital is accessed, allocated, and scaled across the continent. It invites a rethink of the role of venture capital in Africa — a sector that holds the potential to catalyse transformative change, but only if it evolves to meet African realities.
We have highlighted four key areas to consider:
1. VCs will need to have boots-on-the-ground experience
Global models often assume mature infrastructure and high consumer liquidity and, in return, demand a “grow-at-all-costs” trajectory. Yet these conditions are not consistently present across African markets.
As an example, the African Development Bank estimates the continent’s annual financing gap for structural transformation at more than $400 billion. These gaps require a rethinking of how capital is deployed — with strategies rooted in sustainable growth, contextual insight, and business resilience that enable startups to thrive amid real-world constraints.
The role of VCs with Africa experience, grounded in the lived realities of the markets they serve, becomes indispensable.
2. African startups build ecosystems, not just products
A critical mindset shift is recognising that in Africa, startups are not just building products — they are building ecosystems. By addressing consumer needs, they also fill infrastructure gaps.
In this context, the role of venture capital is not just to fund innovation, but to support the systems that innovation depends on. This makes African VCs patient ecosystem builders; this is especially true in foundational sectors with deep structural barriers like fintech, logistics, and energy, which together accounted for 80% of Africa’s VC funding in 2024.
3. Diversification is needed as VC is underpenetrated and too concentrated
Yet even as startups take on the work of building ecosystems, a critical structural gap persists: the capital needed to scale them remains out of reach for many. While seed funding has grown in recent years, follow-on capital — from Series A onwards — remains scarce.
The data illustrates this imbalance: in 2024, the top ten investments accounted for 51% of total deal value, and just 28 startups absorbed nearly half of all VC funding on the continent between 2019 and 2024.
Geographically, 84% of 2024’s VC funding went to only four countries: Nigeria, Kenya, South Africa, and Egypt. Without more sustained growth-stage financing and long-term commitment, many ventures that have proven viable and impactful risk stalling before they scale — or even worse, failing due to a lack of financing.
4. More funding is needed, and it can and must come from the continent
But allocation is only part of the equation. Africa must mobilise its domestic capital base to align with the specific needs of the continent.
The Africa Finance Corporation recently noted that an estimated $4 trillion is held by domestic institutions such as pension funds — capital that could be redirected toward critical infrastructure and enterprise development. Ghana’s new policy mandating that 5% of pension fund assets be allocated to venture capital and private equity, amounting to approximately $300 million annually, offers a concrete example of how local capital can play a catalytic role.
Projections show Africa’s population will grow from around 1.5 billion today to approximately 3.8 billion by 2100, representing nearly 40% of the world’s population. The choices made today about how we fund, scale, and support innovation on the continent will shape not just Africa’s future, but the future of global markets, labour forces, and growth trajectories.
We just cannot afford for venture capital in Africa to be an afterthought given its crucial role in the private sector.
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Japan September inflation edges higher for first time since May
Government stockpiled rice, which was transported by bullet train, or the “shinkansen”, into the capital is handed over to those who pre-ordered bags, at Tokyo Station on June 10, 2025.
Str | Afp | Getty Images
Japan’s core inflation rate accelerated to 2.9% in September, the first increase since May and in line with expectations from economists polled by Reuters.
This was higher than the 2.7% seen in August. The core inflation metric in Japan strips out the prices of fresh food but includes energy costs.
Headline inflation in Japan also climbed to 2.9% from 2.7% the previous month, above the Bank of Japan’s 2% target.
In contrast, the so-called “core-core” inflation rate — which strips out both fresh food and energy costs and is closely monitored by the BOJ — eased to 3% from 3.3% in August.
Rice inflation, which drew headlines earlier this year, eased sharply to 49.2%, down from 69.7% the previous month. In May, rice inflation hit 101.7%, the highest level in over 50 years.
Japan’s Nikkei 225 was 0.78% up after the decision, while the yen strengthened marginally to trade at 152.53 against the dollar.
The data comes as Japan sees a new prime minister in Sanae Takaichi, who inherits an economy beset by trade uncertainties, cost-of-living worries, and a central bank determined to raise interest rates and normalize monetary policy.
Inflation will be a major bugbear for Takaichi to tackle, experts previously told CNBC. Japan has a large population of retirees drawing pensions and those on a fixed income, making inflation “very painful” for them, Tomohiko Taniguchi, Special Advisor at the Fujitsu Future Studies Center, told CNBC’s “Squawk Box Asia” on Oct 13.
“How to tackle inflation is going to be the first litmus test to judge whether Takaichi could deliver a policy package,” Taniguchi said.
Headline inflation has been above the BOJ’s target for 41 straight months, a run stretching back to April 2022.
