As Africa’s startup ecosystem expands and matures, a diverse group of investors — ranging from traditional venture capital firms to development finance institutions and corporate backers — has stepped up its engagement across the continent. In the first quarter of 2025, several investors stood out for their active participation in funding rounds, supporting innovation in fintech, healthtech, e-commerce, mobility, and other sectors. This report highlights the most active investors in Africa between January and March 2025, offering a snapshot of the firms driving capital allocation and startup growth in the region.
Flourish Ventures
Flourish Ventures emerged as one of the most engaged investors in early 2025, particularly within the fintech and mobility sectors. The firm backed MoneyHash, a Cairo-based startup that raised $5.2 million to streamline payment orchestration across the Middle East and Africa. Through its affiliated early-stage investment vehicle Madica, Flourish also committed $200,000 each to Medikea, a healthtech platform delivering access to medical diagnostics; Motherbeing, a reproductive health education and wellness provider; and Pixii Motors, a clean mobility startup that is developing electric motorcycles for African cities. These investments underscore Flourish’s continued focus on financial inclusion and digital infrastructure.
Norrsken22
Norrsken22 has cemented its position as a leading investor in Africa’s technology growth segment. In Q1 2025, the firm participated in multiple high-impact deals, including a co-led $6.75 million funding round for Taager, an Egyptian social commerce platform that connects online sellers with product suppliers. Norrsken22 also contributed to an $11 million Series A round for Raenest, a Nigerian fintech startup streamlining cross-border payments for freelancers and remote workers. In Kenya, the firm joined a pre-Series A round for Kapu, an e-commerce platform targeting mass-market consumers. These deals reflect Norrsken22’s emphasis on scalable platforms that offer practical solutions to everyday problems.
Endeavor Catalyst
Endeavor Catalyst continues to play a pivotal role in funding scale-stage startups in Africa. In Q1, it co-invested in the $53 million round for LemFi, a Nigerian digital bank serving the diaspora with cross-border remittance tools. The firm also joined Norrsken22 in backing Taager, signaling a growing appetite for e-commerce infrastructure in North Africa. Endeavor Catalyst’s strategy of following its global network’s most promising founders ensures it maintains exposure to Africa’s most investable ventures.
DisrupTech Ventures
Egypt-based DisrupTech Ventures remains a cornerstone of the North African investment scene. In the first quarter, it participated in the funding of Hamilton, a blockchain startup focusing on decentralized finance solutions. DisrupTech also contributed to Khazna’s $16 million pre-Series B round and invested $3 million into WideBot, an AI-powered chatbot developer. These deals showcase DisrupTech’s focus on fintech and AI, as well as its commitment to scaling technology-driven services in Egypt.
DEG (Germany)
Germany’s development finance institution, DEG, continued its strategic investment in Africa’s financial inclusion and SME ecosystems. In Q1 2025, DEG invested in Naked Insurance, a South African insurtech company using AI to improve underwriting efficiency and customer onboarding. It also backed Oze, a Ghanaian fintech platform digitizing business operations and credit assessments for small businesses. DEG’s investments reflect its broader mandate to support sustainable private-sector growth across emerging markets.
Visa
Visa remains a heavyweight corporate investor in Africa, doubling down on its fintech agenda in 2025. The company participated in a $10 million funding round for Moniepoint, a Nigerian digital bank focused on micro, small, and medium-sized enterprises (MSMEs). Visa also contributed to funding rounds for Oze, aligning with its push to foster digital payment ecosystems in frontier markets. These strategic bets serve Visa’s goal of expanding financial access across the continent.
Digital Africa
Digital Africa, through its Fuzé program, actively funded a diverse range of startups in the first quarter of 2025. Investments included Muzikin, a music-tech platform supporting African artists, and E-pineA, an agritech startup improving farmer yields through AI and data-driven insights. Other notable investments were COVA (Cameroon Insurtech), ShareCARD (Uganda Tech for Development), and Anchor Machines (Uganda Construction Technology). These investments reveal Digital Africa’s focus on youth-led innovation and inclusive sector development.
Baobab Network
Baobab Network continues to support early-stage ventures across Africa via its accelerator and funding program. In Q1 2025, it invested in CreditCheck, a fintech startup enabling credit scoring and access for small businesses, and Regulon, a regtech platform providing automated compliance solutions. Baobab’s hands-on approach helps build foundational capacity in startups operating in under-served markets.
