African startups raise $408m, highest since 2021

African startups raised $408 million between January and February, the highest amount since 2021, when they raised $400 million.

According to Africa: The Big Deal, which tracks funding of $100,000 and above, despite raising $119 million in February, they are still on track to have a great year. In February, the number of $100,000 and above deals announced (38) is lower than the average of the previous twelve months and than previous Februarys since 2021.

While the number of $100k+ deals overall announced in 2025 so far doesn’t compare favourably to the previous years, the number of those $1 million and above (42) are aligned with both 2023 (42) and 2024 (43) numbers, and significantly higher than pre-heatwave levels (between 20 and 31 in 2019-2021).

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In 2025, the seven largest deals (representing 80 percent of the total) were all either fintech or logistics and transport deals, in line with 2024 trends. Most of these startups were in one of the Big Four: Nigeria, Kenya, Egypt, and South Africa.

However, the largest deal of all was announced by Togo-born start-up Gozem, which raised $30 million ($15 million equity, $15 million debt). Other notable announcements include Khazna’s (Egypt, fintech)’s $16 million raise to expand in KSA; Hakki Africa’s ~$13 million raise (Kenya, Fintech x Mobility); Raenest’s $11 million series A (Nigeria, Fintech); Tether’s (Nigeria, Fintech) $3 million seed round + $7 million debt; Affinity’s $8 million round (Ghana, Fintech); and Taager’s ~$7 million pre-series B (Egypt, logistics and transport).

Zooming out, funding figures suggest that startups on the continent may raise more than the $2.2 billion in equity, grants, and exits raised in 2024.