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Reading: 40 African startups raised $289m in January 2025
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African News Herald > Blog > Technology > 40 African startups raised $289m in January 2025
Technology

40 African startups raised $289m in January 2025

ANH Team
Last updated: February 10, 2025 2:26 pm
ANH Team
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The African startup space is off to a bullish start in 2025, with a total of 40 startups raising an impressive $289 million in $100,000+ investment deals in January. This marks a significant 240% increase from the $85 million raised in January 2024, making it the highest amount raised in January since 2022.

According to data from Africa: The Big Deal, equity deals dominated the fundraising landscape, accounting for 90% of the total investment in the $100,000 category. Equity deals surged to $262 million, making it the second-best January for equity fundraising since 2019.

The report highlights that January 2025 has been a strong month for startup fundraising in Africa, with total funding reaching nearly $300 million through $100,000+ deals. This represents almost 3.5 times the amount raised in January 2024 and is the second-best January since at least 2019.

Although the number of $100,000 deals recorded in January was lower compared to the past three years, there was a positive increase in $1 million+ deals. In January, 26 $1 million+ deals were recorded, up from 21 in the same period last year, further boosting total funding.

Four startups from the Big Four countries—Egypt, Nigeria, Kenya, and South Africa—secured the largest deals of the month, accounting for 60% of the total funds raised. Notably, three out of the four largest deals involved expansion beyond their home markets, either within Africa or globally.

Leading the way was fintech startup LemFi, which raised $53 million to expand into Asia and Europe. Cleantech energy startup PowerGen followed closely with over $50 million earmarked for scaling distributed renewable energy solutions across Africa. South African insurtech Naked secured a $38 million Series B round to automate and expand its product offerings, while Enko Education raised $24 million to grow its network of African schools.

See also  African Modernism Gains Recognition at Tefaf Fair and Venice Biennale

The strong start to 2025 reflects growing investor confidence in Africa’s startup ecosystem, despite global funding challenges. Sectors like fintech, cleantech, and edtech continue to attract significant capital, indicating that African startups are not only surviving but evolving into more scalable and globally competitive ventures.

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