Africa’s tech ecosystem is undergoing a major shift as debt financing surpasses $1 billion in 2025, emerging from the shadows of equity to challenge traditional venture capital, according to data from Briter Intelligence.
For years, equity-dominated startup fundraising, particularly during the bubble of 2021 and 2022, when record-breaking sums were raised at inflated valuations.
But as that bubble burst and global investors pulled back, with startups beginning to turn to alternative instruments. Debt, once a niche option reserved for a ha
