Funding for African startups reached $392 million in October, pushing the continent’s year-to-date total to $2.732 billion. This new figure confirms that 2025 has already surpassed the entire funding raised in 2024, which stood at a widely reported $2.2 billion.
The robust October performance was defined by a handful of large, late-stage deals and significant participation from US and European investors. The capital flow, however, remains highly concentrated in familiar sectors and a few key countries.
Fintech and Green-Tech Absorb 90% of Capital
The vast majority of the month’s funding flowed into just two buckets. Fintech startups raised approximately $190.9 million, while a combined green-tech, e-mobility, and clean energy sector secured $162.3 million.
This concentration is underscored by the month’s five largest deals, which alone account for over 80% of the total disclosed funding, including:
- Spiro (E-Mobility, Kenya): $100M
- Moniepoint (Fintech, Nigeria): $90M (reported as part of a larger, $200M round)
Kenya Leads Funding, Egypt Leads in Deal Volume
While the money was concentrated by sector, it also shuffled the geographic leaderboard for the month.
Kenya emerged as October’s top-funded country, attracting $123.9 million. Egypt followed closely with $102.9 million. Nigeria secured $93 million, dominated by the single Moniepoint transaction.
However, the map of activity tells a different story. Egypt led in deal volume. This points to a healthier spread of early-stage investment, even as mega-deals skew the top-line figures.
US and European Backers Remain Key
The investor landscape underscores the continent’s integration with global capital markets.
US-based investors were the most active. Prominent names included Visa, Google, Techstars, and Y Combinator.
European investors were also highly active, particularly from France, with entities like Orange Ventures and Development Finance Institution (DFI) Proparco writing cheques. Investors from Spain, the Netherlands, and Switzerland were also noted in several rounds.
This international support was matched by strong local and regional ecosystem participation. Funds and angels from Egypt, South Africa, and Nigeria were active in multiple deals.
The investor mix was diverse, spanning:
- DFIs: IFC, FMO, Proparco
- Corporate VCs: Visa, Google, Chevron, Orange Ventures
- Traditional VCs: Launch Africa Ventures, Ingressive Capital
- Accelerators: Y Combinator, Techstars
Early-Stage Activity and Debt Financing Signal Maturation
Despite the large deals dominating the headlines, the pipeline of early-stage startups remains active. More pre-seed and seed deals were announced, compared to just one Series B and one Series C deal. This high volume of early-stage activity, although smaller in ticket size, is critical for the ecosystem’s future.
Emerging tech themes are also apparent. A sizeable number of startups in the October cohort leverage AI in their products, while while others are focused on climate tech and sustainability, indicating growing investor interest in these verticals beyond the headline e-mobility deals.
In summary, October’s figures show a consolidating market. While total funding has rebounded past 2024 levels, the capital is flowing into fewer, larger deals in established sectors. Kenya’s top-ranking performance, driven by a single transaction, highlights this trend. Nonetheless, the continued, broad-based support from US, European, and local investors across all stages suggests a resilient ecosystem.
You can download October’s funding data HERE.
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