African start-ups secured $119 million in funding in February 2025, according to data from Africa: The Big Deal.
While this figure highlights continued investment in the continent’s tech ecosystem, it also reflects a decline compared to previous years. The number of deals worth $100,000 or more (38) was lower than the monthly average over the past year and the lowest for any February since 2021.
Similarly, the total amount raised in February was below the average of the past 12 months and the lowest for a February since 2019.
However, a broader view of 2025 funding trends offers a more optimistic picture. Start-ups have raised $408 million so far this year, surpassing the $302 million raised during the same period in 2024 and slightly exceeding the $400 million from early 2021. The number of $1 million+ deals (42) is also in line with 2023 (42) and 2024 (43) levels, significantly higher than pre-2021 figures.
Fintech and logistics continue to dominate funding rounds. The largest deal in February came from Togo-based Gozem, which secured $30 million in a mix of equity and debt financing. Other major funding rounds included:
Khazna (Egypt, Fintech) secured $16 million for expansion in Saudi Arabia; Hakki Africa (Kenya, Fintech x Mobility) secured ~$13 million; Raenest (Nigeria, Fintech), secured $11 million Series A; Tether (Nigeria, Fintech), secured $3 million seed + $7 million debt; Affinity (Ghana, Fintech) secured $8 million andTaager (Egypt, Logistics & Transport) secured ~$7 million pre-Series B.
Despite the February slowdown, Africa’s start-up scene continues to show resilience, particularly in high-growth sectors like fintech and logistics. Investors remain active, and early 2025 figures suggest that funding momentum could improve in the months ahead.
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