Grace Ashiru
African startups raised $162 million in November 2025 (excluding exits), with equity accounting for 79% of the total. The month ranks fifth in 2025 for total funding and sits between November 2024’s $181 million and November 2023’s $267 million—solidly mid-range.
Thirty-two ventures raised $100,000 or more, including 16 deals above $1 million. Six companies secured $10 million+: SolarSaver (South Africa, energy, $60m), nextProtein (Tunisia, agritech, $21m), SolarX (West Africa, energy, €15m), Omnisient (South Africa, fintech, $12.5m), Lula (South Africa, fintech, $10m), and SwiftVEE (South Africa, agritech, $10m).
But the real story happened off the venture funding spreadsheet. Two startups went public in November—the continent’s first IPOs since Jumia and Fawry in 2019. South African fintech Optasia listed on the Johannesburg Stock Exchange on November 4, raising $345 million at a $1.4 billion market cap. Across the continent, Moroccan fintech Cash Plus debuted on the Casablanca Stock Exchange on November 25, raising $82.5 million at a $550 million valuation.
With one month remaining, 2025 has delivered $2.8 billion in startup funding (excluding exits)—nearly 50% above last year’s pace. Both equity funding and the number of $1 million+ deals are up year-over-year. The question now: can 2025 top 2023?
The comparison is razor-thin. January-November 2025: $2.81 billion ($1.64B equity), 196 startups raising $1M+. January-November 2023: $2.84 billion ($1.62B equity), 195 startups raising $1M+.
To beat 2023, December needs to deliver at least $172 million. The 2025 monthly average sits at $250 million, and December has cleared $172 million every year since 2021—except 2023.
