非洲私募股权和风险投资协会（AVCA）：2025年第一季度非洲风险投资活动报告（英文版）

Africa’s multi-year decline extended into Q1 2025 which closed with 116 deals. While this 3% YoY decrease is milder than the 25% YoY drop seen in Q1 2024, deal volume still sits 21% below the five-year average, indicating an incomplete market recoveryVC funding rebounded by 26% YoY to US$0.6bn in Q1 2025, but nearly half of capital was concentrated in 7 large (US$20mn+) deals. Despite the headline lift, funding remains 53% below the Q1 average during the 2021–23 bull run and 37% under the fiv