Venture capital funding in Africa: a mixed-methods study of evolving ecosystems and financial discrimination

• 成果类型: Article
• 署名作者: Kabengele, Christian; Hahn, Ruediger
• 署名单位: Heinrich Heine University Dusseldorf; Heinrich Heine University Dusseldorf
• 刊物名称: JOURNAL OF INTERNATIONAL BUSINESS STUDIES
• ISSN/ISSBN: 0047-2506
• DOI: 10.1057/s41267-025-00788-w
• 发表日期: 2025
• 页码: 777-794
• 关键词: venture capital; AFRICA; INSTITUTIONAL THEORY; Homophily; Emerging markets; Mixed-methods approach; Qualitative comparative analysis

摘要

Africa's startup ecosystem is growing rapidly, yet venture capital (VC) funding remains disproportionately allocated to non-African founders. This study investigates the factors driving this disparity, focusing on institutional voids - gaps in legal frameworks, financial infrastructure, and market-supporting institutions - and investors' perceptions of risk and financial discrimination. We conducted 37 interviews with investors and entrepreneurs to identify the determinants of VC funding, including startup location, founder origin, and international networks. Additionally, a qualitative comparative analysis of 335 African fintech startups revealed the factor configurations that enable startups to secure high levels of VC investment. Historically, the findings reveal that non-African founders have benefited from investor homophily, a preference for investing in individuals with similar backgrounds, to mitigate the perceived risks related to institutional voids. By contrast, African founders faced greater barriers to funding. However, as Africa's VC ecosystem has matured, local founders have begun to overcome these obstacles. By linking institutional voids to homophily and embedding a postcolonial perspective, acknowledging how historical power dynamics and colonial legacies shape investor perceptions and market structures, this study sheds light on the systemic biases that shape VC funding. These findings offer actionable insights for investors, policymakers, and entrepreneurs aiming to foster a more inclusive VC landscape. L'& eacute;cosyst & egrave;me des startups africaines se d & eacute;veloppe rapidement, mais le financement par capital-risque reste disproportionn & eacute;ment allou & eacute; aux fondateurs non africains. Cette recherche examine les facteurs & agrave; l'origine de cette disparit & eacute;, en se concentrant sur les vides institutionnels - lacunes dans les cadres juridiques, l'infrastructure financi & egrave;re et les institutions de soutien au march & eacute; - ainsi que sur la perception du risque et de la discrimination financi & egrave;re par les investisseurs. Nous avons men & eacute; 37 entretiens avec des investisseurs et des entrepreneurs afin d'identifier les facteurs d & eacute;terminants du financement par capital-risque, notamment l'emplacement de l'entreprise, l'origine du fondateur et les r & eacute;seaux internationaux. En outre, une analyse qualitative comparative de 335 startups africaines de la fintech a r & eacute;v & eacute;l & eacute; les configurations de facteurs qui permettent aux startups d'obtenir des niveaux & eacute;lev & eacute;s d'investissement en capital-risque. Historiquement, les r & eacute;sultats r & eacute;v & egrave;lent que les fondateurs non africains ont b & eacute;n & eacute;fici & eacute; de l'homophilie des investisseurs, une pr & eacute;f & eacute;rence pour l'investissement dans des personnes ayant des ant & eacute;c & eacute;dents similaires, afin d'att & eacute;nuer les risques per & ccedil;us li & eacute;s aux vides institutionnels. En revanche, les fondateurs africains ont & eacute;t & eacute; confront & eacute;s & agrave; des obstacles plus importants en mati & egrave;re de financement. Toutefois, & agrave; mesure que l'& eacute;cosyst & egrave;me du capital-risque africain a m & ucirc;ri, les fondateurs locaux ont commenc & eacute; & agrave; surmonter ces obstacles. En & eacute;tablissant un lien entre les vides institutionnels et l'homophilie, et en embrassant une perspective postcoloniale, reconnaissant comment les dynamiques de pouvoir historiques et les h & eacute;ritages coloniaux fa & ccedil;onnent les perceptions des investisseurs et les structures du march & eacute;, cette recherche met en lumi & egrave;re les biais syst & eacute;miques qui d & eacute;terminent le financement du capital-risque. Ces r & eacute;sultats apportent des renseignements actionnables aux investisseurs, aux d & eacute;cideurs politiques et aux entrepreneurs qui souhaitent favoriser un paysage du capital-risque plus inclusif. El ecosistema de startups africano est & aacute; creciendo r & aacute;pidamente, sin embargo, el financiamiento de capital de riesgo (VC) sigue siendo asignado de manera desproporcionada a fundadores no africanos. Este estudio investiga los factores que impulsan esta disparidad, centr & aacute;ndose en los vac & iacute;os institucionales (brechas en marcos legales, infraestructura financiera e instituciones de apoyo al mercado), y las percepciones de riesgo y discriminaci & oacute;n financiera por parte de los inversores. Realizamos 37 entrevistas con inversores y emprendedores para identificar los determinantes del financiamiento de capital de riesgo, incluyendo la ubicaci & oacute;n de la startup, el origen del fundador y las redes internacionales. Adicionalmente, un an & aacute;lisis comparativo cualitativo de 335 startups fintech africanas revel & oacute; las configuraciones de factores que permiten a las startups asegurar altos niveles de inversi & oacute;n de capital de riesgo. Hist & oacute;ricamente, los hallazgos revelan que los fundadores no africanos se han beneficiado de la homofilia de los inversores, una preferencia por invertir en individuos con antecedentes similares, para mitigar los riesgos percibidos relacionados con los vac & iacute;os institucionales. En contraste, los fundadores africanos enfrentaron mayores barreras para el financiamiento. Sin embargo, a medida que el ecosistema de capital de riesgo de & Aacute;frica ha madurado, los fundadores locales han comenzado a superar estos obst & aacute;culos. Al vincular los vac & iacute;os institucionales con la homofilia e incorporar una perspectiva poscolonial, reconociendo c & oacute;mo las din & aacute;micas hist & oacute;ricas de poder y los legados coloniales moldean las percepciones de los inversores y las estructuras del mercado, este estudio arroja luz sobre los sesgos sist & eacute;micos que configuran el financiamiento de capital de riesgo Estos hallazgos ofrecen perspectivas pr & aacute;cticas para inversores, formuladores de pol & iacute;ticas y emprendedores que buscan fomentar un panorama de capital de riesgo m & aacute;s inclusivo. O ecossistema de startups da & Aacute;frica est & aacute; se expandindo rapidamente, mas o financiamento de capital de risco (VC) permanece distribu & iacute;do de forma desigual para fundadores n & atilde;o africanos. Este estudo examina os fatores que contribuem para essa disparidade, enfatizando vazios institucionais - lacunas em ambientes legais, infraestrutura financeira e institui & ccedil;& otilde;es de apoio ao mercado - juntamente com percep & ccedil;& otilde;es de investidores sobre risco e discrimina & ccedil;& atilde;o financeira. Realizamos 37 entrevistas com investidores e empreendedores para identificar os fatores que influenciam o financiamento de capital de risco, como localiza & ccedil;& atilde;o de startups, origem do fundador e redes internacionais. Al & eacute;m disso, uma an & aacute;lise comparativa qualitativa de 335 startups de fintech africanas revelou as configura & ccedil;& otilde;es de fatores que permitem startups garantir altos n & iacute;veis de investimento de capital de risco. Historicamente, os resultados revelam que fundadores n & atilde;o africanos se beneficiaram da homofilia do investidor, uma prefer & ecirc;ncia por investir em indiv & iacute;duos com semelhantes origens, para mitigar os riscos percebidos relacionados a vazios institucionais. Em contraste, fundadores africanos encontraram barreiras mais significativas ao financiamento. No entanto, & agrave; medida que o ecossistema de capital de risco da & Aacute;frica amadureceu, os fundadores locais come & ccedil;aram a superar esses desafios. Este estudo lan & ccedil;a luz sobre os vieses sist & ecirc;micos que moldam o financiamento de capital de risco, vinculando vazios institucionais & agrave; homofilia e incorporando uma perspectiva p & oacute;s-colonial. Ele reconhece como a din & acirc;mica hist & oacute;rica do poder e legados coloniais moldam as percep & ccedil;& otilde;es de investidores e as estruturas do mercado. Essas descobertas oferecem insights acion & aacute;veis para investidores, formuladores de pol & iacute;ticas e empreendedores com o objetivo de promover um cen & aacute;rio de capital de risco mais inclusivo. 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