African startups raised $441.9 million in October 2025, surging 217% from September

African startups raised a remarkable $441.9 million in October, marking a 217% month-on-month surge from September’s $139.4 million.

This sharp rebound reflects renewed investor confidence across the continent, fueled by a wave of large funding rounds, securitized bond issuances, and strong interest in clean energy and fintech.

Of the 59 deals closed in October, the top 10 startups accounted for $388.6 million, or nearly 88% of the total disclosed funding — a sign that a few big players dominated the flow.

Fintech, logistics, and agriculture were the leading sectors, with 17, 8, and 6 startups respectively raising capital.

Geographically, Egypt, Nigeria, South Africa, and Kenya continued to lead deal count and capital inflow — together making up the bulk of October’s investment activity.

Standout fundraises included:

Spiro, an electric mobility company based in Benin, which raised $100 million, making it one of the biggest investments in Africa’s e-mobility space.

Moniepoint, a Nigerian fintech firm, which secured $90 million in its Series C — a sign of continued strength in financial services.

MNT-Halan (Egypt, fintech): $71.4 million

Tagaddod (Egypt, waste management): $26.3 million

Ctrack (South Africa, logistics): $23.4 million

ValU (Egypt, fintech): $23 million

Mawingu (Kenya, telecom/media): $20 million

maxwell+spark (South Africa, transport): $15 million

Chari (Morocco, retail): $12 million

Kuunda (South Africa, fintech): $7.5 million

Analysts believe this rebound is more than a momentary spike — the heavy tilt toward equity financing (rather than debt) suggests investors are placing long-term bets on infrastructure and sustainable growth of Africa’s tech ecosystem.

Overall, October’s funding surge signals a maturation in the continent’s VC climate: it's not just about hype but scaling solutions that address fundamental challenges in mobility, finance, and sustainability.