Grace Ashiru
Total funding to African tech companies reached $3.2 billion in 2025, recovering from $2.2 billion in 2024 and surpassing the $3 billion recorded in 2023. The number of companies raising $100,000 or more remained broadly stable year-on-year. Growth was concentrated in large individual transactions rather than a broad expansion of funded companies, particularly at smaller ticket sizes.
Fintech
Fintech retained its position as the top sector by amount raised, securing $1.2 billion across 124 companies in 2025, up from $1.1 billion in 2024 though across fewer companies. Top-level concentration eased modestly: the five largest fintech raises — M-Kopa, Wave, MNT-Halan, Moniepoint, and ValU — accounted for $607 million, or 52% of the sector total, compared to $618 million (58%) in 2024 and 66% in 2023.
Equity accounted for $685 million of fintech funding, with debt contributing $467 million. Wave’s $137 million debt facility and MNT-Halan’s bond issuance were among the instruments that sustained the sector total despite fewer funded companies overall. On the exit side, fintech accounted for 19 of the 49 total exits recorded in 2025, up from 22 exits across all sectors in 2024.
Energy
Energy raised $857 million across 50 companies in 2025, recovering from $445 million in 2024 to approximately its 2023 level of $792 million. Concentration increased: the top five energy companies accounted for $701 million, or 82% of the sector total, up from 79% in 2024 and 75% in 2023.
Debt was the primary financing instrument, contributing $611 million — 71% of the sector’s 2025 total. d.light’s $300 million raise and Sun King’s $156 million facility drove much of that figure, with Burn’s $80 million reinforcing the pattern. The sector’s structure — a small number of large, debt-heavy transactions — distinguishes it from other sectors.
Other Sectors
Logistics and Transport raised $309 million across 63 companies, with 87% in equity. Healthcare raised $211 million across 49 companies, also predominantly equity-funded; LXE Hearing’s $100 million round represented approximately 47% of that total. Agriculture and Food raised $122 million across 62 companies, ranking lower on amount but broad in participation.
Climate Tech
Climate Tech — spanning energy, agriculture, logistics, and other sectors — raised $1.2 billion across 149 companies in 2025, representing 38% of total funding for the year. That compares with $761 million (34%) in 2024 and $1.1 billion (38%) in 2023. The share of funded companies classified as Climate Tech has grown from 18–20% in 2021–2022 to 26% in 2023, 28% in 2024, and 29% in 2025, making it one of the few themes where both total capital raised and breadth of participation have increased consistently.
