The latest update of the monthly African startup deals database revealed that September was quite a busy month for fundraising for the continent’s innovation ecosystem.
This is compared to August 2025, which was a relatively quiet month on the fundraising front for start-ups in Africa.
According to a report by Africa: The Big Deal, in September this year, 58 startups raised $140 million (excluding exits), marking a slightly below-average month in terms of funding volume. However, the figure is nearly identical to September 2024’s $146 million and higher than the $124 million raised in September 2023.
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What stood out most was the number of ventures securing at least $100,000, the second-highest count in the past year, trailing only behind July’s record.
Of the total funds raised, $105 million (75%) came from equity investments, while $32 million was debt financing and $3 million was grant funding. The grants included 16 match-funding awards from DEG Impulse as part of its new develoPPP Ventures cohort in East Africa.
The five largest transactions in September were all equity-based. Nigerian fintech Kredete led the way with a $22 million Series A, to expand its credit-building and stablecoin-powered financial infrastructure for African immigrants and families across more than 40 African countries.
This was followed by Pura Beverage, which raised $15 million in a Series B round, to accelerate global expansion. This investment according to the startup, will be leveraged to accelerate its Soda’s market penetration, brand building, and marketing across the globe, and will provide the funds required to increase and support product listings across major retailers predominantly in the US, but also other international territories.
South African digital identity startup Contractable secured $13.5 million, to drive the platform’s growth and enhance its digital identity offerings on the continent. Egyptian AI firm Intella closed $12.5 million in an oversubscribed Series A round to accelerate its mission to build AI models and tools tailored to Arabic dialects, deepen its enterprise capabilities, and accelerate MENA expansion.
The company noted that the funding will accelerate its mission to power a digital AI workforce across the Arabic-speaking world. With this new funding, Intella is doubling down on R&D, product expansion, and regional hiring to bring its vision to life.
Also, South African edtech The Invigilator completed an $11 million round to scale internationally. Invigilator co-founder and CEO Nicholas Riemer said the investment gives the startup the ability to ramp up AI development, allowing greater access to education while maintaining assessment credibility.
In addition to funding rounds, five exits were announced in September. Three of these occurred in South Africa, where a consortium led by Twofold Capital acquired fintech TaxTim, edtech Rekindle purchased EpiTek, and fintech Street Wallet acquired Digitip. In North Africa, Morocco’s logistics startup Cathedis was acquired by super app Ora Technologies, while Egyptian healthtech Duayatook over EXMGO.
From a broader perspective, African startups raised $785 million in Q3 2025, down from $963 million in Q2 but significantly above Q1’s $461 million. This makes for a robust third quarter, surpassing the same period in 2024 ($649 million), 2023 ($496 million), and 2022 ($612 million).
Outlook
So far in 2025, startups across the African continent have collectively raised $2.2 billion (excluding exits) just $40 million shy of the total amount raised throughout 2024. This trajectory positions 2025 as a potentially record-breaking year for African startup funding.