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.

A new analysis from the leading African tech and innovation publication finds that of the 105 African startups that raised seed funding in 2022, only 10 have closed a Series A in the 34 months since. Eleven have shut down or been acquired.

The remaining 81 are still active and have not raised follow-on equity capital. This group includes Egypt’s Telda ($20M seed), Nigeria’s EarniPay (which laid off staff in April 2025 and is pivoting), Klasha, Maplerad, Healthtracka, Stears, and South Africa’s Floatpays.

Last updated: May 18, 2026