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38 African startups raise over $119 million in February, fintech and logistics record largest investments

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Home Business Startups

38 African startups raise over $119 million in February, fintech and logistics record largest investments

Oluwatosin Adeyemi by Oluwatosin Adeyemi
March 12, 2025
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38 African startups raise over $119 million in February, fintech and logistics record largest investments

38 African startups raise over $119 million in February, fintech and logistics record largest investments

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A Tuesday report by Big Deal revealed that African startups raised more than $119 million in February 2025, with 38 startups surpassing $100,000 each. However, this number is below the average for the past 12 months and Februarys since 2021.

Read also: Equator fund targets early-stage climate startups in Africa

African startups raised $2.2bn in funding in 2024

In 2024, African start-ups raised $2.2 billion in grants, debt, and equity (not including exits). This represents a 25 percent decrease from the $2.9 billion raised on the continent in 2023. In 2024, 188 ventures (excluding exits) raised $1 million or more.

Similar to 2023, South Africa, Nigeria, Egypt, and Kenya attracted 84 percent of all start-up funding in Africa in 2024 (excluding exits).

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According to the latest data, the total amount raised in 2025 to yet ($408m) is slightly above the $400m raised in 2021 and more than the $302m raised during the same period last year.

“While the number of $100k+ deals overall announced in 2025 so far doesn’t compare favourably to the previous years, if we look at $1m+ deals specifically, we see that the 42 $1m+ deals announced since the beginning of the year are aligned with both 2023 (42) and 2024 (43) numbers and significantly higher than pre-heatwave levels (between 20 and 31 in 2019-2021),” said Max Giacomelli, who wrote the report.

Read also: British startup to Power Sao Tome and Principe with Ocean Energy

Startups in South Africa, Kenya, Nigeria, Egypt raised the largest funds

The seven biggest deals, which accounted for 80 percent of the total, were all in the Fintech or Logistics & Transport sectors, which is consistent with 2024 trends, according to a breakdown. Most were in one of the “Big Four” (South Africa, Kenya, Nigeria, and Egypt).

However, Togolese start-up Gozem reported the biggest deal of all, raising $30 million ($15 million in debt, $15 million in equity).

Some other noteworthy announcements include Affinity’s $8 million round (Ghana, Fintech); Raenest’s $11 million Series A (Nigeria, Fintech); Hakki Africa’s $13 million raise (Kenya, Fintech x Mobility); Khazna’s $16 million raise to expand in KSA (Egypt, Fintech); and Taager’s $7 million pre-Series B (Egypt, Logistics & Transport).

Tags: AfricaBig DealStartups
Oluwatosin Adeyemi

Oluwatosin Adeyemi

Oluwatosin Adeyemi is a seasoned writer with 5+ years of experience. He holds a degree in Animal Science from Olabisi Onabanjo University. A hardworking and creative individual with a passion for teamwork and self-improvement.

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