Africa failed to mint a single new tech unicorn in 2025, as equity funding for billion-dollar startups fell to its lowest level in five years and IPO activity across the continent remained largely dormant, according to a review of startup financing trends.
The outcome marks a sharp reversal from late 2024, when Nigerian fintech Moniepoint and digital bank Tyme both crossed the $1 billion valuation mark, raising expectations that momentum would carry into 2025. Instead, no new startups reached unicorn status during the year.
Much of the anticipation centred on mobility startup Moove, which fuelled market speculation throughout 2025 over a potential $300 million equity round that could have pushed its valuation beyond $1 billion, alongside reports of a planned $1.2 billion debt raise. Neither transaction materialised by year-end.
According to report by Africa: The Big Deal, African unicorns raised about $100 million in equity funding in 2025, driven entirely by Moniepoint’s Series C round. This was the lowest amount raised by the continent’s unicorn cohort since 2020, when Africa had just one unicorn.
Including debt, total capital raised by unicorns reached approximately $358 million, supported mainly by Senegal-based Wave’s $137 million debt raise and Egypt’s MNT-Halan, which secured about $120 million. Even with debt included, 2025 marked the weakest funding year for African unicorns in half a decade.
The slowdown in equity deals meant there were no disclosed valuation updates for unicorns during the year, as re-ratings typically occur during new funding rounds. Of the six unicorns minted in 2019 and 2020, only Interswitch and Flutterwave have raised equity since 2022. Others, including OPay, Andela and Chipper, have not announced new funding in more than three years, while Wave has relied largely on debt financing.
IPO discussions were also scarce. Only Flutterwave publicly referenced a potential listing, when its chief executive said in January 2026 that the company’s acquisition of Mono made it a better candidate for an IPO. Other frequently cited IPO prospects, such as OPay, have remained silent on listing timelines.
Outside the unicorn cohort, Africa recorded two IPOs in 2025: Optasia in South Africa and Cash Plus in Morocco, the continent’s first public listings in more than six years, though neither involved a unicorn-valued company.
Looking ahead to 2026, investors are monitoring several companies seen as potential unicorn candidates. In fintech, M-Kopa raised about $166 million in a Series F round and reported its first-ever profit, while companies such as Stitch, LemFi, PalmPay, Kuda, Yoco and Onafriq continue to attract attention despite limited late-stage activity.
In energy, Sun King and d.light tapped structured and securitised financing, with Sun King also raising $40 million in equity, though asset-heavy models continue to constrain valuations. In mobility, Spiro raised $100 million in equity, while Moove and Algeria-based Yassir remain closely watched amid speculation of large funding rounds or a possible IPO in 2026.
For now, however, Africa’s unicorn list remains unchanged, as founders delay public listings and investors remain cautious about deploying late-stage capital in a challenging global funding environment.
