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- September 11, 2025
The African startup ecosystem continues to attract strong investor appeal despite global headwinds, with 39 African startups raising a combined $187.6 million in recent deals, although three of those companies choose not disclose the amounts raised.
Data compiled by Tolulope Omotunde of AfrikDigest show that the top 10 startups alone attracted over $167.1 million, highlighting where investor appetite is strongest, with South Africa emerging as the clear frontrunner, accounting for more than half of total inflows, while Nigeria, Kenya, Egypt, Ghana, and Rwanda also secured significant rounds.
The analysis spotlights the top 10 African startups that raised capital recently, breaking down their contributions by country, region, and sector, and highlighting the investment trends shaping the continent’s entrepreneurial landscape.
Regional breakdown of funding
A closer look at the data shows that Southern Africa dominated with $93.3 million in total funding, driven almost entirely by a single landmark deal, Ikhokha’s $93.3 million acquisition by Nedbank.
This accounted for 55.8% of the top 10 pools, underscoring how one mega-deal can tilt the scales in Africa’s venture capital landscape.
Eastern Africa followed with $29.4 million (17.6%), spread across four startups in diverse sectors, including healthcare, telecom, services, and logistics. Kenya alone contributed three of these deals, confirming its position as East Africa’s innovation hub.
Western Africa attracted $25 million (15%), led by Nigeria’s Koolboks ($11 million) and Chowdeck ($9 million), while Ghana’s Complete Farmer chipped in $5 million. The region’s strength remains in energy-tech and agriculture, where investor demand is growing steadily.
Northern Africa, represented solely by Egypt, posted $19.4 million (11.6%). Breadfast ($10 million) and ValU ($9.4 million) demonstrate how fintech and food tech continue to attract capital in the region despite macroeconomic pressures.
Top 10 African startups that raised funds in August 2025
- Poa Internet (Kenya) – $4 million
Kenya’s fourth-largest internet service provider secured $4 million in debt funding from Finnfund. Poa is doubling down on underserved urban markets, where it already commands a 13.8% market share with over 238,000 subscribers.
- HoneyCoin(Kenya) – $4.9 million
Nairobi-based fintech HoneyCoin raised $4.9 million in seed funding to scale its stablecoin-compatible payments infrastructure across Africa, Latin America, and Asia. Flourish Ventures and Visa Ventures were among the round’s high-profile backers.
- Complete Farmer (Ghana) – $5 million
Agritech firm Complete Farmer secured $5 million in debt financing from Symbiotics as part of a broader $22 million Series A. The funds will help scale its digital platform, connecting farmers with global commodity markets.
- Chowdeck (Nigeria) – $9 million
On-demand delivery startup Chowdeck raised $9 million in Series A funding, led by Novastar Ventures. The company is expanding aggressively in Nigeria and Ghana, with plans to open 40 dark stores by year-end and 500 by 2026.
- ValU (Egypt) – $9.4 million
Consumer fintech platform ValU issued a securitised bond worth $9.4 million, the 17th tranche of its financing program. The funds free up liquidity to expand its “buy now, pay later” and consumer credit services across Egypt.
- Breadfast (Egypt) – $10 million
Online grocery delivery platform Breadfast secured $10 million in Series B2 financing led by EBRD and Novastar Ventures. The company, which processes nearly 1 million orders monthly, plans to expand its fulfillment centers and fintech arm, Breadfast Pay.
- Ampersand (Rwanda) – $10 million
E-mobility startup Ampersand raised $10 million from British International Investment to grow its electric motorcycle fleet and battery-swap infrastructure across East Africa’s $10 billion boda-boda market.
- Hewatele (Kenya) – $10.5 million
Kenya’s leading medical oxygen supplier, Hewatele, raised $10.5 million from Transform Health Fund. The capital will expand oxygen production facilities to meet the region’s growing healthcare demands.
- Koolboks (Nigeria) – $11 million
Koolboks, a Nigeria- and France-based cleantech startup, raised $11 million in a Series A round led by KawiSafi Ventures and Aruwa Capital. The funding will support the large-scale deployment of solar-powered cold storage across Africa. This round brings Koolboks’ total funding to $15.4 million, with an additional $3.5 million raised in 2022.
- ikhokha (South Africa) – $93.3 million
South African fintech Ikhokha was acquired by Nedbank in a $93.3 million deal, making it the largest transaction of the period. The acquisition allows Nedbank to integrate Ikhokha’s mobile payments solutions into its SME banking ecosystem.
This $93.3 million M&A deal is a landmark for South African fintech. It reflects growing investor confidence in SME-focused digital solutions and highlights the role of strategic acquisitions in accelerating financial inclusion.
With Nedbank’s backing, iKhokha is poised to scale its technology and reach, transforming how small businesses transact, grow, and thrive.