Jesper Koll, expert director at financial services firm Monex Group told CNBC on Wednesday after Takaichi took power that “if inflation in Japan is still is not below 2% in six to nine months time, the popularity of this cabinet is going to plummet because [to] the Japanese people… the number one, number two, number three concern is inflation.”
Takaichi was reportedly planning an economic stimulus package of more than 13.9 trillion yen ($92.19 billion) to help households cope with inflation, investment in growth industries, and national security, Reuters reported on Oct. 22. The package could be announced as early as next month.
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‘Joni Mitchell is wild. She’ll drink you under the table’
Mark SavageMusic correspondent
Getty ImagesCarlile was a key part of Joni Mitchell’s rehabilitation, sitting with her as she relearned the lyrics to her songs after a brain haemorrhage When Brandi Carlile was 12 years old, living in a mobile home…
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25 True Crime TV Show Adaptations Ranked by Tomatometer (Murdaugh: Death in the Family)
TAGGED AS: binge, Binge Guide, streaming, TV
The latest: Murdaugh: Death in the Family is now streaming on Hulu.
Television has emerged as the definitive home for true crime adaptations, where real-life events…
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Hyundai Motor Hosts 15th World Skill Olympics, Pitting Technicians Against Real-World Repair Challenges
- The global skills competition for Hyundai Motor Company’s top technicians has been held biannually since 1995
- 75 participants from 50 countries from around the world, gathered at the Global Learning Center in Cheonan, Korea from October 20–23
- Technicians were evaluated through written and practical tests in three categories: internal combustion engine vehicles, electric vehicles and commercial vehicles
SEOUL, October 23, 2025 – Hyundai Motor Company hosted the 15th World Skill Olympics from October 20 to 23 at the Global Learning Center (GLC) in Cheonan, South Korea, bringing together technicians from around the world to demonstrate their skills in a structured competition.The company’s World Skill Olympics, began in 1995, takes place every two years. It serves as a platform for Hyundai Motor technicians worldwide to demonstrate their skills and exchange technical knowledge.
This year’s competition featured 75 outstanding technicians from 50 countries, who earned their spots through regional qualifiers. Participants included representatives from regions, such as Europe, the Middle East, Latin America and Southeast Asia.
Hyundai Motor conducted evaluations in three categories: internal combustion engine vehicles, electric vehicles, and commercial vehicles.
Notably, beginning with the last competition, Hyundai Motor introduced virtual reality (VR) assessments, enabling the safe evaluation of challenging, high-risk maintenance tasks in realistic environments. The company plans to actively use the evaluation data gathered from this competition for future technician training programs.
On the final day, Hyundai Motor hosted an awards ceremony to honor the top performers in each category. The top three participants from each discipline received gold, silver and bronze trophies, along with cash prizes.
The overall winner of the competition, Mr. Dovydas Cole from the United States, achieved the highest score among all participants.
In addition, this year’s awards ceremony featured a congratulatory video message from José Muñoz, President and CEO of Hyundai Motor Company, marking the successful conclusion of the 15th World Skill Olympics and recognizing the efforts of all the participating technicians.
Going forward, Hyundai Motor plans to encourage the growth of regional competitions to further enhance the technical skills of its global technicians and foster pride among its workforces.
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About Hyundai Motor Company
Established in 1967, Hyundai Motor Company is present in over 200 countries with more than 120,000 employees dedicated to tackling real-world mobility challenges around the globe. Based on the brand vision ‘Progress for Humanity,’ Hyundai Motor is accelerating its transformation into a Smart Mobility Solution Provider. The company invests in advanced technologies such as robotics and Advanced Air Mobility (AAM) to bring about revolutionary mobility solutions while pursuing open innovation to introduce future mobility services. In pursuit of a sustainable future for the world, Hyundai will continue its efforts to introduce zero-emission vehicles with industry-leading hydrogen fuel cell and EV technologies.More information about Hyundai Motor and its products can be found at: https://www.hyundai.com/worldwide/en/ or Newsroom: Media Hub by Hyundai
Follow our Hyundai Global Newsroom Instagram channel @hyundai_mediahub
Jihyun Park
Global PR Team / Hyundai Motor Company
pjh85@hyundai.com
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Vogue World: Inside luxury brands’ Hollywood pursuits
Beyond Cannes, Chanel has partnered with Toronto International Film Festival, Busan International Film Festival and Tribeca Festival in New York City. At the latter, Chanel has partnered on a women’s filmmaker programme, Through Her Lens, since…
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Global study maps how trade and travel fuel the worldwide spread of disease-carrying mosquitoes
A comprehensive global analysis reveals how non-native mosquito vectors are hitchhiking across continents via shipping, tourism, and trade, pinpointing the regions where prevention and early detection could have the greatest…
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‘Nothing changes’ – Lando Norris states no McLaren team orders in title fight against Max Verstappen ahead of Mexico City Grand Prix
Lando Norris has dismissed suggestions that despite the ever-increasing threat posed by Max Verstappen, McLaren will employ team orders to favour either himself or Oscar Piastri in the title battle.
