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Hiruy Amanuel, Managing Director, Gullit VC. [Courtesy]
Something is changing inside African venture capital, but it is not the kind of change that announces itself loudly.
There are no defining moments or dramatic turning points that clearly mark the transition. Instead, it is unfolding gradually through changing investor behaviour, shifting founder expectations, and a growing emphasis on discipline across the ecosystem. It is quiet, but it is real.
For years, Africa’s venture capital playbook was authored abroad. It was driven by a compelling narrative: a young and rapidly growing population, underserved markets, accelerating technology adoption, and the promise of outsized returns. That narrative attracted global attention and helped unlock unprecedented levels of funding across the continent.
