Funding: These African Startups raised at least $10 million in H1 2025

With $1.4 billion raised by African startups during the first half of the year, the ecosystem is gearing up towards a better 2025. By over 78%, the amount raised so far has surpassed the $800 million raised during the same period in 2024. 

According to data from Africa the Big Deal, H1 2025 monthly tally crossed the $250 million bar in four different months: January, April, May, and June. To note, the monthly average stood at $237 million. This is more than the $187 million average for 2024 and $133 million for H1 2024.

While H1 2025 showed an improvement overall, a few startups were responsible for raising the bar. This article will explore a list of African startups that raised at least $10 million.

Also Read: African startups raised $1.4bn in H1 2025 following an impressive $365m funding in June.

Startups that raised at least $10 million

For easy reference, we will segment the funding rounds in order of the month raised:

January 2025

• London-based fintech LemFi raised $53 million to expand into Asia and Europe.
• Renewable energy company, PowerGen, raised over $50 million in funding to expand its distributed renewable energy solutions across Africa
• South African insurance-tech company Naked raised $38 million in a Series B2 funding round led by global investor BlueOrchard to deepen its investment in AI and automation.
• A group of African International Schools, Enko Education, secured $24 million in equity investment to triple its student body to reach 20,000 learners by 2029.
• Moniepoint secured over $10 million from Visa, bringing its Series C raise to over $120 million.

Total raised: $289 million (40 startups)

February 2025

• Togo-based Gozem raised $30 million in a Series B funding round for its vehicle financing expansion.
• Egypt’s Khazna secured $16 million in pre-Series B funding, bringing its total funding to over $63 million.
• Nigeria-based Raenest raised $11 million to expand its financial offerings across Africa.
• Hakki Africa Inc., a Japanese mobility fintech providing microfinance solutions for Kenya taxi drivers, raised $12.7 million.
• Mansa raised $10 million in seed funding, including both equity and debt.

Total raised: $119 million (38 startups)

March 2025

Unimpressively, no startup raised up to $10 million in March. Indeed, Africa witnessed the slowest month since late 2020. The closest to the mark was Enza’s $6.75m raise.

Total raised: $50 million

April 2025

• Egyptian-based InfiniLink raised $10 million to develop its optical data connectivity technology for AI-driven data centres.
• Nigeria’s OmniRetail secured $20 million Series A equity funding to expand its e-commerce footprints in Nigeria, Ghana, and Ivory Coast.
• Egypt’s Bokra raised $59 million to help finance credit to SMEs in the country. 
• Pretoria-based health-tech, hearX, raised $100 million through its merger with U.S.-based Eargo to deepen its fight against the hearing crisis in developing countries.
• Also, South Africa’s fintech Stitch raised $55 million to expand payment solutions across Africa.
• Ivorian Djamo raised $17 million in seed funding led by pan-African and gender-focused VC Janngo Capital.
• Ghanaian fintech company Zeepay secured an $18 million senior secured debt facility for its working capital and expansion across Africa.

Total raised: $343 million (39 startups)

Also Read: 39 African startups raised $343m in April as 2025 funding hits $803 million.

May 2025

• Egypt’s property tech startup, Nawy, raised $75 million in a record-breaking deal, marking the largest proptech deal on the continent.
• Also, Egypt’s Fintech Valu raised $27 million from Saudi Investors to support its expansion plans. 
• Another Egyptian startup, Tasaheel, raised $50 million, described as Egypt’s largest corporate bond issuance ever.
• Sylndr, an Egypt-based used car e-commerce company, raised $15.7 million in a series A funding round, which brings its total raised since launch to over $30 million.
• Another Egypt-based Fintech, Thndr, raised $15.7 million in a funding round led by Prosus alongside support from Y Combinator and others.
• South African health-tech startup Aura secured $15 million in a Series B funding round to expand its reach into the United States.
• Egypt’s Fintech Money Fellows raised $13 million in a pre-Series C round, bringing its total funding to over $60 million.

Total raised: $254m (36 startups)

June 2025

• Senegalese fintech Wave raised $137 million in debt financing led by Rand Merchant Bank (RMB). 
• South African solar-as-a-service provider Wetility secured $27.8 million to help provide reliable and cost-effective solar energy to over one million homes across the country.
• Another South African startup, Nile, raised $11.3 million to accelerate its agric-tech growth across Southern Africa.
• Senegalese e-health startup KERA raised $10 million in funding from the International Finance Corporation (IFC), a member of the World Bank Group.

Total raised: $365 million

In sum

Although African startups crossed the $1 billion funding mark in May, June holds the highest record.

With 7 each, April and May hold the record for individual raises of more than $10 million in funding, debt, or equity. This means that Q2 2025 represents a significant turnaround from the disappointing past for startups on the continent. 

Furthermore, experts believe that African startups are poised to put up a better show in H2 2025.

For instance, Nigerian-born mobility startup Moove seeks to raise $300 million, which will power it to unicorn status. PalmPay, a leading African fintech and digital banking platform, is also in talks to raise $50 million-$100 million in Series B funding.