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African startups raise $289 million in January, marking a strong start for 2025 

Samson Akintaro by Samson Akintaro
February 10, 2025
in Sectors, Tech News
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African startups kicked off 2025 with a remarkable fundraising performance, securing a total of $289 million in January through several deals worth $100,000 and above.

This figure represents a staggering 240% increase compared to the $85 million raised in January 2024, making it the second-best January for startup funding since at least 2019, trailing only behind January 2022 during the peak of the funding boom.

The latest data from Africa: The Big Deal reveals that equity financing dominated the fundraising landscape, accounting for over 90% of the total amount raised ($262 million).

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This is a significant jump from January 2024 and also marks the second-highest January for equity fundraising in the past six years.

Big Four dominate funding landscape 

The four largest deals in January 2025 alone accounted for nearly 60% of the total funding raised across the continent.

Notably, all four deals originated from one of Africa’s “Big Four” startup ecosystems—Nigeria, Kenya, Egypt, and South Africa.

However, three of these deals highlighted a growing trend of African startups expanding their operations beyond the continent.

The top deals of the month include:

  • PowerGen (Energy): The renewable energy company raised over $50 million to establish a scalable platform for distributed renewable energy solutions across Africa. This funding underscores the increasing investor appetite for sustainable energy solutions on the continent.
  • LemFi (Fintech): The fintech startup secured $53 million to further its expansion into Asia and Europe. LemFi’s success reflects the global appeal of African fintech innovations, particularly in the remittance and cross-border payment space.
  • Naked (Insurtech): South Africa-based Naked raised $38 million in a Series B round to automate and expand its product offerings. The insurtech sector continues to gain traction as startups leverage technology to disrupt traditional insurance models.
  • Enko Education: The education-focused startup secured $24 million to continue expanding its network of African schools. This investment highlights the growing interest in addressing Africa’s education gap through innovative solutions.

A promising start to 2025 

The strong fundraising performance in January 2025 signals a renewed confidence in Africa’s startup ecosystem, which faced significant funding challenges in 2023 and 2024.

  • The diversification of sectors attracting investment—from energy and fintech to insurtech and education—also reflects the continent’s evolving economic landscape.
  • In 2024, African startups cumulatively raised a total of $2.2 billion driven by two mega deals by Nigeria’s Moniepoint and South Africa’s Tyme Group.
  • The amount included equity, debt, and grants secured by the continent’s startups.

While the amount raised in 2024 was quite significant, it represents a 25% drop in funding compared to the $2.9 billion raised on the continent in 2023.


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Tags: African startups
Samson Akintaro

Samson Akintaro

Samson Akintaro is a tech enthusiast and has over a decade experience covering and writing about the tech industry. He is currently the Tech Analyst at Nairametrics.

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