The top 10 startups raised a total of $321.5 million in December 2025, accounting for more than 92 per cent of the $349.1 million raised by 75 startups during the same month.
- The top 10 startups raised a total of $321.5 million in December 2025, accounting for more than 92 per cent...
- This indicates that while the startup funding momentum in Africa slowed, capital concentration increased.
- Sector: Fintech Region: Eastern Africa Fund type: Series F The investors include AfricInvest, Sumitomo Corporation, SBI Investment, and various angel investors.
- Sector: Fintech Region: Northern Africa Fund type: Bond issuance Investor: EFG Hermes Revibe (Egypt) — $17 million Partech led a $17 million Series A...
Keep reading for the full breakdown on Africa Startups — everything you need to know is covered below.
This indicates that while the startup funding momentum in Africa slowed, capital concentration increased.
The disparity between the continent’s expanding pool of smaller early-stage raises and capital-intensive late-stage transactions is evident in the fact that the remaining 65 startups accounted for only $27.6 million in funding.
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November comparison
The December result represents a significant decline from the $589.9 million African startups raised across 38 deals in November 2025, with the top 10 contributing $573 million.
Even though deal activity almost doubled in December, overall funding decreased dramatically, suggesting that investors were more cautious and that cheque sizes were smaller.
A softer market climate was evident in December rather than the IPO-driven spike in November. Despite an increase in deal volume, funding fell by 40.8 per cent month over month.
The funding structure was not significantly altered by the increase in activity, as capital remained highly concentrated in a small number of major rounds, further solidifying the ongoing imbalance that characterises Africa’s startup financing environment.
Top 10 startup deals
- M-Kopa (Kenya) raised $166 million
More than half of the total capital raised in December came from M-Kopa’s $166 million Series F round, which put Kenya at the top of the funding charts.
As one of Africa’s most significant consumer-finance platforms, M-Kopa continues to provide underprivileged households with access to smartphones, solar energy, and digital financial services.
Sector: Fintech
Region: Eastern Africa
Fund type: Series F
The investors include AfricInvest, Sumitomo Corporation, SBI Investment, and various angel investors.
- Sun King (Kenya) — $40 million
To expand decentralised energy solutions across Africa and Asia, Kenya’s Sun King secured $40 million in equity funding from the sustainable investment platform Lightrock.
As demand for off-grid energy rises, the company intends to increase solar deployments and invest in new product innovation.
Sector: Energy & Water
Region: Eastern Africa
Fund type: Venture round
Investor: Lightrock
- Walletdoc (South Africa) — $23.5 million
In December, Capitec Bank paid $23.5 million to acquire the fintech platform Walletdoc, making it one of the most significant transactions in South Africa.
The acquisition is in line with Capitec’s plan to increase financial inclusion among its clientele, reduce payment costs, and increase digital financial access.
Sector: Fintech
Region: Southern Africa
Fund type: M&A
Investor: Capitec Bank
- Nawah Scientific (Egypt) — $23 million
In its tenth year of business, healthcare startup Nawah Scientific raised $23 million in a Series A round that included debt and equity.
The money will help build a global research and development centre in Rwanda, increase laboratory capacity in Saudi Arabia and Egypt, and hasten expansion throughout North Africa and Europe.
Sector: Healthcare
Region: Northern Africa
Fund type: Series A
Investors: Life Ventures Holding, Den Ventures, Empire M, AfricInvest, Elsewedy Capital, as well as banks and angel investors.
- ValU (Egypt)—$23 million
By issuing bonds, Egyptian fintech ValU raised $23 million, highlighting the expanding role of capital markets in funding established African startups.
As the company continues to fund growth through structured debt instruments, the transaction represents ValU’s 20th securitised bond issuance, completed under a new EGP 10-billion program arranged by EFG Hermes.
Sector: Fintech
Region: Northern Africa
Fund type: Bond issuance
Investor: EFG Hermes
- Revibe (Egypt) — $17 million
Partech led a $17 million Series A funding round for Revibe, a marketplace for reconditioned electronics with significant operations in Egypt.
