By Technext
The African startup funding scene witnessed an impressive bump in 2025, with investments hitting $3.2 billion, excluding mergers and exits, according to Africa the Big Deal. That number rises to $3.8 billion when both are factored in another report.
This represents the highest the continent has seen in the last three years. Indeed, the $3.2 billion raised trumps the $2.2 billion raised in 2024, an impressive 45.4 per cent increase.
While over 500 startups raised a total sum, the top 10 stole the spotlight by pulling the significant majority. Interestingly, only one Nigerian startup, Moniepoint, made that list. This reflects the funding drought that the country’s tech ecosystem witnessed in 2025, effectively dropping from number 1 to the least among Africa’s Big 4.
Egypt and Kenya punctuated their dominance with three startups each in the Top 10. South Africa follows with two, while the West African countries of Nigeria and Senegal have one each.
Sector-wise, Fintech still rules with four of the most-funded startups in 2025. Clean energy boasts of three, while Healthtech, Proptech and mobility each have one.
Top 10 venture funding
10. Bokra (Egypt, Fintech) $59 million
In April 2025, Islamic fintech platform Bokra raised $59 million through a sukuk issuance backed by Aman Holding. The bond aims to help finance credit to small and medium-sized enterprises (SMEs) in the country.
The raise came just a year after announcing a $4.6 million in a pre-seed round in 2024. This brings its total funding to $63.6 million.
Bokra
Founded in 2023 by Ayman El-Sawy, the digital investment startup provides personalised goal-based investment tools using asset-backed securities.
9. SolarSaver (South Africa, Green Energy) $60 million
South African solar electricity company, SolarSaver, raised $60 million in equity funding led by Inspired Evolution’s Evolution III Fund and supported by Dutch development bank FMO and Swedfund.
Founded in 2016, the company aims to provide financed solar installations across Southern Africa. To achieve this, it builds, owns, and operates rooftop and on-site energy systems, supplies electricity to clients through power-purchase and rent-to-own contracts.
With the new funding, it intends to scale its small-scale solar and battery systems for businesses across Southern Africa, including its core markets of South Africa, Namibia, Botswana, and Zambia.
8. MNT-Halan (Egypt, Fintech) $71.4 million
In October, Egyptian unicorn MNT-Halan raised EGP 3.4 billion ($71.4 million) through its seventh securitised bond issuance.
Structured and arranged by Commercial International Bank (CIB) and CI Capital, the issuance is part of a three-year, EGP 8 billion ($168 million) securitisation programme approved by Egypt’s Financial Regulatory Authority (FRA).
MNT-Haalan founders
Founded in 2018 as a ride-hailing app by CEO Mounir Nakhla and CTO Ahmed Mohsen, MNT-Halan pivoted into providing digital financial services to Egypt’s unbanked population. It achieves this by offering micro and SME lending, payments, consumer finance, and e-commerce through a unified digital ecosystem.
Since its inception, the company has disbursed over $11 billion in loans and serves more than 8 million customers
7. Nawy (Egypt, Proptech) $75 million
Egypt-based property technology company, Nawy, raised $75 million in a record-breaking deal.
That round is by far the largest proptech deal on the continent. Launched in 2016 as Cooing before rebranding, the startup was founded by CEO Mostafa El-Beltagy, Abdel-Azim Osman, Ahmed Rafea, Aly Rafea and Mohamed Abou Ghanima.
Combining $52 million in equity and $23 million in debt financing from Egypt’s top banks, Nawy’s raise was led by Africa-focused venture capital firm Partech Africa, with participation from Development Partners International’s Nclude Fund, e& Capital, Endeavour Catalyst, HOF Capital, March Capital Investments, Outliers, Plug and Play, Shorooq Partners, VentureSouq, and Verod-Kepple Africa Ventures.
6. Moniepoint (Nigeria, Fintech) $90 Million
Exactly a year after the first leg of its impressive $110 million unicorn-making raise back in October 2024, Moniepoint completed the second leg of the Series C round with a $90 million raise.
