Africa's startup ecosystem is weathering a year of mixed signals. Headline numbers for the first half of 2025 are lower than the highs of 2021-2022, reflecting the global slowdown in venture capital. But behind the aggregate dip and fewer deals, there are still some notable big-ticket raises. The continent is producing "mega-rounds", especially for Late-stage companies that have proven their business models and revenue potential.
From fintech and proptech to clean energy and health-tech, the continent's top players have secured multi-million-dollar deals that show both investor confidence and the maturing nature of Africa's startup ecosystem.
The top ten raises this year have pulled in over USD 700 M combined. Geographically, Egypt leads with four entries Nawy, Bokra, MNT-Halan, and Wave's expansion partner capital flows, followed by South Africa and Kenya with three each, and Senegal and Nigeria each landing one.
Sector-wise, fintech remains the most represented sector, but clean energy, health-tech, and proptech have also attracted outsized rounds, showing that investor appetite is broadening beyond payments and lending.
Debt and alternative financing tools like Sukuk and corporate bonds are becoming more common, signalling a maturing funding environment.