African startups are on track to surpass their total 2024 funding figures, having already raised over $2.2 billion in 2025 so far, excluding exits. This was revealed in the latest Africa: The Big Deal report released on Tuesday, according to PUNCH.
In 2024, startups across the continent secured approximately $2.2 billion, with 84 percent of that amount concentrated among the “Big Four” countries, Nigeria, Kenya, South Africa, and Egypt. According to Max Giacomelli, co-founder of Africa: The Big Deal, the $2.2 billion raised so far in 2025 is just about $40 million short of the total amount recorded for the whole of last year.
“The latest update of our monthly start-up deals database gave us quite a bit of work, as September saw a total of 58 companies raise $140 million on the continent (excluding exits),” Giacomelli said.
“From an amount point of view, this is below average, yet equivalent to what had been raised in September 2024 ($146 million) and above the September 2023 tally ($124 million). What is notable, though, is the number of ventures that raised at least $100k last month, the second-best in a year (just behind July).”
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The recent activity helped boost a strong third quarter overall. Startups raised $785 million in Q3, lower than Q2’s $963 million but “significantly higher than Q1’s $461 million.”
Historical data also shows that Q3 2025 compares favorably with the same period in previous years: $649 million in 2024, $496 million in 2023, and $612 million in 2022.
In September alone, 58 African startups collectively raised $140 million, with $105 million (75 percent) coming from equity, while the remainder consisted mostly of debt ($32 million).
A small portion of grant funding ($3 million) was also recorded, including 16 match-funding grants from DEG Impulse through its new develoPPP Ventures cohort in East Africa.
“The five largest transactions of the month were all equity,” the report stated. “Kredete (fintech, Nigeria) announced its $22 million Series A; Pura Beverage closed their $15 million Series B (not technically a start-up, though they’ve decided to go the VC route for their financing); Contractable (identity, South Africa) bagged $13.5 million; Intella (AI, Egypt) closed a $12.5 million Series A; and The Invigilator (education, South Africa) secured $11 million.”
Additionally, there were five notable startup exits in September. Three took place in South Africa: a consortium led by Twofold Capital acquired fintech TaxTim, edtech Rekindle acquired EpiTek, and fintech Street Wallet acquired Digitip.
In North Africa, Moroccan logistics startup Cathedis was acquired by super app Ora Technologies, while Egyptian healthtech company Duaya acquired EXMGO.
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Image Credit: Max Cuvellier Giacomelli (LinkedIn)
