African start-ups raised $140 million in September, pushing the continent’s 2025 year-to-date funding total past an impressive $2.2 billion.
The latest figures from the monthly start-up deals database highlight a dynamic ecosystem, with 58 companies securing capital last month, marking the second-highest number of deals in a year, just behind July.
The $140 million raised in September, while slightly below the monthly average, aligns closely with the $146 million recorded in September 2024 and surpasses the $124 million from September 2023.
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Equity investments dominated, accounting for $105 million (75 percent) of the total, with debt financing contributing $32 million and grants, including 16 match-funding awards from DEG Impulse’s develoPPP Ventures cohort in East Africa, adding $3 million.
Leading the charge were five major equity deals: Nigeria’s fintech Kredete secured a $22 million Series A, while Pura Beverage, a beverage company taking the venture capital route, closed a $15 million Series B.
South Africa’s Contractable (identity tech) raised $13.5 million, Egypt’s AI-driven Intella secured $12.5 million in a Series A, and South African edtech The Invigilator bagged $11 million.
These transactions underscore the diversity of sectors attracting investment, from fintech to AI and education.September also saw significant exit activity, with five start-ups acquired across the continent.
In South Africa, Twofold Capital acquired fintech TaxTim, edtech Rekindle bought EpiTek, and fintech Street Wallet snapped up Digitip. In North Africa, Morocco’s super app Ora Technologies acquired logistics start-up Cathedis, while Egypt’s healthtech Duaya took over EXMGO.
Zooming out, the third quarter of 2025 proved robust, with African start-ups raising $785 million, a notable increase from Q1’s $461 million, though slightly below Q2’s $963 million.
This Q3 figure outperforms the same period in 2024 ($649 million), 2023 ($496 million), and 2022 ($612 million), signaling sustained investor confidence.
With $2.2 billion raised in 2025 so far, the continent is just $40 million shy of matching the total funding for all of 2024.
As African start-ups continue to attract global attention, the September haul and strong Q3 performance highlight a maturing ecosystem poised for further growth, with 2025 on track to set new benchmarks for innovation and investment on the continent.
