Egypt, Kenya, Nigeria Dominate as African Startups Secure $93m in August Funding
Egypt, Kenya, and Nigeria solidified their positions as Africa’s startup powerhouses, capturing 75 percent of the $93 million raised by 33 startups across the continent in August through deals exceeding $100,000, Africa: The Big Deal latest report revealed.
While the month marked the second-quietest fundraising period of 2025, trailing only March, the total surpassed August 2024’s figures, signaling sustained momentum in Africa’s entrepreneurial ecosystem.
Equity deals drove three-quarters of August’s funding, with notable rounds including Nigeria’s Koolboks securing $11 million in a Series A, Hewatele raising $10.5 million, Breadfast closing a $10 million Series B2, and Chowdeck nabbing $9 million in a Series A.
Ampersand also secured an eight-figure equity round. Egypt’s valU stood out with a $9 million+ securitized bond issuance, contributing to the remaining debt financing.
The funding was spread across five key sectors, each claiming at least 10 percent of the total, reflecting balanced investor interest. Additionally, the month saw significant exits, with South Africa’s iKhokha acquired by Nedbank for over $93 million, spotlighting the region’s growing fintech appeal.
Despite August’s quieter pace, Africa’s startups have already raised $2 billion in 2025, including $1 billion in equity, positioning the continent to surpass 2024’s fundraising total and potentially approach $3 billion by year-end. Egypt, Kenya, and Nigeria’s dominance underscores their pivotal role in driving Africa’s tech boom.
