100
African startups are on track to surpass their total fundraising record from last year, having already secured more than $2.2 billion in 2025, excluding exits.
This was revealed in the latest Africa: The Big Deal report released on Tuesday, which tracks startup funding activity across the continent.
According to the report, the $2.2 billion raised so far this year is just $40 million short of the total amount raised in 2024. In that year, African startups collectively raised $2.24 billion, with 84 per cent of the funding concentrated in the “Big Four” countries — Nigeria, Kenya, South Africa, and Egypt.
Co-founder of Africa: The Big Deal, Max Giacomelli, said that September 2025 alone saw a flurry of fundraising activity, with 58 startups securing $140 million. Though slightly below the monthly average, the figure closely matches the $146 million raised in September 2024 and exceeds the $124 million recorded in the same month of 2023.
“From a volume point of view, this is below average, yet equivalent to what had been raised in September 2024 and above the September 2023 tally. What is notable, though, is the number of ventures that raised at least $100,000 last month — the second-highest in a year, just behind July,” Giacomelli stated.
The report highlighted that the momentum in recent months helped deliver a strong third quarter for the African startup ecosystem. Startups raised $785 million in Q3 2025 — lower than the $963 million raised in Q2, but substantially higher than Q1’s $461 million.
When compared historically, Q3 2025 funding outperformed previous years, with $649 million raised in Q3 2024, $496 million in Q3 2023, and $612 million in Q3 2022.
Of the $140 million raised in September, $105 million (75 per cent) came from equity financing, while $32 million came from debt. About $3 million in grant funding was also recorded, including 16 match-funding grants from DEG Impulse under its new develoPPP Ventures initiative in East Africa.
The report identified the five largest funding rounds of the month — all equity-driven. Nigeria’s fintech Kredete led with a $22 million Series A round. Pura Beverage followed with a $15 million Series B raise. South Africa’s identity verification startup Contractable secured $13.5 million, Egypt’s AI firm Intella closed a $12.5 million Series A, and South African edtech company The Invigilator raised $11 million.
In addition to funding inflows, the continent also recorded five notable exits in September. In South Africa, a consortium led by Twofold Capital acquired fintech TaxTim, while edtech Rekindle acquired EpiTek, and fintech Street Wallet bought Digitip. In North Africa, Moroccan logistics startup Cathedis was acquired by super app Ora Technologies, and Egyptian healthtech firm Duaya completed the acquisition of EXMGO.
Analysts say the performance underscores growing investor confidence in Africa’s innovation landscape, despite a global slowdown in venture capital funding. Nigeria, Kenya, South Africa, and Egypt continue to attract the bulk of investments due to their established startup ecosystems, access to talent, and growing domestic markets.
If the current trend continues, 2025 could become one of the strongest fundraising years in Africa’s startup history, signalling renewed optimism in the continent’s digital economy.