Founded as TeamApt in 2015 by Tosin Eniolorunda and Felix Ike, Moniepoint initially set out to provide financial infrastructure to financial institutions. The Fintech later pivoted to agency banking in 2019, rebranding as Moniepoint.
The new financial technology company provides all-in-one, digital payment solutions and banking services for individuals and businesses.
Development Partners International’s African Development Partners III fund led the round, with LeapFrog Investments providing significant backing. Other participants include Lightrock, Alder Tree Investments, Google’s Africa Investment Fund, Visa, the International Finance Corporation, Proparco, Swedfund, and Verod Capital Management.
5. Spiro (Kenya, Mobility) $100 million
In October 2015, Kenyan mobility company Spiro raised $100 million in venture funding. Considered the largest e-mobility raise on the continent, the round was powered by the Fund for Export Development in Africa (FEDA), Afreximbank’s investment arm.
Spiro’s new capital injection will expand its battery-swapping network and enhance local manufacturing. It will also be deployed to facilitate market testing in Cameroon and Tanzania.
Founded as M Auto Electric by Indian entrepreneur and investor Gagan Gupta in 2019, the company rebranded to Spiro in 2022, focusing on electric mobility, battery swapping, and infrastructure in Africa.
4. hearX (South Africa, Healthtech) $100 million
hearX, a Pretoria-based healthtech that provides affordable access to hearing care through smart, digital health solutions
In what was the first mega deal of 2025, the startup secured $100 million in April through its merger with U.S.-based Eargo, a bold cross-continent move that signals major ambition in disrupting the hearing health market.
Founded in 2015 by Nic Klopper, hearX has a mission to tackle the global hearing crisis by developing solutions that could be deployed on smartphones, lowering the barrier to access to diagnostics and treatment.
3. Wave (Senegal, Fintech) $137 million
In June 2025, Senegalese fintech, Wave, raised $137 million in debt financing led by Rand Merchant Bank (RMB). The funding was supported by a consortium of global development finance institutions, including British International Investment (BII), Finnfund, and Norfund.
Founded in 2018 by Drew Durbin and Lincoln Quirk as a branch of their international remittance company Sendwave, Wave was established to build affordable, mobile-first financial services in Africa, starting in Senegal.
Wave Mobile Money (Image Credit – TechCrunch)
According to the startup, its 2025 funding will be deployed to advance its mission of making financial services affordable and accessible to users. Wave’s debt funding brings the total debt funding in June to $227 million, making it the highest debt-funded month in more than two years.
2. Sun King (Kenya, Green Energy) $156 million
Sun King closed a $156 million securitisation in July to scale affordable solar energy supply across Kenya.
The local currency deal (KES 20.1 billion) will enable an estimated 1.4 million low-income households and businesses to access electricity — often for the first time — and shift away from costly, polluting fuels like kerosene and diesel.
d.light
The deal, considered the largest securitisation ever completed in Sub-Saharan Africa outside South Africa, was structured by Citi with Stanbic Bank Kenya Ltd and also backed by five international and local commercial banks and three development finance institutions.
Sun King was founded in 2007 as Greenlight Planet by CEO T. Patrick Walsh, Anish Thakkar, and Mayank Sekhsaria. Rebranding to Sun King in 2022, the company aims to replace dangerous kerosene lamps with affordable, solar-powered lighting for off-grid communities.
1. d.light (Kenya, Clean Energy) $300 million
In July, Solar energy startup, d.light, secured $300 million as it expanded its receivable financing.
The new capital will be deployed to scale the distribution of solar home systems across underserved areas in Kenya, Uganda, Tanzania, and Nigeria. The new funding will support the company’s goal of reaching 10 million people within the next two years through its “Brighter Life by d.light” (BLd) facility.
d.light was founded in 2006 by Sam Goldman and Ned Tozun to provide affordable, solar-powered lighting and energy solutions to off-grid communities.