Sub-Saharan Africa’s Startup Funding: 2025 Trends So Far

Startup funding in Sub-Saharan Africa reached US $109.8 million year-to-date (YTD) as of February 2025, a modest uptick from US $101 million YTD in 2024, but still far off the US $248.9 million YTD in 2023. What’s more striking is the steep decline in deal activity: just 28 deals recorded YTD February 2025, down from 113 in 2024 and 168 in 2023.

Still, a few breakout startups are bucking the trend with sizable raises:
🔹 Naked (InsurTech) – US $37.6M
🔹 Gozem (E-commerce, FinTech) – US $15M
🔹 Mango Network (Blockchain) – US $13.5M
🔹 Furaha (FinTech) and SeamlessHR (AI) also secured key rounds

While overall activity has cooled, these high-value deals suggest that investors are doubling down on quality over quantity.

Related Report

The Future of Fintech in Africa

Eighteen percent of the world’s population lives in Africa, and 57% of Africans are ‘unbanked’, without a bank account or a digital wallet. This presents a massive opportunity, making fintech the most dominant and funded tech sector in Africa today. This special report highlights how African fintechs not only have one of the largest total addressable markets globally but are also crucial for achieving financial inclusion and empowering unbanked populations. The potential impact of a successful fintech in Africa is unparalleled. To learn more about the drivers, barriers, and opportunities in African fintech, as well as progress toward financial inclusion, read the special report.

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