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Africa’s startup ecosystem has experienced remarkable highs and challenging lows over the past seven years.
After record-breaking funding between 2020 and 2022, venture capital activity slowed considerably as investors became more cautious amid rising global interest rates, tighter liquidity conditions, and increased scrutiny of startup valuations.
An analysis of startup investment activity between 2019 and 2026 reveals that while many global investors reduced their pace of investments during the funding slowdown, a select group of investors remained consistently active across the continent.
From accelerators and development finance institutions to venture capital firms and startup support organizations, these investors have played a critical role in backing hundreds of African startups across fintech, healthtech, agritech, climate technology, logistics, and e-commerce.
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Leading the pack is Mauritius-based Launch Africa, which has participated in nearly 200 startup deals since 2019, followed closely by Germany’s DEG. The rankings also highlight the growing role of African investment firms alongside international investors in supporting early-stage innovation.
What the data is saying
According to the analysis, 9,298 investments were deployed by 2,589 investors, while the top 10 most active contributors backed 1,226 deals, accounting for 13.19% of the total deals.
African-based investors totalled 699 and supported 3,217 deals, contributing 34.59% to the total deals raised, highlighting the increasing maturity of Africa’s domestic venture capital ecosystem, with locally focused investors playing a larger role in nurturing startups from ideation through growth stages.
European development institutions maintain a strong presence with a total count of 2,060 deals across 525 investors.
Notably, U.S.-based investors dominate the top 10 ranking, accounting for four of the most active startup investors in Africa since 2019, reflecting the continued influence of American capital and accelerator networks in shaping the continent’s startup ecosystem.
Meanwhile, Nigeria is the only African country with multiple representatives in the top 10, with LoftyInc Capital Management and Future Africa securing spots on the list, reflecting the country’s growing role as a hub for venture capital and early-stage startup funding across the continent.
The top 10 investors represent a broad mix of venture capital funds, accelerators, government-backed agencies, development finance institutions, foundations and corporate-backed investment platforms.
Below are the top startup investors backing African founders since 2019
10. Future Africa — 77 deals
Nigeria-based Future Africa recorded 77 investments since 2019. The firm was particularly active in 2021 (27 deals) and 2022 (38 deals), helping founders build companies across fintech, healthtech, climate, and digital infrastructure sectors.
Founded by entrepreneurs, investors, and operators who have built and scaled some of Africa’s most impactful digital economy businesses, the firm leverages its deep operational experience to support the next generation of founders.
9. 500 Global — 79 deals
Global venture capital firm 500 Global participated in 79 startup deals. Its activity was spread across the years, with notable peaks in 2022 (22 deals) and strong participation of 12 deals in both 2020 and 2021, reflecting its long-term interest in African startups.
For more than 15 years, 500 Global has invested from pre-seed to pre-IPO in founders building technology companies across underinvested, fast-growing, and high-value markets worldwide.
8. 54 Collective (formerly Founders Factory Africa) — 87 deals
With 87 investments, 54 Collective has maintained a steady presence across the continent. Unlike many investors whose activity slowed after 2022, the venture builder remained active, recording 24 deals in 2024, one of its strongest years.
The investing firm combines capital with tailored, hands-on support to help founders overcome their most acute technical, strategic, and commercial challenges.
7. LoftyInc Capital Management — 96 deals
Nigeria’s LoftyInc Capital Management completed 96 deals since 2019, reflecting its longstanding presence in early-stage venture capital across West Africa.
The firm’s strongest years were 2021 (41 deals) and 2022 (35 deals) as it expanded its early-stage investment footprint across Africa.
According to details from LoftyInc Capital, the firm has invested in more than 130 afropreneurs.
6. Flat6Labs — 100 deals
Egypt-based Flat6Labs has participated in 100 startup investments, driven largely by activity in 2021 (41 deals) and 2022 (47 deals), making it one of the continent’s most active investors.
The accelerator remains one of Middle East most influential startup investors, focusing primarily on seed-stage companies, leading entrepreneurial ecosystem platform with operations across 15 countries.
According to Flat6labs, the firm has supported more than 10,000 founders in the Africa, Levant, and the GCC regions through tailored programs and extensive support services, partnering with global stakeholders since its launch in 2011 in Cairo.
5. Y Combinator — 133 deals
Global accelerator Y Combinator, widely regarded as one of the world’s most influential startup accelerators, has invested in 133 African deals since 2019, helping launch and scale several of the continent’s most successful technology companies.
