African startups raised $141.7 million in September 2025, a 21 per cent increase from $117 million in June. This is due to significant rounds in South Africa and a consistent demand for fintech in West Africa.
The third-quarter funding came to $813.7 million, including a $555 million surge in July. The quarter’s whiplash trajectory—a July peak, an August decline, and a September recovery—indicates that, despite increased scrutiny of consumer growth stories, capital is still accessible for obvious enterprise value plays (telematics, identity, and fintech infrastructure). With 18 deals that were made public, September’s capital was distributed over an average round size of about $7.9 million.
African startups’ funding raised by country
With $65.5 million from five deals, South Africa was in the lead, led by Ctrack ($23.4M), Pura Beverage ($15M), Contactable ($13.5M), The Invigilator ($11M), and Float ($2.6M).
Nigeria came in second with four deals totalling $40.6M, Kredete took the lead with $22M, Hinckley ($1.5M), Babban Gona ($7.5M), Odyssey ($7.5M), and Rulebase ($2.1M).
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Egypt reported $15.5m through Intella ($12.5M) and Munify ($3M).
ARC Ride ($10M) and Pyramidia Ventures ($1.5M) brought in $11.5M for Kenya.
Morocco’s total of $6.6m was made up of DONE ($2.1M), Justyol ($1M), and Nucleon ($3.5M).
Tanzania added $2 million through MazaoHub.
African startups’ funding raised by region
Southern Africa: the startups in this region raised $65.5 million, representing 46 per cent, driven by South Africa.
West Africa: The startups in this region, mainly from Nigeria, generated $40.6 million or 29%.
North Africa: the startups in this region, split between Morocco and Egypt, contributed $22.1M (16%).
East Africa: $13.5, representing 10% and divided between Kenya and Tanzania, was recorded in this region.
Sector analysis
The rounds group into distinct themes even though the dataset is deal-level rather than taxonomy-led:
Telematics/IoT: The month’s top investment, Ctrack ($23.4M, South Africa), highlighted ongoing investments in fleet, logistics, and connected-vehicle platforms, where return on investment is linked to cost reductions and asset visibility.
Fintech (multiple sub-verticals): Float ($2.6M, South Africa) and Odyssey ($7.5M, Nigeria) reflect spend management and infrastructure demand, while Kredete ($22M, Nigeria) led lending. Rulebase ($2.1M, Nigeria) addresses compliance/GRC-related needs, while Munify ($3M, Egypt) introduces microlending.
Identity/RegTech: As regulators tighten AML/CTF requirements, Contactable ($13.5M, South Africa) indicates a sustained demand for KYC/identity middleware.
AI/Data: Nucleon ($3.5M, Morocco) expands on enterprise AI and analytics tailwinds, while Intella ($12.5M, Egypt) focuses on cybersecurity/AI.
Edtech/Assessment: The Invigilator ($11M, South Africa) offers robust digital proctoring and assessments.
Mobility/E-mobility: The formalisation of last-mile transportation and mobility electrification in East Africa is reflected in ARC Ride ($10M, Kenya).
AgriTech: Babban Gona ($7.5M, Nigeria) and MazaoHub ($2M, Tanzania) carry over the themes of productivity and aggregation.
Logistics/E-commerce: Justyol ($1M) and DONE ($2.1M) indicate continuous marketplace and last-mile optimisation.
Food & Beverage: Pura Beverage ($15M) demonstrates a desire for consumer brands that can be defended.
Venture/Studio: Pyramidia Ventures ($1.5M) shows a need for platforms that help start businesses.
Q3 raised funding totals $813.7 million
The $141.7 million haul in September raised Q3 to $813.7 million, highlighting a volatile quarter that included a July spike of $555 million, a steep August decline of $1117 million, and a measured September recovery. Three enduring themes emerge from the dataset’s capital distribution: (1) infrastructure-led bets that monetize on obvious enterprise value (telematics, identity/KYC, compliance, and B2B fintech rails); (2) fintech’s expansion beyond pure lending into spend management and back-office plumbing; and (3) regional diversification, with South Africa capturing a plurality in September, Nigeria leading West Africa’s fintech depth, and North Africa helping with AI/data and cybersecurity plays.
The month’s funding was split between South Africa ($65.5M) and Nigeria ($40.6M), with Egypt ($15.5M), Kenya ($11.5M), Morocco ($6.6M), and Tanzania ($2M) rounding out the total.
Larger checks were grouped sector-wise around telematics/IoT, identity/regtech, AI/data, and fintech infrastructure, with edtech assessments, agritech, mobility/e-mobility, and consumer brands showing selective momentum.
The Q3 trend indicates that investors still favour operationally essential, revenue-anchored platforms over general consumer growth narratives.
Startups’ ability to demonstrate unit-economic discipline, enterprise traction, and regulatory alignment will determine whether that balance endures more than sentiment.
The September dataset reveals that capital is still accessible and discriminating and that founders who successfully translate crucial infrastructure and compliance requirements into quantifiable return on investment stand to gain the most.