October was an outstanding month for Africa’s startup scene, with startups across the continent securing more than $442 million in funding, excluding exits.
This marks the second-highest funding month of 2025, following July. As reported by Africa: The Big Deal, equity financing accounted for 76% of the total ($334 million), making October the most robust month for equity investments this year.
At the forefront were two major deals, the first involving Spiro, Africa’s leading electric two-wheel mobility company which secured $100 million, marking the continent’s largest investment in an e-mobility startup to date.
The funds will support the expansion of Spiro’s electric motorcycle assembly operations and its battery-swapping infrastructure, with $75 million provided by the African Export-Import Bank (Afreximbank). The company plans to roll out more than 100,000 electric vehicles by the end of 2025.
Additionally, Nigerian fintech firm Moniepoint raised an extra $90 million in its Series C round, bringing total funding to $200 million. Led by investors such as Visa and Development Partners International, the round aims to drive Moniepoint’s expansion across Africa and into global markets, supporting small businesses and entrepreneurs. Other notable rounds included Tagaddod, Ctrack, and Mawingu, each securing $20 million or more in equity.
The rest of the funding primarily came through debt, maintaining a pattern observed throughout the year. In October, reports indicated that startups secured $935 million in debt financing, surpassing the combined totals of 2022 and 2024 and positioning the ecosystem to exceed the $1.1 billion record set in 2023. Debt accounted for 42% of all funding raised in 2025, marking its highest share since 2019.
Two significant bond issuances also drew attention this year. Egyptian fintech unicorn MNT-Halan raised EGP 3.4 billion ($71.4 million) through its seventh securitized bond issuance, reinforcing its position as the nation’s largest private non-bank issuer in the securitization market. Additionally, Egypt-based fintech firm valU secured around $23 million through a similar issuance.
Overall, 53 ventures raised a minimum of $100,000 in October exceeding the recent monthly average. Analysts suggest this momentum reflects growing optimism across Africa’s startup ecosystem, as key growth indicators record double-digit improvements across most metrics.
So far in 2025, startups across the continent have collectively raised $2.65 billion representing a 56% year-on-year increase from the same period in 2024 and exceeding funding levels recorded during the equivalent timeframe in 2023.
Equity funding grew by 31% year-on-year, nearly equaling the total recorded between January and October 2023. Additionally, 179 startups have secured at least $1 million in funding since the start of the year, a 13% rise compared to 2024 and marginally above the 178 ventures reported in 2023.
Between November 2024 and October 2025, African startups collectively raised $3.2 billion, reflecting a 50% year-on-year increase. Of this total, $1.9 billion was raised through equity funding — a 38% rise while 207 ventures secured at least $1 million, marking an 8% increase compared to the previous year.
Analysts remain optimistic that the last two months of 2025 could replicate the robust close of 2024, during which startups secured $540 million in funding between November and December.
Although the final outcome of 2025 will hinge on developments in the months ahead, the ongoing trend presents an encouraging outlook for Africa’s startup ecosystem, one marked by resilience, revitalized investor confidence, and sustained growth momentum.
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