Global venture capital flows reached approximately $366.8 billion by late 2025, with artificial intelligence companies alone securing a record-breaking $192.7 billion—the first time a single sector claimed more than half of all global VC funding, according to Bloomberg. While this surge in AI investment dominated headlines worldwide, Africa carved out its own funding story.

By August 2025, African startups had raised $2.8 billion, surpassing 2024’s total and marking one of the strongest mid-year performances the ecosystem has seen. The distribution of funding across the continent shifted significantly. Kenya led the way with $879 million, followed closely by South Africa with $848 million, while Egypt secured $561 million. Nigeria—once the continent’s fundraising powerhouse—fell to fourth place with just $186 million after years of dominance. 

According to Condia’s funding tracker, this shift reflects the growing trend of investors backing companies with strong fundamentals, financial discipline, and customer traction. This explains the strong performances of companies such as Moniepoint and Nawy, whose operational success continues to attract investor confidence year after year.

Below is a breakdown of the top 10 biggest funding deals in Africa’s tech ecosystem in 2025

1. d.light—$300M

Type: Debt

Date: July 1, 2025

Sector: Cleantech

Primary market: Kenya

One of the largest funding activities of the year came from d.light, which expanded its receivables financing facility by $300 million in July 2025. Arranged by African Frontier Capital and led by Mirova, this financing allows d.light to purchase volumes of consumer receivables, enabling it to scale solar home system distribution across Kenya, Uganda, Tanzania, and Nigeria. Rather than a traditional equity raise, this structure leverages customer repayments as collateral, pushing the company closer to a combined $1 billion in financing firepower through its pay-as-you-go model. 

2. Sun King (Greenlight Planet)—$156M

Type: Debt

Date: July 2025

Sector: Cleantech

Primary market: Kenya

In May 2025, it secured an $80 million Naira-denominated loan, the largest local-currency energy access facility ever in West Africa, to expand off-grid solar access in Nigeria. The company went on to close a landmark $156 million securitization deal in Kenya in Q3 2025, the largest of its kind ever completed in sub-Saharan Africa outside South Africa.

3. Wave—$137M

Type: Debt 

Date: June 30

Sector: Fintech

Primary market: Senegal

Senegal-based Wave secured €117 million (about $137 million) in debt financing. Led by South Africa’s Rand Merchant Bank with participation from several major development finance institutions, including BII, Finnfund, and Norfund, the funding was structured to support working capital and accelerate expansion across its African markets. That single deal contributed to what became the continent’s highest monthly debt funding total in more than two years.

4. MNT-Halan—$120.4M

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

MNT-Halan, Egypt’s fintech unicorn, continued its heavy reliance on securitized bond issuances to fund its fast-growing lending operations. Rather than pursuing traditional equity rounds, the company raised capital twice in 2025 through Egypt’s public debt market. In May, it secured approximately $49.4 million through a securitized bond issuance, followed by a far larger raise in October, when it closed another EGP 3.4 billion—$71.4 million—in its seventh securitization cycle. These issuances form part of a three-year, EGP 8 billion (around $168 million) program approved by the Financial Regulatory Authority and arranged by Commercial International Bank and CI Capital. This strategy allows MNT-Halan to expand its lending book while preserving shareholder equity, highlighting its preference for non-dilutive financing as a core engine of growth. 

5. Spiro—$100M

Type: Equity & debt
Date: October 2025
Sector: E-mobility
Primary market: Pan-African

Spiro raised $100 million in October 2025. The investment, led by the Fund for Export Development in Africa (FEDA) with additional debt support of around $50 million from Afreximbank, was geared toward scaling Spiro’s battery-swapping network and supporting its goal to exceed 100,000 deployed electric vehicles by the end of the year. The deal marked the largest investment ever recorded in Africa’s e-mobility sector.

6. LXE Hearing—$100M

Type: Equity

Date: April 2

Category: Healthtech

Primary market: South Africa

LXE Hearing, formed through the merger of Eargo and hearX, the maker of Lexie hearing aids, secured $100 million from Patient Square Capital. The investment supported the company’s early growth plans and positioned the newly combined entity to expand its presence in the global health tech market.

7. Moniepoint—$100M (as part of $200M+ Series C)

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

Fintech unicorn Moniepoint continued its upward trajectory by completing the final close of its Series C round in October 2025, bringing the total raised in the round to over $200 million across 2024 and 2025. More than $90 million in October of that capital came in during 2025 ($10 million in January), driven by strong participation from DPI, LeapFrog Investments, Visa, the Google Africa Investment Fund, IFC, and several other major institutional backers. The funding is set to fuel Moniepoint’s expansion across Africa and into the UK, reinforcing its position as one of the continent’s most scalable fintech operators.

8. SolarAfrica—$98M

Type: Debt

Date: February 27

Sector: Cleantech

Primary market: South Africa

SolarAfrica secured $98 million (R1.8 billion) to launch the first phase of its ambitious 1 GW SunCentral solar project in South Africa. Backed by Investec and Rand Merchant Bank, the financing was structured as project funding rather than an equity raise for the company itself. The capital is designated for developing the initial 144 MW of what is set to become one of South Africa’s largest utility-scale solar installations. The deal positioned SolarAfrica as a rising independent power producer at a time when the country is expanding private-sector participation in energy generation.

9. Nawy—$75M

Type: Equity / Series A

Date: May 12

Sector: Proptech

Primary market: Egypt 

Nawy secured a combined $75 million in May and June 2025. The raise blended $52 million in Series A equity led by Partech Africa, with participation from a wide range of global and regional investors, with a separate $23 million debt financing package provided by ten major Egyptian financial institutions. The structure made Nawy one of the highest-funded proptech startups on the continent. Alongside the capital raise, the company expanded its footprint by acquiring ROA, later rebranded as Nawy Unlocked, and also purchasing a major stake in UAE-based SmartCrowd, furthering its entry into new markets and service verticals.

10. Bokra—$58.9M

Type: Debt

Date: April 29

Sector: Fintech

Primary market: Egypt

Bokra, an Islamic fintech and wealth management firm, raised approximately $58.9million (EGP 3 billion) through its first Sharia-compliant sukuk issuance. Structured as a Mudaraba sukuk with an 84-month term, the bond was issued for Bokra’s subsidiary, Aman Project Finance, is listed on the Egyptian Stock Exchange. The issuance attracted strong interest from institutional investors such as Suez Canal Bank, Arab African International Bank, Al Baraka Bank, and Al Ahly Pharos, the latter also serving as lead arranger and underwriter. The transaction marked a milestone in Egypt’s evolving Islamic finance market, underscoring rising investor demand for Sharia-compliant asset-backed securities.

Collectively, these funding activities reveal defining characteristics of Africa’s 2025 tech investment landscape. Debt financing became a key instrument for growth as companies with strong cash flows leveraged securitization, credit facilities, and structured loans. Cleantech emerged as one of the continent’s most heavily funded verticals, with solar and mobility solutions attracting some of the largest deals. Above all, investors showed a clear preference for companies with proven revenue models, disciplined execution, and steady demand.