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Africa’s startup funding landscape recorded one of its strongest funding rebounds of the year in November 2025, as the top 10 startups alone raised a combined $573 million, accounting for 97.14% of the total $589.9 million raised by 38 startups during the month.
In contrast, the remaining 28 startups raised just $16.9 million, contributing less than 3% of total funding, underscoring the continued concentration of capital among a small group of mature, scale-ready companies.
The November performance represents a 29.7% month-on-month increase compared to October 2025, when African startups raised $441.9 million across 59 deals, with the top 10 accounting for $388.6 million of that figure.
Despite recording fewer deals (38 versus 59), funding volumes surged sharply in November, driven by two mega IPOs, multiple energy-focused investments, and renewed investor’s appetite for late-stage fintech companies.
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Out of the 38 startups that raised capital in November, just 10 companies absorbed nearly all the funding, highlighting persistent investor selectivity amid tighter global financial conditions, elevated interest rates, and cautious risk sentiment.
The data reflects a market where capital continues to favor startups with proven revenue models, scalable infrastructure plays, and clearer exit pathways, while early-stage and smaller rounds remain constrained.
Top 10 African startups in November
BasiGo& Jackfruit Network (Kenya) — $5 million each
Kenya rounded off the top 10 with two $5 million raises, reinforcing East Africa’s continued relevance, albeit at relatively smaller ticket sizes.
BasiGo (Kenya)
Proparco completed a $5 million investment in Nairobi-based BasiGo, an e-mobility startup providing electric bus solutions for public transport operators in Kenya and Rwanda.
BasiGo has deployed over 100 electric buses across both markets, locally assembling vehicles, operating charging infrastructure, and partnering with transport operators to offer cost-effective alternatives to diesel-powered buses.
- Sector: Logistics & Transport
- Fund Type: Venture Round
- Investors: Proparco
Jackfruit Network (Kenya)
SME lender Jackfruit Network secured a $5 million debt facility backed by TLG Capital and the IDP Foundation to scale lending to low-cost schools across Kenya.
- Sector: Education & Jobs
- Fund Type: Debt
- Investors: TLG Capital, IDP Foundation
Plentify(South Africa) — $5 million
Plentify raised $5 million in an oversubscribed Series A round, adding to Southern Africa’s growing clean energy funding pipeline.
The electrotech startup connects household appliances to cheaper and cleaner energy using AI-driven hardware and software, lifting its total funding to nearly $15 million and signaling a shift toward global scale-up.
- Sector: Energy & Water
- Region: Southern Africa
- Fund Type: Series A
- Investors: Secha Capital, Buffet Investments, E3 Capital, Fireball Capital, Endeavour Harvest Fund
SwiftVEE(South Africa) — $10 million
Agritech resilience remained evident as SwiftVEE raised $10 million in Series A funding.
The platform digitizes livestock trading by connecting farmers, feedlots, buyers, and agents, enabling transparent trading of cattle, sheep, goats, and other livestock.
- Sector: Agriculture & Food
- Region: Southern Africa
- Fund Type: Series A
- Investors: Havaic, Exeo Capital, Angel investors
Lula (South Africa) — $10 million
Fintech funding remained strong as Lula secured $10 million in debt financing from the IFC.
The facility will expand working-capital access for South African MSMEs, with at least 80% earmarked for micro and small businesses.
- Sector: Fintech
- Region: Southern Africa
- Fund Type: Debt
- Investors: IFC
Omnisient(South Africa) — $12.5 million
Deeptech attracted renewed interest as Omnisient raised $12.5 million in Series A funding led by TransUnion.
The startup provides privacy-safe, AI-powered data insights that enable lenders to extend credit to underserved consumers, with expansion plans targeting the U.S. market.
- Sector: Deeptech
- Region: Southern Africa
- Fund Type: Series A
- Investors: TransUnion
Omnisient is bringing AI-powered alternative credit data clean rooms to the U.S. to help increase financial inclusion.
SolarX (Mali) — $17.3 million
One of West Africa’s standout deals, SolarX secured €15 million ($17.3 million) in senior debt from Afrigreen to refinance solar commercial assets across four francophone countries.
- Sector: Energy & Water
- Region: Western Africa
- Fund Type: Debt
- Investors: Afrigreen Debt Impact Fund
nextProtein(Tunisia) — $20.7 million
Tunisia’s nextProtein raised $20.7 million in Series B funding to build its largest insect-protein production facility, capable of producing 12,000 tonnes annually.
The deal marks British International Investment’s first direct investment in Tunisia.
- Sector: Waste Management
- Region: Northern Africa
- Fund Type: Series B
- Investors: SWEN Capital, British International Investment (ex‑CDC)
SolarSaver(South Africa) — $60 million
SolarSaver raised $60 million to expand affordable solar access for SMEs across Southern Africa.
The round was led by Inspired Evolution, alongside FMO and Swedfund, highlighting sustained global interest in Africa’s renewable energy financing gap.
- Sector: Energy & Water
- Region: Southern Africa
- Fund Type: Venture Round
- Investors: Inspired Evolution, FMO, Swedfund
CashPlus(Morocco) — $82.5 million
Morocco recorded one of its strongest months of 2025 as CashPlus raised $82.5 million via IPO, becoming the first fintech to list on the Casablanca Stock Exchange.
The transaction valued the company at roughly $550 million, split between capital injection and shareholder sell-down.
- Sector: Fintech
- Region: Northern Africa
- Fund Type: IPO
- Investors: Family offices, others
Optasia(South Africa) – $345 million
Southern Africa topped the charts following Optasia’s $345 million IPO, the largest single deal of the month.
The fintech listed on the Johannesburg Stock Exchange accounting for 58.48% of all funding raised in November and over 77% of Southern Africa’s total.
- Sector: Fintech
- Region: Southern Africa
- Fund Type: IPO
- Investors: Not available
Regional and country funding breakdown
Southern Africa dominated, attracting $445.9 million, equivalent to 75.59% of total funding, with South Africa alone accounting for $442.5 million (75.01%).
Other regions lagged significantly:
- Northern Africa: $105 million (17.80%)
- Eastern Africa: $19.7 million (3.34%)
- Western Africa: $19.1 million (3.24%)
At the country level, the funding gap becomes even more pronounced.
- South Africa: $442.5 million (75.01%)
- Morocco: $83 million (14.07%)
- Tunisia: $20.9 million (3.54%)
- Mali: $17.3 million (2.93%)
- Kenya: $13.7 million (2.32%)
- Uganda: $6 million (1.02%)
- Nigeria: $0.7 million (0.12%)
Month-on-month comparison: fewer deals, larger cheques
Compared to October 2025:
- Total funding increased by $148 million (+33.5%)
- Deal count declined by 21 deals (-35.6%)
- Top 10 contributions rose from 88% to 97%
The top 10 startups raised $184.4 million more month-on-month (+47.5%), reinforcing the return of mega-deals and IPO-stage liquidity events.
Investor sentiment
November 2025 stands out as one of the strongest funding months of the year for African startups. While deal volumes declined, the surge in funding value reflects renewed confidence in late-stage African ventures, particularly in fintech, renewable energy, deeptech, and mobility.
The data suggests that investors remain cautious—but decisive, willing to deploy large capital into scalable African startups with proven traction and clear paths to profitability and exit.
