African blockchain ventures outperform broader African VC landscape - report finds

AFRICAN blockchain ventures outperformed the broader African venture capital (VC) landscape, according to the 2024 African Blockchain Report, published in association with Absa, released on Wednesday.

- PHILIPPA LARKIN

Despite capital headwinds, blockchain maintained or gained share in Africa's venture market. Year on year, blockchain-focused VC funding and deal volume in Africa outpaced all-sector venture capital on the continent, while higher median deal sizes underscored concentrated investor confidence in well-positioned early-stage blockchain ventures.

African blockchain ventures outperformed the broader African VC landscape. The sector captured 7.4% of VC capital and 12.7% of deals, up from 7.0% and 7.3%, respectively, in 2023.

However, while global VC funding rebounded modestly, Africa's share continued to contract.

Global annual venture funding totaled $378.8 billion (R6.7 trillion) across 23 538 deals in 2024. This reflected a 7% funding increase and 12% fewer deals than the preceding year, while Africa secured $1.6bn across 236 deals in 2024, marking a year on year decline of 39% from $2.7bn.