In 2022, funding raised by various blockchain projects in Africa grew by 429% compared to 2021. Africa outperformed other continents in the global growth rate of VC funding.
According to the African Blockchain Report by Crypto Valley Venture Capital (CV VC), blockchain projects in Africa attracted $474 million in venture capital funding in 2022, over five times more than in 2021.
Seychelles and South Africa attracted about 81% of venture capital in the region for blockchain companies in 2022. The largest number of blockchain startup deals in Africa was in Nigeria, but the country attracted only 3.4% of all VC investments on the continent.
The report shows that the number of blockchain deals in Africa increased by 12% year-over-year. Local blockchain startups entered into about 29 financing deals in 2022, each raising more than $16 million in venture capital on average. Thus, the average deal size in Africa grew by 407% year-over-year.
Overall, blockchain projects in Africa surpassed any other industry that attracts venture capital in terms of funding volume. Investment levels in the industry grew 12.5 times. This all points to the growing adoption of blockchain technology in the region.
In terms of the global growth rate of VC financing, Africa outpaced other continents. For example, venture capital funding on the continent increased by 34%, while startup funding in Asia and Europe decreased by 50% and 35% year-over-year in 2022, respectively, and startup funding in the United States remained unchanged. African companies raised $3.14 billion in venture capital, while startups in the U.S. were able to raise $15.2 billion in venture capital in 2022, in Asia — $4.74 billion, and in Europe — $4.88 billion.
Read about global trends in the blockchain industry in 2022 in the special CP Media article.
