The State of Startup Funding in Africa II | Condia

The State of Startup
Funding in Africa II

From a funding boom to a crash and now, a structural rebound. Which startups got caught in the mix?

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For founders  ·  Investors  ·  Ecosystem builders  ·  Researchers

Condia
×
FCMB Hub One
$2.2B
Total startup funding raised across Africa in 2025
84%
Of all equity funding absorbed by just four markets in 2025
33%
Fintech’s share of equity funding in 2025
$705M
Raised across 59 deals in Q1 2026 alone
Key Findings

What the Data Actually Shows

Key insights from Africa’s most consequential startup funding cycle.

Total Tech Funding in Africa
2023
$2.1B
2024
$2.0B
2025
$2.2B
Source: Condia Funding Tracker / Analysis

Finding 01

The downturn was a reset. The recovery was deliberate.

African startups raised approximately $2.1B in total disclosed funding in 2023, $2.0B in 2024, and $2.2B in 2025. Each year reflected a more disciplined ecosystem than the last. The 2023 to 2024 contraction was not a collapse of African innovation. It was a structural correction that tested business models and ultimately strengthened the ecosystem’s foundations.

$618M
in debt and hybrid financing tracked by Condia in 2025
28%
of all capital deployed was non-dilutive
Source: Condia Funding Tracker / Analysis

Finding 02

Debt is no longer a backup plan.

By 2025, Condia tracked $618M in debt and hybrid instruments, representing 28% of total capital deployed. Development finance institutions, blended finance vehicles, and infrastructure-oriented investors played a larger role. Founders are no longer just chasing equity. They are optimising for ownership, structure, and long-term sustainability.

Top Deals Q1 2026
CompanyRaisedSector
SolarAfrica$94MCleanTech
ValU$63.6MFinTech
Sistema.bio$53MAgriTech
Breadfast$50MeCommerce
Spiro$50MMobility
GoCab$45MMobility
Source: Condia Funding Tracker, Jan to Mar 2026

Bonus · Q1 2026

And 2026 is already moving.

59 deals. 14 countries. $705M raised in Q1 2026 alone. Debt has overtaken equity in capital volume for the first time. Growth-stage companies are commanding the largest rounds. The momentum is real and building.

A Message from the Publisher

Why We Made This Report

Our inaugural report, The State of Startup Funding in Africa 2023, highlighted the 154x growth in African venture capital between 2012 and 2022, signalling a decade of increased activity on the continent. Three years later, we are thrilled to introduce SoSFA II, proudly supported by Hub One.

Here is what’s new:

01
Track startup cohorts
We do not just ask “how many seed or series A deals were closed in 2025?”, but “what happened to the 105 companies that raised seed in 2022”.
02
Name drop startups due an investment round
Since we track cohorts, we are able to identify and name-drop startups due an investment round, going by the median time gap.
03
Include the new year’s early performance in analysis
Peer reports focus on the last year in their analysis. SoSFA II includes data from the beginning of the new year to give readers an indication of how the year is charting, in light of the previous years.

Benjamin Dada

Publisher, Condia

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59 deals. 14 countries. $705M in Q1 2026 alone.

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About Condia

Condia is Africa’s media and intelligence platform for tech and innovation. We cover startups, funding, and the ideas shaping the continent through news, analysis, and original research like this report. The Condia Funding Tracker aggregates publicly disclosed venture transactions across Africa, giving founders, investors, and ecosystem builders the clearest picture of where capital is moving and why.

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About Hub One

Hub One is an innovation hub owned by First City Monument Bank (FCMB). It supports entrepreneurship and innovation in Africa through infrastructure, programs and strategic partnerships, helping startups and SMEs grow and scale sustainably. It is driven by FCMB’s vision to become the preferred financial institution to tech startups and other players in the ecosystem.

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