Thirty-eight startups in Africa raised about $119 million, in February, through debts, equity and grants.

This was revealed by Africa: The Big Deal, which tracks funding of $100,000 and above.

It noted that the number of over $100, 000 deals announced by the 38 firms is lower than the average of the previous twelve months, and the previous months of February since 2021. It, however, said despite raising $119 million in February, the startups are still on track to have a great year.

It said the amount raised in 2025 so far ($408 million) is higher than the amount raised in the same period last year ($302 million) and just above 2021 numbers ($400 million).

According to the tracking platform, while the number of over $100, 000 deals overall announced in 2025 so far doesn’t compare favorably to the previous years, the number of those $1 million and above (42) are aligned with both 2023 (42) and 2024 (43) numbers, and significantly higher than pre-heatwave levels (between 20 and 31 in 2019-2021).

It revealed that in 2025, the seven largest deals (representing 80 per cent of the total) were all either fintech or logistics and transport deals, in line with 2024 trends. Most of these startups were in one of the Big Four: Nigeria, Kenya, Egypt and South Africa.

However, the largest deal of all was announced by Togo-born start-up Gozem, which raised $30 million ($15 million equity, $15 million debt). Other notable announcements include Khazna’s (Egypt, fintech)’s $16 million raise to expand in KSA; Hakki Africa’s ~$13 million raise (Kenya, Fintech x Mobility); Raenest’s $11 million series A (Nigeria, Fintech); Tether’s (Nigeria, Fintech) $3 million seed round + $7 million debt; Affinity’s $8 million round (Ghana, Fintech) and Taager’s ~$7 million pre-series B (Egypt, logistics and transport).

Africa: The Big Deal noted that the funding figures suggested that startups on the continent may raise more than the $2.2 billion in equity, grants and exits raised in 2024.