Although investment activity from some accelerator programmes has slowed in recent years, their historical contribution with its busiest years being 2021 (37 deals) and 2022 (43 deals), underscores the importance of global networks in supporting African founders.
Y Combinator has become a major gateway for African startups seeking global investor exposure, backing several high-profile companies across fintech, healthtech, and commerce.
4. Google for Startups Black Founders Fund — 142 deals
U.S.-based accelerators and investment platform, Google for Startups Black Founders Fund follows closely with 142 deals since 2019, making it one of the most active non-traditional investors supporting African entrepreneurs.
The fund has provided equity-free grants, cloud credits, mentorship, and network support to founders across the continent, particularly targeting underrepresented startup operators to scale their businesses.
The initiative recorded its most active investment in 2021 and 2022 with 53 and 59 deals respectively, with zero investment in 2026.
3. Techstars — 152 deals
Techstars ranks third overall with 152 startup investments since 2019, highlighting the growing role of global accelerator programmes in shaping the continent’s innovation landscape.
Unlike traditional venture capital firms, Techstars combines funding with intensive mentorship, founder support, and access to a global network of investors and operators.
Founded in 2006, Techstars operates one of the world’s largest startup accelerator platforms. According to details from the company, it has supported more than 11,000 founders globally, helped build a portfolio worth over $300 billion in combined market value, and backed thousands of startups across multiple industries.
Although the firm has not backed any startup since the beginning of the year 2026, it recorded impressive and increasing support for startups over the years. From 2 in 2019 to 58 in 2023, the firm saw a slowdown to 20 deals in 2024 and 3 in 2025.
2. DEG — 162 deals
Germany’s development finance institution DEG ranks second with 162 startup investments since 2019.
Unlike many commercial venture capital firms, DEG has maintained a consistent investment pace throughout changing market conditions, reinforcing the increasingly important role of development finance institutions in Africa’s innovation ecosystem.
Its activity has grown steadily over the years, climbing from just one deal in 2019 to 50 investments in 2025 before recording another 25 deals in 2026, making it the investor with the highest number of startups deals in the first half of the year.
The institution’s continued participation reflects growing institutional confidence in African entrepreneurship despite broader venture capital headwinds.
For over 60 years, DEG has been a reliable partner for private-sector companies and financial service providers operating in developing markets aimed at promoting the sustainable development and expansion of the private sector in these markets.
Since 2001, the firm have been a subsidiary of German promotional bank KfW with presence in Cologne and 17 other locations in partner countries around the globe.
1. Launch Africa — 198 deals
With 198 startup investments completed between 2019 and 2026, Launch Africa ranks as the most active investor in African startups during the period under review.
The Mauritius-headquartered venture capital firm has built one of the continent’s largest early-stage portfolios, investing across sectors including fintech, healthtech, agritech, climate technology and enterprise software.
Its investment activity accelerated sharply during Africa’s venture capital boom, recording 67 deals in 2021 and 58 in 2022 before moderating as market conditions tightened. Even amid the funding slowdown with 12 deals in full year 2025, Launch Africa remained highly active, completing 21 investments in the first half of 2026.
Launch Africa Ventures was founded by Zachariah George and Janade Du Plessis in 2020. Zach and Janade have been pioneers of early-stage venture capital in Africa since 2014, bridging the funding gap for Seed and pre-Series A startups across the African continent.
Since 2020, Launch Africa has raised just over $36 million in its first fund, investing $31 million into 133 startups across 22 countries, with impressive returns. They aim to convert investments into distributions and launch new funds, nurturing top-performing portfolio companies.
Other notable investors include Kepple Africa Ventures (76 deals), GIZ (68 deals), Plug and Play (63), Digital Africa (AFD) with 57 deals, Catalyst Fund (57 deals), Ventures Platform (56 deals) amongst others.
What this means
The rankings show that despite a slowdown in venture funding, investor interest in African startups remains strong. While international investors, particularly from the U.S. and Europe, continue to dominate deal activity, African investors are playing an increasingly important role in funding and scaling local innovation.
The rankings also highlight the growing influence of accelerators and startup support platforms, which have become critical sources of early-stage capital, mentorship, and global networks for founders.
Overall, the data suggests that confidence in Africa’s long-term startup potential remains intact, supported by a diverse mix of local and international investors.
