Grace Ashiru
Looking at February 2025’s figures, one could focus on the negatives. The number of $100k+ deals announced (38) fell below the average of the past twelve months and was lower than any February since 2021. Similarly, the total amount raised in February ($119m) lagged behind the twelve-month average and was the lowest for any February since 2019. However, a broader perspective tells a different story.
Zooming out, the total amount raised in 2025 so far ($408m) has already surpassed the same period last year ($302m) and even slightly exceeded 2021’s figure ($400m). While the total number of $100k+ deals announced in 2025 so far doesn’t match previous years, a closer look at $1m+ deals tells a more balanced story. The 42 $1m+ deals announced since the start of the year align closely with both 2023 (42) and 2024 (43) and are significantly higher than pre-heatwave levels, which ranged between 20 and 31 deals from 2019 to 2021.
Who Raised the Most in February 2025?
The seven largest deals—accounting for 80% of the total—were all in either Fintech or Logistics & Transport, continuing the trend from 2024. Unsurprisingly, most of these deals were concentrated in one of the ‘Big Four’ markets. However, the standout transaction came from Togo-born startup Gozem, which secured $30m ($15m equity, $15m debt).
Other major announcements included:
- Khazna (Egypt, Fintech) raising $16m for expansion into KSA
- Hakki Africa (Kenya, Fintech x Mobility) securing approximately $13m
- Raenest (Nigeria, Fintech) closing an $11m Series A round
- Tether (Nigeria, Fintech) raising $3m in a seed round plus $7m in debt
- Affinity (Ghana, Fintech) securing an $8m round
- Taager (Egypt, Logistics & Transport) finalizing a ~$7m pre-Series B
While the numbers may appear mixed at first glance, the broader picture suggests a strong start to 2025, with notable activity in high-growth sectors.
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