Top Funded Startups in Africa (2019–2025): Key Trends and Insights

In recent years, Africa’s startup ecosystem has become a dynamic and increasingly attractive market for venture capital (VC), driven by a surge in entrepreneurial activity and innovation aimed at solving the continent’s complex challenges.

From fintech and healthtech to edtech and cleantech (renewable energy), startups across the continent are securing record-breaking rounds and drawing global investor interest. Leading this evolution are the continent’s "big four" markets - Nigeria, Kenya, Egypt, and South Africa - which continue to dominate funding activity and foster thriving tech hubs in cities such as Lagos, Nairobi, Cairo, and Johannesburg.

While 2025 has shown some softening in the overall funding landscape, Africa’s top startups remain strong and resilient, continuing to raise significant capital and expand into global markets. This article takes a closer look at the most funded startups in Africa since 2019, emerging sectoral trends, and the regional dynamics shaping the continent’s investment future.

African Startup Funding Trends (2019–2025)

As of Q3 2025, African startups have raised over $2.8 billion - a substantial figure that reflects ongoing momentum, even though it marks a 28% decline year-on-year from the $3.9 billion secured during the same period in 2023. This dip aligns with global macroeconomic trends impacting VC flows but also spotlights a more selective investor environment focused on fundamentals and long-term growth. 

According to a report by Africa: The Big Deal, a leading market intelligence platform tracking startup deals across the continent, the top 100 most funded African startups since 2019 were selected based on a combination of equity, debt, and grant funding. Exit valuations were not included in the ranking.

To qualify for inclusion, startups needed to have raised:

• At least $36 million since 2019 to make the top 100
• At least $66 million since 2019 to make the top 50
• At least $310 million since 2019 to make the top 10

The report also reveals the geographic concentration of this capital. Of the 100 startups:

• 23 are based in South Africa
• 22 in Nigeria
• 17 in Egypt
• 17 in Kenya

This means 79 of the top 100 are headquartered in just these four countries, underlining their dominance in the African tech investment landscape. 

Notable, while South Africa leads in overall representation, Nigeria boasts the highest number of startups in the top 20, with seven entries, reflecting its continued position as the continent’s most dynamic startup market. 

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Fintech Leads, But Other Startup Sectors Are Growing

Fintech remains the most heavily funded sector, driven by demand for digital financial services, mobile money, and inclusive banking across underserved populations. However, sectors such as clean energy, logistics, healthtech, and e-commerce are gaining rapid traction. 

Startups operating at the intersection of climate resilience and financial access are also attracting increased attention from both traditional VCs and impact-focused funds, suggesting a more diversified funding landscape in the years ahead.

Africa’s Most Funded Startups: Top Performers by Capital Raised

Below are some of the highest-funded startups on the continent, based on combined capital raised across multiple rounds: 

• Sun King 

Total funding: $877 million 

Sun King is a solar energy company delivering off-grid power solutions across Africa and leads the continent in total funding, supported by strong interest in renewable energy infrastructure.

• d.light 

Total funding: $617 million 

Also in the off-grid energy space, d.light provides solar-powered solutions and consumer financing for underserved communities.

• Opay

Total funding: $570 million 

Opay is a Nigerian super-app that provides digital financial services, including payments, transfers, loans, and savings. 

• TymeBank 

Total funding: $530 million 

One of South Africa’s first digital banking unicorns, TymeBank has expanded into Southeast Asia, showing the potential of African-born fintechs to go global.

• PaymeNow 

Total funding raised: $22 million raised in July 2025

A financial wellness and earned-wage access platform based in South Africa, PaymeNow is tapping into employer-based financial services.

• Breadfast 

Funding raised: $10 million in Series B 

An Egyptian e-commerce platform focused on grocery delivery, Breadfast is one of North Africa’s fastest-growing consumer startups.

What’s Next for Africa’s Startup Ecosystem?

Despite global headwinds and stricter capital markets, African startups remain resilient, agile, and increasingly investable. The continued growth of mobile connectivity, digital infrastructure, and cross-border trade is laying the groundwork for a new wave of pan-African tech champions.

While challenges remain, from regulatory fragmentation to infrastructure gaps, the African tech story is still in its early chapters. And for those paying close attention, the opportunities ahead are as vast as the continent itself.