Data from 2025 reveals that the 'clubby' syndicates of Silicon Valley are absent in Africa, where capital formation is driven by industry mandates and geography rather than investor relationships.
FSD Africa’s new venture launch signals a rare push to fund African startups at the riskiest stage — where capital is scarcest, impact is highest, and most investors still refuse to play.
In a year when "following the herd" described most African venture activity, these outlier deals stand out for actually taking risk. Which is, theoretically, what venture capital is supposed to do.
