Get Guardian on GoogleStartups in Nigeria, South Africa, Kenya, Egypt and other parts of the region raised $3.2 billion in 2025, more than in 2024, 2023 combined.
New data from Africa: The Big Deal, released yesterday, showed that startup investment grew 40 per cent year-over-year (YoY) compared to 2024.
The growth also came after two consecutive years of decline, with startup investment dropping 25 per cent YoY in 2024 ($2.2 billion) and declining 35 per cent YoY in 2023 ($3 billion).
The report revealed that in 2025, the big four (Egypt, South Africa, Kenya and Nigeria) attracted the majority (82 per cent) of all start-up funding on the continent.
Specifically, Kenya got the highest fund of $984 million (32 per cent); Egypt, $614 million (20 per cent); South Africa, $599 million (19 per cent) and Nigeria, $343 million (11 per cent).
Others, such as Senegal got $157 million; Benin, $100 million; Morocco, $58 million; Ghana, $55 million; Tunisia, $37 million,among others.
The report noted that almost 500 ventures raised at least $100,000 on the continent in 2025 (excluding exits), a number almost identical to both 2024 and 2023 levels.
Co-founder of Africa: The Big Deal, Max Cuvellier Giacomelli, said what was notable, however, was the higher number of ventures raising larger amounts: 215 ventures raised $1 million or more, which is 11 per cent higher than 2024 and comparable to 2023.
According to the report, 69 startups pulled in more than $10 million in 2025, compared to just 40 in 2024 and 62 in 2023.
The database identified at least 554 investors who got involved in a $100,000+ deal on the continent.
