African start-ups secured $162 million in funding in November 2025 (excluding exits), with 79% of the capital raised through equity investments, according to a report by Africa: The Big Deal.
Analysts note that the month was neither particularly strong nor weak, ranking as the fifth-highest in 2025 in terms of funding. The figure closely mirrors November 2024’s $181 million, though it remains well below the $267 million recorded in November 2023.
Across the continent, 32 ventures raised at least $100,000, including 16 start-ups that secured $1 million or more. Among these, six companies crossed the $10 million mark, demonstrating continued investor appetite for high-growth sectors.
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These include;
• SolarSaver (South Africa, Energy): $60m
South African solar company SolarSaver raised $60 million in equity funding to expand its affordable solar and battery solutions for small- and medium-sized businesses across Southern Africa.
The funding led by Inspired Evolution with participation from FMO and Swedfund International, will be used to support more than 700 existing installations and help businesses in countries like South Africa, Namibia, Botswana, and Zambia access reliable, low-cost clean energy.
• SolarX (West Africa, Energy): €15m
SolarX, a commercial and industrial (C&I) solar energy company active in West Africa, secured a €15 million senior secured financing facility from the Afrigreen Debt Impact Fund.
This funding is intended to accelerate the deployment of solar photovoltaic solutions for businesses in the region.
• Omnisient (South Africa, Fintech): $12.5m
Fintech Omnisient raised $12.5M to empower lenders with privacy-safe data insights for underserved consumers.
Backed by investors including TransUnion, Omnisient is bringing AI-powered alternative credit data clean rooms to the U.S. to help increase financial inclusion.
• Lula (South Africa, Fintech): $10m
Lula secured a $10 million local-currency loan from the IFC to expand lending to underserved SMEs in South Africa. With a digital-first model and a mission to support first-time business borrowers, Lula is poised to close the country’s SME credit gap and drive inclusive growth.
• SwiftVEE (South Africa, Agritech): $10m
South African agritech SwiftVEE closed a R173 million Series A round, or about $10.1 million, to deepen its move from a livestock marketplace into embedded financial services.
The raise was led by HAVAÍC and Exeo Capital, and includes a notable addition in Iain Williamson, the former Old Mutual CEO.
• nextProtein (Tunisia, Agritech) raised $21m.
However, the most noteworthy events of the month came from Africa’s public markets, where not one but two tech start-ups completed IPOs, a rare occurrence on the continent. These listings mark a significant milestone, as the last major African tech IPOs occurred in 2019 with Jumia and Fawry.
In South Africa, Optasia, a fintech company, debuted on the Johannesburg Stock Exchange (JSE) on November 4, raising $345 million and reaching a market capitalization of $1.4 billion. Meanwhile, in Morocco, fintech firm Cash Plus went public on the Casablanca Stock Exchange on November 25, securing $82.5 million at a valuation of $550 million.
As the year enters its final stretch, 2025 continues to show remarkable progress for Africa’s start-up ecosystem. Total funding has reached $2.8 billion so far (excluding exits), a nearly 50% increasecompared to the same period last year. Both total equity raised and the number of start-ups securing $1 million+ have risen significantly.
Data from January to November 2025 reveal figures that are almost identical to those from the same period in 2023. Start-ups have raised $2.81 billion (including $1.64 billion in equity) across 196 deals exceeding $1 million, compared to $2.84 billion (including $1.62 billion in equity) and 195 such deals in 2023.
To surpass 2023’s total, African start-ups must raise at least $172 million in December 2025. Given that the monthly average for 2025 stands at around $250 million, and that December funding has consistently exceeded $172 million since 2021 with the sole exception of 2023, analysts believe this target remains within reach.
Overall, the continent’s funding momentum, reinforced by surprising IPO activity, positions 2025 as potentially one of Africa’s strongest years for venture capital and tech growth.