Early-stage African startups have found it difficult to raise money this year. Its explanation for shutting reflects a position that more African startups have found themselves in as venture funding has tightened. What changed between 2022 and now in what an early-stage African startup has to show to raise its first cheque? Amarachi Nwachukwu: We need government to participate, and we need local capital. Because both the VCs here and the founders are largely being funded by foreign capital, not local capital.