Startup funding across Africa slowed in December 2025, but investment became even more concentrated at the top. The ten largest deals raised a combined $321.5 million, accounting for more than 92% of the $349.1 million secured by 75 startups during the month.
In contrast, the remaining 65 startups shared only $27.6 million, underscoring the widening divide between large, late-stage funding rounds and a growing number of smaller early-stage raises across the continent, Nairametrics reported.
December’s figures represent a sharp decline from November 2025, when African startups raised $589.9 million across 38 deals, with the top 10 transactions alone contributing $573 million.
Although the number of deals nearly doubled in December, total funding dropped significantly, reflecting smaller cheque sizes and increased investor caution.
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Unlike November’s surge, which was driven by IPO-related activity, December pointed to a softer market. Funding fell 40.8% month-on-month even as deal volume increased, highlighting the shift in investor behavior.
The rise in deal activity did little to alter the overall funding structure, as capital continued to flow disproportionately to a small group of large transactions. This trend reinforced the persistent imbalance that characterizes Africa’s startup funding landscape.
Among the top 10 raises in December were
— M-Kopa of Kenya, which led the list with a $166 million raise
— Sun King of Kenya with $40 million
— Walletdoc of South Africa with $23.5 million
— Nawah Scientific of Egypt with $23 million
— ValU of Egypt with $23 million
— Revibe of Egypt with $17 million
— Breadfast of Egypt with $13 million
— Jumo of South Africa with $7.5 million
— Völz (Algeria) — $4.5 million
Fintech startup Kalispot, backed by 500 Global, completed the top 10 with a $4 million round combining debt and equity. The company plans to use the funding to expand its agnostic 1Net financial ATM network across multiple African markets.
The investment will support interoperable infrastructure that links banks, mobile money operators, and fintech companies, improving cash-in and cash-out services in underserved communities.
Kalispot operates in the fintech sector, focuses on Western Africa, raised the funds through a venture round, and counts angel investors among its backers.
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Image Credit: In On Africa (IOA)
