South Africa’s $507M equity market and its silent key players

South Africa's leading equity deals market is powered by silent and dedicated VC firms

81 African startups from the 2022 seed class are yet to raise a Series A — Condia has the named list

Condia's State of Startup Funding in Africa report finds equity funding recovered to $1.55 billion in 2025, but the seed pipeline that feeds future growth has contracted by 60% since 2022.

BFREE closes growth round to acquire non-performing loans across Africa

BFREE has raised an undisclosed growth round led by AfricInvest to scale its acquisition of non-performing loans across Africa, positioning itself as critical credit market infrastructure.

Ghana startups Rivia Clinics, VDL Fulfilment raise $350K from Village Capital

Ghana startups Rivia Clinics and VDL Fulfilment have raised a combined $350,000 from Village Capital to scale healthcare and logistics solutions

Shiprazor raises $2.65M seed to fix South Africa’s fragmented logistics

Shiprazor raises $2.65M in a seed round led by Norrsken22 to streamline logistics for South African e-commerce merchants and reduce failed deliveries.

TLG Capital closes $5 million credit facility for Zambian SME lender Shona Capital

TLG Capital has provided a $5 million credit facility to Shona Capital Zambia to scale SME lending and address financing gaps in the country.

Madica invests $600K in Kilimo Fresh, Hakimu, Biovana pre-seed round

Madica invests $200,000 each in Kilimo Fresh, Hakimu, and Biovana, expanding its African startup portfolio and launching a pre-seed fundraising guide.

GoSwap raises first funding round to expand battery-swap network for electric scooters in Morocco

GoSwap raises $2M to expand its electric scooter battery-swapping network in Morocco, cutting costs and boosting EV adoption.

South Africa’s littlefish raises $9.5M Series A

littlefish secures $9.5M Series A led by Partech to help African banks offer payments, POS, and SME tools without relying on fintech middlemen.

Happy Pay raises $5M to build an ad-funded payments network that charges consumers nothing

Happy Pay has raised $5 million to expand its ad-funded BNPL platform in South Africa. The startup shifts the cost of credit from consumers to merchants, offering zero-interest installment payments.

Orca Fraud raises $2.35m to scale its fight against fraud across Africa

South African fintech Orca Fraud has raised $2.35 million in an oversubscribed seed round led by Norrsken22 to expand real-time fraud intelligence for banks and fintechs across Africa.

Weego raises $1.1 million to modernise urban mobility across Morocco

Weego has raised $1.1 million from Azur Innovation Fund to expand its multimodal transport platform across Morocco and prepare for regional growth