Startups across Africa raised over $1.4 billion in the first half of 2025, according to the latest Africa: The Big Deal report.
However, has this story been the same over the last ten years?
Today’s graphic shows the inflow of startup funding into the continent in the last decade.
It comes from Africa: The Big Deal report, last updated at the close of H1 2025.
TL;DR
- 2015 to 2018 was about a slow start, as funding was tiny ($129 million to $334 million)
- 2019 was the breakthrough year when startup funding in Africa jumped to $1.4 billion.
- The golden era was when funding peaked at $4.6 billion (2022).
- Overall, African startup funding has grown by 600% from 2015 to 2025 (H1).
- Nigeria, Kenya, Egypt, and South Africa dominate funding, accounting for over 80% of all funding.
African startups raised 7 times more in 2025 than in 2015
| wdt_ID | wdt_created_by | wdt_created_at | wdt_last_edited_by | wdt_last_edited_at | Year | Total Funds raised in USD | Happenings |
|---|---|---|---|---|---|---|---|
| 1 | Monica Ebunoluwa | 30/06/2026 02:49 PM | Monica Ebunoluwa | 30/06/2026 02:49 PM | 2015 | $200 million | It was the early stage of Africa’s funding scene |
| 2 | Monica Ebunoluwa | 30/06/2026 02:49 PM | Monica Ebunoluwa | 30/06/2026 02:49 PM | 2016 | $129.1 million | Rise of African tech startups |
| 3 | Monica Ebunoluwa | 30/06/2026 02:49 PM | Monica Ebunoluwa | 30/06/2026 02:49 PM | 2017 | $195 million | Rising period with 159 startups |
| 4 | Monica Ebunoluwa | 30/06/2026 02:49 PM | Monica Ebunoluwa | 30/06/2026 02:49 PM | 2018 | $334.5 million | Funding moved further with 210 startups |
| 5 | Monica Ebunoluwa | 30/06/2026 02:49 PM | Monica Ebunoluwa | 30/06/2026 02:49 PM | 2019 | $1.4 billion | African startups crossed the $1B mark for the first time |
| 6 | Monica Ebunoluwa | 30/06/2026 02:49 PM | Monica Ebunoluwa | 30/06/2026 02:49 PM | 2020 | $1.1 billion | Funding continues to stay strong |
| 7 | Monica Ebunoluwa | 30/06/2026 02:49 PM | Monica Ebunoluwa | 30/06/2026 02:49 PM | 2021 | $4.3 billion | Had growth of 820 rounds |
| 8 | Monica Ebunoluwa | 30/06/2026 02:49 PM | Monica Ebunoluwa | 30/06/2026 02:49 PM | 2022 | $4.6 billion | 1,100+ deals |
| 9 | Monica Ebunoluwa | 30/06/2026 02:49 PM | Monica Ebunoluwa | 30/06/2026 02:49 PM | 2023 | $2.9 billion | Got a 39% decline from the previous year |
| 10 | Monica Ebunoluwa | 30/06/2026 02:49 PM | Monica Ebunoluwa | 30/06/2026 02:49 PM | 2024 | $2.2 billion | Further decline |
Source: Africa: The Big Deal report.
2019-2020: Crossing of the billion-dollar mark
In 2019, African startups raised $1.4 billion, which exceeded the billion-dollar milestone for the first time.
This was the breakthrough moment. Major international VCs started taking Africa seriously, and the Fintech boom was in full swing.
In 2020, despite the pandemic challenges, the continent still demonstrated remarkable resilience, raising about $1.1 billion.
In 2021, startups raised $4.3 billion across 818 deals, indicating a massive growth period.
It was a post-COVID investment surge where mega-deals dominated, including those involving Flutterwave and OPay.
What changed in 2019?
- Jumia became the first African unicorn to list on the NYSE
- International investors suddenly saw Africa as viable
Fintech dominated funding during this time, especially in Nigeria and Kenya.
2022 broke the record again with $4.6 billion raised in more than 1,100 deals. The confidence of the investors improved.
Africa became one of the fastest-growing startup regions worldwide.
2023-2024: Slowdown of funding
In 2023, funding was reduced to $2.9 billion, a 39% decline from the previous year.
In 2024, there was a further drop to $2.2 billion, with both equity and debt deals dwindling.
The fall revealed a cooling global venture capital market and economic uncertainty, but the deal diversity also improved.
2025 so far: signs of a rebound
Between January and May 2025, African startups raised over $1 billion, which is about 40% more than in 2024.
Fintech remains dominant, but newer sectors such as climate tech, agri-tech, and health tech are getting investor attention.
The trend suggests a potential new growth cycle driven by sustainable, impact-focused innovation.
The Fintech Dominance
Fintech attracted 45% of funding in H1 2025, and 47% in 2024, down from a post-pandemic peak period in 2021.
Over the entire 10-year timeframe, fintech’s share would be lower due to periods of lower investment.
Yet it remained the leading sector due to strong fundamentals, such as rising mobile penetration and a young, tech-savvy population.
Nigeria consistently ranks as the top African country for attracting fintech investment and hosts a large concentration of fintech companies.
The country is home to several valuable fintech startups that have achieved unicorn status (a valuation of over $1 billion), including Flutterwave, OPay, Interswitch, and Moniepoint.
Meanwhile, Flutterwave, OPay, Wave, and Chipper Cash got massive deals.
Between 2015 and early 2025, Flutterwave raised over $475 million, including a $170 million Series C in 2021, which made it a unicorn.
OPay raised a substantial $400 million. Wave secured a significant $200 million in its Series A, becoming a unicorn with a $1.7 billion valuation.
Even Chipper Cash’s major milestones include raising $100 million in Series C in 2021 and achieving unicorn status.
ELI5
African startups went from receiving pocket change ($200 million in 2015) to billions of dollars a year, climbing from $1.4 billion in 2019 to a peak of $4.3 billion in 2021. The peak was a bubble, but the new normal is still amazing.
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