Venture capital flows into African technology ecosystems have experienced a structural shift toward infrastructure-driven, mature market solutions. This study explores the socio-economic and regulatory drivers attracting global venture capital (VC) to Africa's primary innovation ecosystems: Nairobi (Kenya), Lagos (Nigeria), and Cape Town (South Africa). Through a mixed-methods comparative design analyzing Briter Intelligence and Partech Partners performance data from 2024 to early 2026, the study examines how market size, infrastructure, and startup legislation drive investment. The results indicate that while Lagos leads in transaction volume and sheer fintech market size, Nairobi excels in regulatory ease and climate-tech integrations, and Cape Town dominates in enterprise software and infrastructure stability. The study proves that localized regulatory frameworks (such as Startup Acts) significantly reduce investor friction and accelerate capital deployment. It concludes with strategic recommendations for cross-border harmonization to deepen exit pathways.