Renew Capital
Renew Capital, known for its presence in frontier markets, maintained its early-stage thesis with strategic investments in Kenya and Tunisia. In Q1, it backed Sevi, a Kenyan fintech startup offering BNPL (buy now, pay later) services for informal merchants. It also co-invested in a seven-figure round for Dabchy, a Tunisian fashion marketplace, and NjiaPay, a South African fintech firm. Renew’s consistent activity reflects its emphasis on patient capital and ecosystem development.
Vumela Fund
The FNB Vumela Enterprise Development Fund, a collaboration between First National Bank and Edge Growth, increased its deployment of capital in South Africa. It extended venture debt to Everlectric, which leases electric commercial vehicles, and invested R15 million (~$824,000) into Trade Shield, a startup offering AI-powered credit risk assessments. These moves indicate growing investor confidence in cleantech and enterprise software solutions in South Africa.
Witamax
Witamax, a Casablanca-based venture firm, was notably active in Morocco in Q1. The firm led a $600,000 pre-seed investment into Washminute, a water-efficient car wash startup operating in multiple cities. It also participated in a $1.9 million pre-Series A round for ORA Technologies, a super-app expanding access to digital services in Morocco. These moves signal Witamax’s interest in scalable, sustainability-oriented solutions.
Speedinvest
European VC Speedinvest ramped up its African presence in 2025 with investments in multiple startups. It contributed to Khazna’s $16 million pre-Series B round, Leta’s $5 million seed round for logistics SaaS, and Oze’s latest funding for SME lending tools. Speedinvest’s participation alongside local and global players highlights its growing confidence in Africa’s fintech and logistics ecosystems.
P1 Ventures
P1 Ventures, based in Egypt, made early-stage investments in fintech and AI infrastructure. It invested in Raenest’s $11 million round and led a $500,000 pre-seed round for Stakpak, an Egyptian DevOps platform simplifying developer workflows with AI. These investments reflect P1 Ventures’ sectoral bets on digital infrastructure and cross-border financial services.
Quona Capital
Quona Capital, a global fintech investor, remains a major player in African startup funding. In Q1, it co-led a $6.75 million round for enza, a pan-African payments startup, and invested in Khazna alongside Speedinvest. Quona’s strategy revolves around backing companies that address the financial needs of underserved populations through scalable digital solutions.
Raed Ventures
Saudi-based Raed Ventures participated in multiple deals in Q1 2025. It joined funding rounds for Grinta, a pharmaceutical supply chain platform in Egypt, and Taager, Egypt’s social commerce startup. Raed’s cross-sector interest and growing engagement in North Africa reflect a broader trend of Gulf capital flowing into African tech.
Beltone Venture Capital
Beltone VC demonstrated its regional investment strategy with deals in Egypt and Morocco. In addition to co-leading funding for Grinta, it invested in LNKO, a Moroccan eyewear D2C startup serving over 100,000 customers globally. Beltone’s activity highlights the increasing appeal of consumer tech in North Africa.
Janngo Capital
Janngo Capital, focused on inclusive and gender-equitable investments, led a pre-Series A round for Dabchy, a Tunisian circular fashion marketplace. It also participated in the €17.2 million Series A round for Capi Money, a global payments platform for emerging markets. Janngo’s investments reflect its commitment to sustainability and social impact.
Firstminute Capital
Firstminute Capital continued its foray into Africa with investments in Capi Money and Kapu. The firm joined a coalition of backers funding Kapu’s expansion into low-income retail markets in Kenya, and also invested in fintech infrastructure through Capi Money. This dual focus on e-commerce and global fintech aligns with its broader international strategy.
The Bottom Line
Q1 2025 highlighted the growing maturity and diversity of Africa’s startup investors. From fintech and mobility to fashion and healthtech, investors are spreading their capital across sectors and geographies. Flourish Ventures, Speedinvest, and Norrsken22 stood out for their volume and breadth of deals, while players like Visa and DEG continued to bridge corporate and development goals. As the year progresses, these firms are likely to shape not just the funding landscape, but the very direction of Africa’s digital economy.
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