Between January and April 2025, investments in the African tech scene have hit $803 million. This marks a 43 percent growth from the $563 million raised in the corresponding period in 2024.
In April alone, startups received about $343 million in funding, indicating the second hottest April in history, just behind April 2022. According to The Big Deal, about 39 start-ups received at least $100,000 in either equity financing, grants, or debt financing in April. When combined with Q1 2025, the number grows to 163 tech ventures that have received funding.
These figures exclude venture capital exits from the firms. For instance, Silverback Holdings exited its position in Lemfi, securing a remarkable 2,900 percent return on investment. Alitheia Capital and Goodwell Investments also recorded successful exits. The acquisition of Baobab Nigeria generated a 300 percent return on their investment in the microfinance bank.
Read also: Top 10 African startups that raised the most funding in 2024
Here are the top firms that have received the most funding in 2025:
HearX — $100 million
The biggest deal of 2025 has come to the South African health tech company hearX, which raised $100 million in April through its merger with American hearing aid manufacturer Eargo. The merger received $100 million in funding from Patient Square Capital, an American VC fund.
HearX, which was formed in 2015, became famous for its hearing aids that were compatible with smartphones. This innovation lowered the barrier to treatment access for people with hearing loss.
Bokra — $59 million
In Egypt, one of the newest fintech companies, Bokra, raised about $59 million through a Sukuk issuance. The seven-year tenured Sukuk was raised in partnership with Aman Project Finance. It is noted that the fund will be channelled towards credit financing for Egyptian SMEs.
Despite just obtaining a fintech license in 2024, Bokra has been able to raise about $63.6 million in total funding, including a $4.6 million pre-seed. The pre-seed funding was used to launch the company’s app, and the Sukuk would allow expansion of its services within Egypt.
Stitch — $55 million
From Egypt to South Africa, Stitch appears third on the list, as it raised $55 million in a Series B funding round. The fintech offers payment infrastructures such as payment APIs and online payments, among others.
After previously raising $46 million during previous funding rounds, Stitch has now raised $101 million since 2022. This funding round was led by QED Investors, with participation from Norrsken22 and Flourish Ventures.
Read also: Here are Nigeria’s top 5 most funded agtech startups
Lemfi — $53 million
Lemfi, a Nigerian startup, raised $53 million Series B funding in January. Although Lemfi is based in the US, it has become a leading remittance service for Nigerians in the diaspora.
The fintech, which was launched in 2021, hit a $1 billion monthly processed transaction volume in January 2025. Reacting to the fund, Ridwan Olalere, Lemfi’s CEO, highlighted that the company was expanding to new countries.
PowerGen — $50 million
PowerGen, an energy tech company, appears on the list after raising $50 million in a Series C funding round in January.
The company, which has offices in Kenya, Nigeria, Sierra Leone, and the DRC, is expected to channel the funds to the deployment of 120 MW of renewable energy infrastructure across Africa.
Naked — $38 million
South African insurtech, Naked Insurance, raised $38 million in a Series B2 funding round. This follows the $17 million raised by the company in the 2023 funding round. According to reports, the capital would be invested in AI automation of the company with increased advertising.
The funding round was led by BlueOrchard, an American investing firm, with participation from the IFC and Germany’s development finance institute, DEG.
Gozem — $30 million
Gozem is the first Francophone tech company to make the list, as its $30 million Series B funding round in February was the largest raise in Africa that month. The Togolese app raised $15 million in equity and debt financing, respectively.
The company, which was founded as a moto-taxi service in 2018, has expanded from Togo to Benin, Cameroon, and Gabon. The new funding is expected to accelerate the company’s expansion with the acquisition of new vehicles for taxi drivers as well as the launch of its digital banking app, Gozem Money.
Read also: Local investors dominate Africa’s startup funding scene
Enko Education — $24 million
Also with Togolese origins, Enko Education received $24 million in funding in January. Enko Education, which owns 16 schools across 10 African countries, is targeting to prepare 20,000 students for university by 2029. The funding round was led by Adiwale Fund I and Africa CapitalWorks (ACW).
Khazna — $16 million
Another Egyptian fintech, Khaznna, also made the cut with a $16 million pre-Series B funding. The fintech offers solutions such as salary advances, digital payments, and microloans to low and middle-income earners in Egypt.
