Africa-Press – Angola. While this amount falls slightly below the average for the year, it aligns closely with the figures raised in September 2024 ($146 million) and surpasses the total raised in September 2023 ($124 million). What’s particularly noteworthy, however, is the number of ventures that successfully raised at least $100k—this figure marked the second-highest of the year, just behind July’s performance.
Breaking down the funding sources, $105 million (or 75%) of the $140 million raised in September came from equity financing. The remaining portion consisted of debt ($32 million) and some grant funding ($3 million). The grants included 16 match-funding grants from DEG Impulse as part of their develoPPP Ventures program for East Africa (further details can be found here and here).
Among the notable equity transactions of the month were the five largest deals, all of which were equity-based. Kredete, a fintech company from Nigeria, raised $22 million in its Series A round. Pura Beverage, a company that has opted for venture capital despite not being a start-up, secured $15 million in Series B funding. In South Africa, identity-tech firm Contractable raised $13.5 million, while Intella, an AI start-up from Egypt, closed a $12.5 million Series A round. Additionally, The Invigilator, an education-tech venture in South Africa, raised $11 million.
September also saw five exits announced. In South Africa, a consortium led by Twofold Capital acquired fintech company TaxTim, edtech firm Rekindle acquired EpiTek, and fintech Street Wallet bought out Digitip. In North Africa, Ora Technologies, a super app start-up in Morocco, acquired logistics start-up Cathedis, and in Egypt, healthtech firm Duaya acquired EXMGO.
Looking at quarterly performance, African start-ups raised $785 million in Q3 2025. This is lower than Q2’s total of $963 million but still represents a significant increase compared to Q1’s $461 million. Compared to the same period in 2024, Q3 2025 is particularly strong, outpacing Q3 2024 ($649 million), Q3 2023 ($496 million), and Q3 2022 ($612 million). To date, start-ups across Africa have raised a total of $2.2 billion in 2025, just $40 million shy of the full-year total raised in 2024.
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