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Top 10 African startup fundraises in 2025

December 4, 2025

Top 10 African startup fundraises in 2025

Global venture capital hit about $366.8 billion by late 2025. More than half of that money went into artificial intelligence companies, which is the first time one sector has taken such a big share.

But while the world was busy talking about AI, Africa was writing its own story.

By August 2025, African startups had already raised $2.8 billion. That amount was higher than everything raised in 2024, and it showed one of the strongest mid-year results the continent has seen in a long while.

The balance of power also shifted. Kenya led the continent with $879 million. South Africa followed closely with $848 million. Egypt came in at $561 million. Nigeria, which used to dominate fundraising, dropped to fourth place with $186 million.

Many investors said this change wasn’t random. According to Condia’s funding tracker, capital is now flowing to companies that show strong performance, solid financial discipline, and real customer traction.

This is why companies like Moniepoint and Nawy keep attracting money. They are steady, they execute well, and investors trust them.

Top 10 African startup fundraises in 2025

1. d.light — $300 million

Type: Debt
Date: July 1
Sector: Cleantech
Primary market: Kenya

d.light closed one of the largest deals of the year by expanding its receivables financing facility by 300 million dollars. The arrangement, led by Mirova and arranged by African Frontier Capital, will help the company buy more customer receivables.

In simple terms, it allows d.light to scale its solar home systems in Kenya, Uganda, Tanzania, and Nigeria using customer repayments as collateral. With deals like this, d.light is getting close to one billion dollars in financing capacity through its pay-as-you-go model.

2. Sun King (Greenlight Planet) — $156 million

Type: Debt
Date: July
Sector: Cleantech
Primary market: Kenya

Sun King had a strong year. In May 2025, it raised an 80 million-dollar loan in local Nigerian currency, which became the largest energy-access facility ever issued in West Africa. Then in Q3, it completed a 156 million-dollar securitization deal in Kenya. It is the biggest deal of its kind in sub-Saharan Africa outside South Africa.

3. Wave — $137 million

Type: Debt
Date: June 30
Sector: Fintech
Primary market: Senegal

Senegal’s mobile money star, Wave, secured 117 million euros in debt financing, around 137 million dollars. South Africa’s Rand Merchant Bank led the deal with support from global development finance institutions like BII, Finnfund, and Norfund. The funding is meant to strengthen working capital and help Wave expand across the continent. That single deal made June the highest debt-funding month Africa had seen in more than two years.

4. MNT-Halan — $120.4 million

Type: Debt
Date: October 8
Sector: Fintech
Primary market: Egypt

Egypt’s unicorn MNT-Halan continued relying on securitized bonds to support its fast-growing lending business. The company raised twice in 2025 from Egypt’s debt market. First in May, when it secured about 49.4 million dollars. Then in October, when it raised another 71.4 million dollars through its seventh securitization cycle. These moves are part of a three-year program worth about 168 million dollars. Instead of giving up equity, MNT-Halan prefers these non-dilutive tools to grow while keeping control.

5. Spiro — $100 million

Type: Equity and debt
Date: October
Sector: E-mobility
Primary market: Pan-African

Spiro raised 100 million dollars in October. The deal was led by FEDA, with additional debt from Afreximbank. Spiro plans to use the money to grow its battery-swapping network and push beyond 100,000 deployed electric motorcycles by the end of the year. It is the biggest investment ever seen in Africa’s e-mobility sector.

6. LXE Hearing — $100 million

Type: Equity
Date: April 2
Sector: Healthtech
Primary market: South Africa

LXE Hearing, created after Eargo and hearX merged, raised 100 million dollars from Patient Square Capital. The new company is focusing on global expansion and wants to become a major player in hearing-care technology.

7. Moniepoint — $90 million

Type: Equity
Date: October 21
Sector: Fintech
Primary market: Nigeria

Moniepoint closed the final part of its Series C round in October, bringing the total raised across 2024 and 2025 to over 200 million dollars. About 90 million dollars of that came in during 2025. Major investors included DPI, LeapFrog, Visa, IFC, and the Google Africa Investment Fund. Moniepoint plans to use the capital to grow across Africa and expand into the UK.

8. SolarAfrica — $98 million

Type: Debt
Date: February 27
Sector: Cleantech
Primary market: South Africa

SolarAfrica secured 98 million dollars to launch the first phase of its SunCentral project, which aims to generate 1 gigawatt of solar power. The money will develop the first 144 megawatts of the project. This financing strengthens SolarAfrica’s position as a rising independent power producer at a moment when South Africa is encouraging private-sector participation in energy.

9. Nawy — $75 million

Type: Equity and debt
Date: May 12
Sector: Proptech
Primary market: Egypt

Nawy raised a total of 75 million dollars in May and June. It included 52 million dollars in Series A equity led by Partech Africa and a separate 23 million-dollar debt package from ten Egyptian financial institutions. The company also expanded by acquiring ROA, rebranding it to Nawy Unlocked, and buying a major stake in SmartCrowd in the UAE.

10. Bokra — $58.9 million

Type: Debt
Date: April 29
Sector: Fintech
Primary market: Egypt

Bokra raised 58.9 million dollars through its first Sharia-compliant sukuk issuance for its subsidiary, Aman Project Finance. The sukuk has an 84-month term and attracted strong interest from banks including Suez Canal Bank, Arab African International Bank, and Al Baraka Bank. It marked a key moment for Egypt’s growing Islamic finance market.

What these deals tell us about African fundraising in 2025

When you look at all these deals together, a few things stand out. Debt financing played a major role this year. Companies with strong cash flow used securitization, loans, and other credit tools to scale faster without giving up ownership.

Cleantech grew sharply, especially solar and electric mobility. These sectors attracted some of the largest deals on the continent.

And most of all, investors are becoming more selective. They want companies that show real revenue, strong execution, and steady demand. The startups that fit this description are the ones still raising big rounds even in a tough global environment.

Africa’s 2025 funding story is not just about how much money flowed in. It’s also about the kind of companies that are winning, the smart financing tools they are using, and how the continent’s tech ecosystem is maturing.

Source: Condia

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