African Startups Secure $442 Million in Funding in October 2025
African startups have successfully mobilized over $442 million in funding in October 2025, excluding exits. This marks the second-best month of the year, behind July. According to a report by Africa: The Big Deal, 76% of this amount, or $334 million, came from equity financing, making October the strongest month for equity funding since the beginning of 2025.
Key Transactions in October
Two major transactions characterized October:
- Spiro, the African leader in two-wheeled electric mobility, secured $100 million, the largest investment ever made in an e-mobility startup on the continent. The funding will be used to develop its electric motorcycle assembly and battery swapping network, with $75 million coming from the African Export-Import Bank (Afreximbank). The company aims to deploy over 100,000 electric vehicles by the end of 2025.
- Moniepoint, a Nigerian fintech, raised an additional $90 million in its Series C round, bringing the total to $200 million. This funding, led by investors such as Visa and Development Partners International, will accelerate its expansion across Africa and into international markets.
Debt Financing and Cumulative Funding
The remaining funding is largely debt, following a trend observed throughout the year. As of the end of October 2025, startups had raised $935 million in debt, surpassing the totals of 2022 and 2024, and putting the ecosystem on track to exceed the record $1.1 billion set in 2023.
Cumulatively, African startups have raised $2.65 billion since the beginning of 2025, marking a 56% year-over-year growth compared to the same period in 2024. Equity funding has increased by 31% year-over-year. Additionally, 179 startups have raised at least $1 million since the beginning of the year, up 13% from 2024.
Industry Outlook
Industry observers are optimistic that the last two months of 2025 could reflect the strong end to 2024, when startups attracted $540 million between November and December. The current trajectory paints a promising picture for the African startup landscape, marked by renewed investor confidence and stable growth momentum.
