African Startups Raised $441.9 Million in October 2025, Recording a 217% Funding Surge

By: Ovie George

November 15, 2025

Industry Analysis

3 minute read

Africa’s startup ecosystem recorded a powerful rebound in October 2025, securing $441.9 million across 59 deals, according to industry data. This marks a 217% month-on-month increase from the $139.4 million raised in September, signaling renewed investor confidence and a strong close to the year.

The impressive uptick was driven by large venture rounds, securitized bond issuances, and growing investor appetite for clean energy, fintech, and logistics solutions across the continent.

Top 10 Startups Account for 87.9% of Funding

While four startups did not reveal their funding amounts, disclosed deals show significant concentration at the top.
The top 10 startups raised $388.6 million, representing 87.9% of all disclosed funding, a sharp rise from $112.2 million recorded by the top 10 in September.

Fintech, Logistics, and Agriculture Lead Investments

Investor activity remained concentrated across key sectors:

Fintech: 17 startups
Logistics: 8 startups
Agriculture: 6 startups

Fintech continues to dominate Africa’s funding landscape, supported by innovations in digital payments, embedded finance, lending, and neobanking.

Egypt, Nigeria, Kenya, and South Africa Remain Funding Powerhouses

The continent’s biggest markets remained the most attractive destinations for venture capital:

Egypt – 12 startups
South Africa – 9 startups
Nigeria – 8 startups
Kenya – 8 startups

These countries accounted for the majority of funding inflows, highlighting their position as Africa’s strongest innovation hubs. Below is a breakdown of the major funding deals that shaped October’s surge:

Kuunda – $7.5M Pre-Series A (Fintech)

Lead investors: Portugal Gateway Fund, Seedstars Africa Ventures, 4Di Capital, Accion Venture Lab, Nedbank & E4E Africa.
Kuunda provides liquidity for micro-merchants and digital agents and plans to expand from East Africa into MENA.

Chari – $12M Series A (Morocco, B2B Retail)

Co-led by SPE Capital and Orange Ventures.
Funds will support BaaS expansion and supply chain modernization across Francophone Africa.

maxwell+spark – $15M Series B (Green Tech)

Led by Klima and Alantra’s Energy Transition Fund. Builds lithium-ion battery systems replacing diesel engines in logistics and industrial operations.

Mawingu – $20M Series C (Kenya, Connectivity)

Led by Pembani Remgro Infrastructure Managers. Aims to connect 1 million East Africans by 2028.

ValU – $23M Securitized Bond Issuance (Egypt, Consumer Finance)

Part of a EGP 10 billion securitization program with EFG Hermes.

Ctrack – $23.4M Venture Round (South Africa, Telematics)

Backed by Sanari Capital and 27four Investment Managers.
Investments support expansion of fleet analytics and smart mobility tools.

Tagaddod – $26.3M Series A (Egypt, Cleantech)

Led by The Arab Energy Fund.
Scales renewable feedstock production for global biofuel and SAF markets.

MNT-Halan – $71.4M Securitized Bond (Egypt, Fintech Unicorn)

Part of a broader EGP 8 billion ($168M) securitization program. Strengthens lending and expansion activity.

Moniepoint – $90M Venture Round (Nigeria, Fintech Unicorn)

Investors include Visa, LeapFrog Investments, DPI, and Google for Startups. Boosts Moniepoint’s valuation above $1 billion and supports African expansion.

Spiro – $100M Venture Round (Pan-Africa, E-Mobility)

Largest funding round of the month and Africa’s biggest EV investment ever.
Backed by Afreximbank’s FEDA and other investors.
Funds will support deployment of 100,000 electric motorbikes by 2025, a 400% YoY increase.