African startup funding surged in October 2025, as startups across the continent collectively raised $442 million, according to data from Africa: The Big Deal, a leading tech funding analytics firm.
The figure represents a 215.7% increase from September’s $140 million, reflecting renewed investor optimism across Africa’s startup ecosystem. Compared to the same period in 2024, when startups raised $254 million, October recorded a 74% year-on-year increase.
This performance makes October the second most-funded month of 2025, trailing only July, when startups secured $550 million.
Equity Funding Drives the Recovery
October also became the best-performing month of 2025 for equity funding, with startups attracting $334 million, or 76% of total capital raised.
This signals a gradual return of investor confidence in African startups, especially given the year’s earlier reliance on debt financing.
In contrast, July’s record-breaking $550 million round saw $493 million (89%) come in as debt funding, a sign of cautious investment patterns that may now be shifting.
In September, of the $140 million raised, $105 million (75%) came from equity funding, marking a steady transition from debt-heavy rounds to direct equity investments in high-potential ventures.
Spiro and Moniepoint Dominate October’s Funding Activity
A total of 53 startups raised at least $100,000 in October, contributing to the impressive funding haul.
Spiro — $100 Million (E-Mobility Giant Expands Across Africa)
Leading the pack was Spiro, which secured a $100 million raise, one of the largest e-mobility investments on the continent.
The round was led by the Fund for Export Development in Africa (FEDA), the investment arm of Afreximbank.
Spiro plans to use the capital to expand its battery-swapping network, boost local manufacturing, and launch new operations in Cameroon and Tanzania.
This raise cements Spiro’s status as a leader in Africa’s electric mobility sector, amid growing momentum for green transport solutions across the continent.
Moniepoint — $90 Million (Fintech Unicorn Strengthens Its Position)
Hot on Spiro’s heels, Nigerian fintech Moniepoint completed a $90 million raise, marking the second leg of its Series C round.
The funding comes exactly one year after the first leg of its $110 million unicorn-making raise in October 2024.
Moniepoint continues to solidify its position as one of Africa’s most valuable fintech platforms, offering digital banking, payment, and business tools to millions of SMEs and individuals across Nigeria and beyond.
A Strong Signal for Africa’s Startup Ecosystem
The surge in funding underscores the resilience of African startups amid global economic headwinds.
Investors are increasingly recognizing the long-term potential of African innovation, from fintech and e-mobility to energy and digital infrastructure.
With the year nearing its end, October’s results suggest that Africa’s funding winter may be thawing, as local and international investors regain confidence in the continent’s digital future.
