非洲私募股权和风险投资协会（AVCA）：2025年非洲风险投资报告（英文版）

2025 will likely be remembered as a year of consolidation rather than resurgence for Africa’s venture ecosystem. After two years of retrenchment, the downward slide that followed the boom years has eased, but a broad-based rebound has yet to materialise. Instead, the contours of a recalibrated market are coming into view: leaner, more selective, and increasingly shaped by new financing instruments and investor behaviour.