Africa’s startup funding momentum eased in December 2025, but capital concentration deepened, as the top 10 startups raised a combined $321.5 million, accounting for over 92% of the $349.1 million raised by 75 startups during the month.
By comparison, the remaining 65 startups shared just $27.6 million, highlighting the growing gap between capital-heavy late-stage transactions and a widening pool of smaller early-stage raises across the continent.
The December outcome marks a sharp pullback from November 2025, when African startups raised $589.9 million across 38 deals, with the top 10 alone contributing $573 million.
While deal activity nearly doubled in December, total funding fell significantly, pointing to smaller cheque sizes and heightened investor caution.
Unlike November’s IPO-driven surge, December reflected a softer market environment. Funding declined 40.8% month-on-month, even as deal volume rose.
The increase in activity did little to change the structure of funding, as capital remained heavily skewed toward a handful of large raises, reinforcing the persistent imbalance that continues to define Africa’s startup financing landscape.
Top 10 African startups in December 2025
Fintech startup Kalispot, backed by 500 Global, rounded off the top 10 list with a $4 million raise, combining debt and equity to accelerate the rollout of its agnostic 1Net financial ATMs across multiple African markets.
The funding will support interoperable infrastructure that connects banks, mobile money operators, and fintechs, helping to improve cash-in and cash-out services in underserved communities.
- Sector: Fintech
- Region: Western Africa
- Fund type: Venture round
- Investors: Angel investors
