African startups raised $3.2 billion in 2025, the highest amount in three years, reflecting increased activity by investors on the continent after local currency instability saw global capital become more risk‑averse.
The total represented a 40% increase from 2024, according to data from consultancy Africa: The Big Deal. More than 200 companies raised at least $1 million during the year — about 10% more than in 2023. Some of the largest startup investments in 2025 were in clean energy and fintech.
The last few years of startup dealmaking saw US investors shift their focus away from Africa, amid high inflation and the end of the zero interest rate policy era, but African investors have stepped up with new funds to back the continent’s entrepreneurs. Some US investors, like Accion, have also raised Africa-specific funds.
