For years, Africa’s startup investment scene has revolved around the “Big Four” — Nigeria, Egypt, Kenya, and South Africa.

But new data from Launch Base Africa, tracking the first half of 2025, shows capital increasingly flowing into smaller, previously overlooked markets. Countries like Senegal, Ghana, Tunisia, Morocco, Uganda, and Togo are emerging as serious destinations for venture capital, private equity, and development finance — with startups tackling highly localized challenges using regionally scalable models.

So, what exactly are investors betting on outside the continent’s traditional powerhouses?

1. Fintech Still Reigns — But It’s Getting More Specialized

Even outside the Big Four, fintech remains the top-funded vertical, but with a sharper focus: regional remittances, digital lending, and banking infrastructure are drawing the largest cheques.

• ZeePay (Ghana): Raised $18m to expand its remittance infrastructure.
• Affinity Africa (Ghana): Raised $8m from German and UK investors, Grazia Equity and BACKED VC.
• Wave (Senegal): Raised $137m with backing from key lenders and DFIs such as Norfund and British International Investment. 

Key takeaway: The fintech story is no longer just about volume — it’s about access. Investors are backing fintechs that provide last-mile services in fragmented or underbanked markets.

2. Clean Energy is Booming — Especially Where Infrastructure is Weak

Across Ghana, Uganda, and the broader region, clean energy startups are drawing unusually large rounds — driven in part by climate-focused DFIs and energy transition mandates.

• Kopa (Ghana): Secured $8.1m to scale clean cooking and solar tech.

Key takeaway: Clean energy investments are capital-intensive, but DFIs and climate-focused funds are eager to deploy. Expect energy access to remain a key investment theme outside the Big Four.

 3. Agritech: Small Tickets, Big Impact

With agriculture accounting for over 30% of GDP in many African countries, agritech is seeing steady funding — especially in Ghana.

• Complete Farmer (Ghana): Raised $2.5m to digitize value chains.
• Wami Agro (Ghana): Backed by Acumen with a $2m investment.

Key takeaway: Though ticket sizes are modest (around $2m), these startups often solve systemic food security and export challenges. Investors are drawn to their essential role in rural economies.

4. E-commerce & Mobility: Big Bets in Consumer Infrastructure

From Tunisia’s online marketplaces to Togo’s mobility solutions, consumer logistics is catching up with investor expectations.

• Dabchy (Tunisia): Raised at least $1m from a pan-African investor group.
• Gozem (Togo): Closed a $30m round — the largest mobility deal outside the Big Four this year.

Key takeaway: Logistics and consumer marketplaces are becoming investable even in smaller economies, especially where mobile-first behavior is well-established.

 5. AI, Super-apps & Digital Infrastructure Are Emerging Fast

North Africa — especially Morocco and Tunisia — is becoming a testing ground for AI, vertical SaaS, and bundled apps.

• ToumAI (Morocco): Raised $1m from Madica, Orange Ventures, and Digital Africa.
• ORA Technologies (Morocco): A local super-app, secured $1.9m from Witamax and Azur Innovation.
• Juridoc (Tunisia): A legal tech startup, raised an undisclosed round from regional investors.

Key takeaway: These are early bets on emerging tech — often at pre-seed or seed stage — but the presence of international backers suggests strong confidence in North African technical talent and policy stability.

6. HealthTech and EdTech: Less Flashy, but High-Conviction

Though fewer in number, edtech and healthtech deals tend to have regional ambition and long-term backing.

• Enko Education (Cameroon): Raised $24m to scale its school network and edtech tools.
• KERA Health Platforms (Senegal): Raised $10M from the IFC to reshape healthcare access and delivery across West Africa, leveraging artificial intelligence.
• ShareCARD (Uganda): A “tech-for-development” startup backed by Digital Africa.

Key takeaway: These are often mission-aligned deals, with backing from DFIs or impact-focused VCs betting on long-term societal returns.

Sector Breakdown: Where Capital Is Flowing in 2025 (Outside Big Four)

A Broader Investment Thesis Is Taking Shape

The 2025 African investment map is no longer bound by borders or a handful of metro areas. Investors are spreading their bets across the continent — and not just for diversification’s sake. Whether in Accra, Tunis, Kampala, or Lomé, startups are building sector-specific infrastructure that investors increasingly view as essential.

It’s a sign that African venture is maturing geographically — not just in capital size, but in strategic depth.

Investors aren’t just looking for the next unicorn in Lagos or Cairo. They’re asking: What’s the best place to build a fintech in Francophone West Africa? Where can a clean energy startup scale fast with fewer regulatory headaches?

And increasingly, the answers lie outside the Big Four.