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Africa’s innovation ecosystem continues to demonstrate resilience and growth.
In September 2025, startups across the continent raised $140 million in 58 disclosed deals, bringing the year-to-date total to $2.2 billion, according to data compiled by Africa: The Big Deal.
This performance positions 2025 just $40 million shy of surpassing 2024’s total, signaling that Africa is on track to close the year with one of its strongest funding performances on record.
Funding momentum has remained steady despite global capital tightening.
Q1 2025: $461 million
Q2 2025: $963 million
Q3 2025: $785 million
The cumulative $2.2 billion raised across the first three quarters reflects a mature and increasingly stable investment landscape, driven by expanding sectoral participation and growing investor confidence.
Fintech maintained its dominance, accounting for roughly 45% of total funding in 2025, followed closely by AI, EdTech, and digital identity solutions as emerging focus areas.
Top funding rounds in September included:
Kredete (Nigeria) – $22 million Series A for credit and stablecoin infrastructure.
Pura Beverage (South Africa) – $15 million Series B to expand beverage distribution.
Contractable (South Africa) – $13.5 million for digital identity solutions.
Intella (Egypt) – $12.5 million Series A to scale Arabic-language AI models.
The Invigilator (South Africa) – $11 million to enhance its edtech platform.
Together, these deals accounted for more than half of the total raised in September, underscoring the depth of capital concentration in high-performance ventures.
Of the $140 million raised:
$105 million (75%) came through equity financing.
$32 million (23%) was secured via debt instruments.
$3 million (2%) came from grants, including 16 awards from DEG Impulse’s develoPPP Ventures program.
The steady rise in non-equity funding instruments indicates a broadening capital landscape where debt is increasingly complementing venture equity, reflecting both investor sophistication and startup maturity.
Meanwhile, five notable startup exits were recorded in September — three in South Africa (TaxTim, Rekindle, Street Wallet), one in Morocco (Cathedis), and one in Egypt (Duaya).
These transactions reflect a strengthening secondary market and reinforce investor confidence in the long-term sustainability of African tech ecosystems.
Four markets — Nigeria, Kenya, South Africa, and Egypt — continue to attract the majority of venture capital, accounting for roughly 84% of total investment flows in 2025.
By midyear, these countries collectively drew over $900 million, with Egypt and South Africa leading the pack.
However, emerging ecosystems in Francophone and Southern Africa are showing increased deal activity, signaling diversification in regional capital allocation.
The Big Picture: A Record Year in the Making
Africa’s startup ecosystem has now logged nine consecutive months of billion-dollar activity, even amid global funding slowdowns.
The data confirms that the continent’s tech-driven growth is no longer a cyclical story — it’s a structural one.
As the fourth quarter begins, Africa’s 2025 startup funding is on pace to set a new record, powered by stronger deal quality, diversified instruments, and more frequent exits.
South African travel technology company TurnStay has secured a $300,000 funding round from DFS Lab and Digital Currency Group (DCG), both headquartered in the United States.
Norwegian development financier Norfund has approved a loan to the Mohinani Group to strengthen its recycled polyethylene terephthalate (rPET) operations in Ghana and Nigeria, in a move designed to scale up sustainable packaging solutions across the region.
Renew Capital, a firm specializing in impact investments across Africa, has announced its debut investment in Ghana.
