While Nigeria, South Africa, Egypt, and Kenya — Africa’s ‘Big Four’ — continue to command the lion’s share of investors, a series of landscape-defining deals in other tech markets is signaling a crucial diversification of investor interest. Mega-rounds in countries like Senegal and Togo are putting new tech hubs on the map, driven by a mix of development banks and pan-African venture capitalists.

The Outliers: DFI-Powered Mega-Deals

A handful of exceptionally large, eye-catching deals outside the traditional hubs are responsible for shifting perceptions. These investments show that unicorns can be built anywhere on the continent, attracting significant institutional capital.

The most prominent example is the $137.2 million investment in Wave, a mobile money provider based in Senegal. This single deal, the largest outside the Big Four in the period analyzed, underscores the immense potential investors see in Francophone Africa. The key backers are a powerful consortium of European Development Finance Institutions (DFIs) and a major African bank:

• British International Investment (BII): The UK’s DFI, a prolific investor across the continent.
• Norfund: The Norwegian Investment Fund for developing countries.
• Finnfund: Finland’s development financier.
• Rand Merchant Bank: A leading South African corporate and investment bank.

Other notable deals validating this trend include:

• Gozem (Togo): A $30 million round for the West African “super app,” backed by Turkey’s SAS Shipping and Morocco’s Al Mada Ventures.
• Enko Education (Cameroon): A $24 million investment in the edtech network, led by Africa Capitalworks.

These mega-deals, particularly the DFI involvement in Wave, signal a de-risking of these markets, paving the way for more conventional VC investors to follow.

The Volume Players: Building Diversified Portfolios

Away from the nine-figure headlines, a different set of investors is actively cultivating the ecosystem by writing more cheques across a wider geographical spread. Their strategy is not about landing one massive deal but about building a broad portfolio of promising early-stage companies in nascent markets. 

The most active investors by deal count include:

• Digital Africa: A French organization that is arguably the most active across the continent, with investments through its Fuze program spanning Morocco (ToumAI), Tunisia (GENOW), Cameroon (COVA), Ghana (Liquify), and Algeria (Amaya Ag).
• Visa: The global payments giant is making strategic fintech bets, backing startups like PayTic in Morocco, Konnect in Tunisia, and Oze in Ghana to embed itself in the continent’s burgeoning financial infrastructure.
• Renew Capital: A US-based impact investment firm building a diverse portfolio with investments in Ghana (Tendo), Tunisia (Dabchy), and Ethiopia (Beemi) Morocco (Hypeo Ai). 
• Silicon Badia: A venture capital firm with Jordanian roots that has backed companies in both Tunisia (Thunder Code) and Morocco (Journify).
• Investisseurs & Partenaires (I&P): This investor is primarily active in Francophone Africa. This year, it made its first foray into Zimbabwe’s tech scene by backing NeedEnergy, a promising local startup focused on revolutionizing the country’s energy landscape. The firm has also invested in a range of other startups through its regional accelerator programs.

These investors are playing a crucial ground-game, identifying and nurturing talent in markets often overlooked by larger funds.

Reality Check: The ‘Big Four’ Still Reign

Despite the exciting growth in new hubs, the data provides a clear reality check: the ‘Big Four’ still dominate the African funding landscape by a significant margin. The highest concentration of large and frequent deals remains firmly within these four nations.

• Egypt: A hotbed of activity with major rounds for Nawy ($75 million) and MNT-Halan (~$49.4 million).
• South Africa: Home to massive investments in cleantech and fintech, including SolarAfrica ($98 million) and Stitch ($55 million).
• Nigeria: Continues to attract substantial capital with deals for fintech LEMFI ($53 million) and B2B platform OmniRetail ($20 million).
• Kenya: Showcases its strength in cleantech and asset financing with huge investments in Burn Manufacturing ($85 million). 

The trend, therefore, is one of diversification and expansion, not replacement. The rise of new hubs complements, rather than challenges, the dominance of the established ecosystems.

Why the Shift Is Happening Now

The growing investor appetite for markets beyond the traditional hubs is driven by several converging factors:

• Untapped Potential: As the Big Four markets mature, competition for deals is intensifying and valuations are rising. Investors are now looking for high-growth opportunities in less crowded markets with large, digitally underserved populations.
• The ‘Wave’ Effect: The breakout success of a company like Wave proves that building a billion-dollar venture is possible outside of Lagos or Cairo. This success story acts as a powerful magnet, demonstrating a clear path to exit for other investors. 
• Strategic Regional Plays: An investment in a company in Togo or Senegal is often seen as a strategic entry point into the wider West African Economic and Monetary Union (UEMOA), a market of over 120 million people.
• Improving Ecosystems: Nations like Ghana, Senegal, and Côte d’Ivoire are actively improving their regulatory environments, fostering local talent, and benefiting from rising internet and mobile penetration, making them fundamentally more attractive investment destinations.