As investor interest in circular-economy models continues to grow, the funds will be used to improve quality control, expand throughout the GCC, and enter new emerging markets.
Sector: Waste Management
Region: Northern Africa
Fund type: Series A
Investors: Partech Africa, e& capital, Burda Principal Investments, EQNX, angel investors
- Breadfast (Egypt) — $13 million
Breadfast, an Egyptian agrifood platform, raised $13 million to fund improvements to its technology stack, operational efficiency, and logistics expansion.
In addition to increasing investment in proprietary systems that support fulfilment and delivery operations, the funding will enable the company to expand into secondary cities across Egypt.
Sector: Agriculture & Food
Region: Northern Africa
Fund type: Venture round
Investor: IFC
- Jumo (South Africa) — $7.5 million
BlueOrchard provided $7.5 million in debt financing to South African fintech Jumo, demonstrating the ongoing need for alternative credit infrastructure in emerging markets.
To increase access to financing for underprivileged people and business owners, the funding supports Jumo’s asset-backed securitisation (ABS) structure in Uganda, the first of its kind for e-money microfinance in Africa.
Sector: Fintech
Region: Southern Africa
Fund type: Debt
Investor: BlueOrchard Finance Ltd
- Völz (Algeria) — $4.5 million
One of the biggest reported startup raises in Algeria was 600 million dinars ($4.5 million), raised in a locally led funding round by the travel-tech startup Völz.
Additionally, the deal marks the first successful exit for the state-backed Algerian Startup Fund (ASF), a venture capital industry stimulant in the nation.
Sector: Logistics & Transport
Region: Northern Africa
Fund type: Venture round
Investors: Tell Group, Groupe Industriel Babahoum Algérie (GIBA)
- Kalispot (Senegal) — $4 million
500 Global-backed fintech startup Kalispot completed the top 10 list with a $4 million fundraising round, combining debt and equity to accelerate the rollout of its agnostic 1Net financial ATMs across several African markets.
To enhance cash-in and cash-out services in underprivileged areas, the funding will support interoperable infrastructure that links banks, mobile money providers, and fintechs.
Sector: Fintech
Region: Western Africa
Fund type: Venture round
Investors: Angel investors
Regional funding breakdown
Due in large part to M-Kopa and Sun King, Eastern Africa raised $208.1 million in December, or 64.73% of the total funding, making it the most funded region.
Other regions followed at a distance:
Northern Africa: $84.4 million (26.25 per cent)
Southern Africa: $41.1 million (12.78 per cent)
Western Africa: $15.5 million (4.82 per cent)
The data shows a brief reversal of Southern Africa’s hegemony in November, when IPOs drove record inflows.
National breakdown
Funding concentration was equally evident at the national level, with Kenya reclaiming the top spot, securing $206.7 million, representing 64.29 per cent of the total.
Egypt: $77.2 million (24.01 per cent)
South Africa: $40.9 million (12.72 per cent)
Ghana: $5.7 million (1.77 per cent)
Nigeria: $4.7 million (1.46 per cent)
Algeria: $4.5 million (1.40 per cent)
Senegal: $4 million (1.24 per cent)
M-Kopa’s massive Series F round was primarily responsible for Kenya’s dominance, while Egypt stood out for deal volume and sectoral breadth, encompassing waste management, fintech, healthcare, and agrifood.
Month-on-month comparison
After a surge in November, December cools, reflecting:
Funding decreased by $240.8 million (-40.8 per cent) overall.
Financing of the top 10 declined by $251.5 million (-43.9 per cent).
The number of deals almost doubled (75 vs. 38).
Despite the lack of mega IPOs, the top 10 startups received 97 per cent of all funding in November, up from just over 92 per cent in December, indicating a slight expansion of capital distribution.
Investor sentiment
Africa’s startup funding trajectory shows a cooling-off rather than a reversal as of December 2025. Investor interest in fintech, energy access, healthcare, and infrastructure-led platforms remained strong, despite a significant decline in headline funding volumes from November’s IPO-led highs.
The data shows that investors are still willing to support prominent, established African startups, paving the way for a more equitable funding landscape in 2026, even as smaller deals gain momentum towards year-end.