African startups raised $441.9 million in October 2025, surging 217% from September 

The African startups ecosystem recorded a major rebound in October 2025, raising a total of $441.9 million across 59 deals, compared to $139.4 million raised by 63 startups in September, a 217% month-on-month increase.

The sharp rise in funding reflects renewed investor confidence across Africa’s venture capital space, supported by mega-rounds, securitized bond issuances, and a growing tilt toward clean energy and fintech.

Although four startups did not disclose their funding amounts, the total disclosed deals highlight a strong investor appetite heading into the final quarter of the year.

Notably, the top 10 startups accounted for $388.6 million, representing 87.9% of total disclosed funding, compared to $112.2 million recorded by the top 10 in September.

Investor interest in October remained concentrated in fintech (17 startups), logistics (8), and agriculture (6), sectors that continue to define Africa’s innovation economy.

Geographically, Egypt (12 startups), Nigeria (8), South Africa (9), and Kenya (8) retained their dominance as Africa’s leading startup hubs, jointly attracting the bulk of venture inflows across the continent.

Top 10 African startups in October 

Kuunda (South Africa) – $7.5 million | Fintech

Fintech startup Kuunda closed a $7.5 million Pre-Series A round led by Portugal Gateway Fund, Seedstars Africa Ventures, 4Di Capital, Accion Venture Lab, Nedbank, and E4E Africa.

Kuunda provides liquidity and credit access to micro-merchants and digital agents. The company plans to expand from East Africa into MENA, starting with Egypt, leveraging its “embedded liquidity” model to unlock access to finance for small businesses.

Chari (Morocco) – $12 million | Retail

Moroccan B2B retail platform Chari raised $12 million in a Series A round co-led by SPE Capital and Orange Ventures, with participation from Verod-Kepple Africa Ventures (VKAV), Plug and Play, and Endeavor Catalyst.

The funding will help Chari launch a Banking-as-a-Service (BaaS) platform and expand operations across Francophone Africa to strengthen supply chain efficiencies for informal retailers.

maxwell+spark (South Africa) – $15 million | Logistics & Transport

Green-tech firm maxwell+spark secured $15 million in Series B funding led by Klima, Alantra’s Energy Transition Fund, and joined by Chevron Technology Ventures (CTV) and Idemitsu Kosan.

The company designs and manufactures modular lithium-ion battery systems to replace diesel engines in industrial logistics, refrigerated transport, and backup power — aligning with Africa’s clean energy transition.

Mawingu (Kenya) – $20 million | Telecom, Media & Entertainment

Kenyan internet provider Mawingu raised $20 million in a Series C round led by Pembani Remgro Infrastructure Managers to expand connectivity in underserved rural communities.

The new funding supports Mawingu’s target of reaching one million East Africans by 2028, up from the 120,000 people it currently serves.

ValU (Egypt) – $23 million | Fintech

ValU, MENA’s leading consumer finance platform, completed its 18th securitized bond issuance valued at EGP 1.09 billion ($23 million). The transaction, executed with EFG Hermes, forms part of ValU’s EGP 10 billion securitization program aimed at strengthening its retail credit portfolio and diversifying product offerings.

Ctrack (South Africa) – $23.4 million | Logistics & Transport

South Africa’s Ctrack, a telematics and fleet management solutions provider, secured $23.4 million in a Venture Round jointly backed by Sanari Capital and 27four Investment Managers.

Sanari’s 3S Growth Fund contributed $14.4 million, while 27four invested $9 million. The fresh capital will boost Ctrack’s expansion of smart transport analytics and vehicle tracking solutions across Southern Africa.

Tagaddod (Egypt) – $26.3 million | Waste Management

Cleantech firm Tagaddod raised $26.3 million in a Series A round led by The Arab Energy Fund (TAEF), with participation from FMO, Verod-Kepple Africa Ventures (VKAV), A15 Ventures, and other investors.

The funding will scale Tagaddod’s production of renewable and traceable feedstocks such as Used Cooking Oil (UCO), acid oils, and animal fats for the global biofuels and sustainable aviation fuel (SAF) industries — positioning the company as a key player in Africa’s circular economy.

MNT-Halan (Egypt) – $71.4 million | Fintech

Egyptian fintech unicorn MNT-Halan raised $71.4 million (EGP 3.4 billion) through a securitized bond issuance arranged by Commercial International Bank (CIB) and CI Capital.

The deal forms part of a larger EGP 8 billion ($168 million) securitization program approved by Egypt’s financial regulator, reflecting the company’s growing reliance on the local debt market for expansion and lending operations across North Africa.

Moniepoint (Nigeria) – $90 million | Fintech

Nigeria’s Moniepoint (formerly TeamApt) secured $90 million in a Venture Round, completing a broader $200 million funding series aimed at deepening its footprint across Africa.

The round attracted investments from Visa, LeapFrog Investments, Development Partners International (DPI), and Google for Startups Black Founders Fund. The funding boosts Moniepoint’s valuation above $1 billion, reaffirming its “unicorn” status and highlighting sustained investor confidence in Nigeria’s fintech sector.

Spiro (Benin) – $100 million | Logistics & Transport

E-mobility company Spiro topped the list after raising $100 million in a Venture Round backed by the Fund for Export Development in Africa (FEDA), the development arm of Afreximbank, alongside other angel investors.

The raise — Africa’s largest-ever EV mobility investment — represents 22.6% of total October funding. Spiro plans to deploy over 100,000 electric motorbikes across Africa by the end of 2025, a 400% year-on-year increase, cementing its position as the continent’s most ambitious electric mobility player.

Regional and country breakdown 

Funding distribution across regions shows Western Africa leading with $199 million, despite three undisclosed deals. Northern Africa followed with $158.6 million, buoyed by multiple Egyptian fintech and cleantech rounds.

Southern Africa accounted for $55.8 million; Eastern Africa attracted $25.9 million, while Central Africa recorded $2.6 million.

At the country level, Egypt topped the chart with $133.4 million, followed by Benin ($100 million) and Nigeria ($93.4 million) — more than double its $40.5 million haul in September. South Africa raised $55.8 million, Kenya $25.3 million, and Morocco $24.5 million.

Investor sentiment 

October’s rebound points to a gradual return of investor appetite, especially toward fintech, logistics, and green infrastructure ventures with proven traction.

Despite global macroeconomic headwinds, Africa’s venture capital landscape continues to show resilience — anchored by digital financial inclusion, sustainability-linked investments, and climate-focused innovations.

While Egypt and Nigeria remain the continent’s funding powerhouses, Benin’s Spiro deal signals a growing shift in investor attention toward green mobility and infrastructure-led innovation — a sign that Africa’s tech ecosystem is evolving beyond traditional fintech dominance.