Forty-four African start-ups raised $102 million, but only $25 million came via equity, the lowest equity total since April 2019. Debt dominated at 74 per cent of funding, led by M-Kopa ($30 million), Bridgement ($20 million), BioLite ($11 million) and Nesa Power ($9 million).

Despite the activity, July’s total funding was 60 per cent below the 12 month average ($258 million) and the weakest month since March 2025. Exits provided some movement: Stakpak and Better Auth were acquired by U.S. cloud platform Vercel, while Conservio went to glampings.com, pushing 2026’s exit tally to 28, slightly ahead of last year’s pace.

According to Africa: The Big Deal, from January to July 2026, $1.46 billion was raised, 27 per cent YoY down from $2 billion in 2025. Equity recorded $921 million (-9 per cent YoY), while debt was $529 million (-44 per cent YoY).

It explained that 241 ventures raised over $100, 000, down 20 per cent YoY (302 in 2025). The number of over 256 active investors came down 22 per cent YoY (328 in 2025).

Africa: The Big Deal said the numbers paint a stark picture: double-digit declines across nearly every key indicator. Activity remains steady, but the capital mix is shifting dramatically toward debt, leaving equity at historic lows.