Norris enters the Mexico City Grand Prix this…
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Asian Stocks Higher as Trump-Xi Plan Eases Nerves: Markets Wrap
(Bloomberg) — Asian stocks rose on Friday as a plan for Donald Trump and Xi Jinping to meet eased nerves around a trade war. Oil prices edged lower ahead of US inflation data.
An MSCI gauge of Asian shares was up around 0.3%, following a move higher on Wall Street on Thursday. Technology stocks were among the best performers in the region, with South Korean chipmaker SK Hynix Inc. jumping more than 5%. That helped Korea’s Kospi Index add to its blistering rally this year, leading Friday’s gains with a 1.5% rise in early trading. The dollar was little changed.
The moves came after the White House said President Trump will meet his Chinese counterpart Xi Jinping on Oct. 30, a chance for the leaders of the world’s two largest economies to cool the temperature after a recent flare-up in trade tensions. But quantum-computing stocks also got a boost from reports that the Trump administration was mulling financial support for some firms, a move to counter China.
Investors are now turning their attention to the delayed inflation report from the US, which will be released on Friday. The cross-asset moves overnight suggest investors are optimistic the inflation reading won’t be a major drag to global markets that have zoomed higher over the past month.
“Valuations continue to be the best argument for bears, but the relentless buy-the-dip approach of investors has even the most pessimistic investors questioning their outlook,” said Mark Hackett at Nationwide.
Shares in Intel Corp helped lift the mood overnight, climbing in post-market trading after an upbeat revenue forecast. Treasuries had snapped a three-day rally overnight as yields rose across the curve, with the 10-year climbing five basis points to 4%.
West Texas Intermediate jumped 5.6% to settle near $62 a barrel on Thursday, the most since the start of the Israel-Iran conflict on June 13. The latest US oil sanctions signaled a major policy turn from the Group-of-Seven price cap strategy that sought to limit Russia’s earnings without disrupting supply or driving up global prices.
“As with the trade war, the fallout from the oil sanctions is murky at best, although we expect that from the perspective of the market at least, the kneejerk spike in crude will represent the bulk of the attention devoted to this matter, as it were,” said Ian Lyngen, Vail Hartman and Delaney Choi at BMO Capital Markets.
Inflation Focus
Investors will likely look past any evidence of stubborn inflation in Friday’s consumer price index report, as money markets brace for a Federal Reserve rate cut next week.
The September CPI report was delayed due to the US government shutdown. Economists in a Bloomberg survey forecast the core CPI, which excludes food and fuel, to have climbed 0.3% for a third straight month as higher import duties continue to gradually filter through to consumers. The projected monthly gain will keep the annual core CPI at 3.1%.
Friday’s CPI is important in the sense that it’s one of the few economic data points that we will see given the government shutdown, according to Emily Bowersock Hill, founding partner of Bowersock Capital Partners.
“But since the Federal Reserve is likely more focused on the labor market, we don’t expect Friday’s CPI to weigh heavily on next week’s Fed decision,” she said. “We will likely see two more rate cuts this year, in October and December.”
Prospects for Fed easing, durable earnings growth and AI investment spending support the view that the equity bull market has further room to run, according to Ulrike Hoffmann-Burchardi at UBS Global Wealth Management. But she also sounds a note of caution.
“Any setbacks in US-China relations or potential concerns about the durability of the AI-driven rally could trigger bouts of volatility,” she said.
How should regulators react to the blurring line between investing and gambling? Let us know in the latest Markets Pulse survey.
Some of the main moves in markets:
Stocks
S&P 500 futures were little changed as of 10 a.m. Tokyo time Hang Seng futures rose 0.7% to the highest since Oct. 10, 2025 Nikkei 225 futures (OSE) rose 1.2% Japan’s Topix rose 0.5% to a record high Australia’s S&P/ASX 200 was little changed Euro Stoxx 50 futures rose 0.1% Currencies
The Bloomberg Dollar Spot Index was little changed The euro was unchanged at $1.1618 The Japanese yen was little changed at 152.67 per dollar The offshore yuan was little changed at 7.1239 per dollar Cryptocurrencies
Bitcoin rose 0.9% to $110,547.22 Ether rose 1% to $3,870.74 Bonds
The yield on 10-year Treasuries was little changed at 4.00% Australia’s 10-year yield advanced three basis points to 4.15% Commodities
West Texas Intermediate crude fell 0.3% to $61.58 a barrel Spot gold rose 0.1% to $4,131.71 an ounce This story was produced with the assistance of Bloomberg Automation.
©2025 Bloomberg L.P.
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