Africa's startup funding machine is pumping out record capital — but it's creating a brutal paradox where raising $50,000 can be harder than raising $10 million, and the "middle class" of tech companies is being starved of resources while billions concentrate at the top.

Evidence For

• 241 African startups raised $1.58 billion in H1 2026, up 7% from $1.47 billion a year earlier — but the number of deals actually dropped 20%, from 301 to 241
• The top 10 startups captured...