African startups raised $141.7 million in September 2025, a 21% jump from $117 million in August, driven by large South African rounds and steady fintech appetite in West Africa. Combined with a $555 million surge in July, third-quarter funding totalled $813.7 million. The quarter thus charted a whiplash trajectory—a July spike, an August slump, and a September rebound—suggesting capital is still available for clear enterprise value plays (identity, telematics, fintech infrastructure) even as consumer growth stories face tighter diligence. September’s capital was spread across 18 disclosed deals, implying an average round size of roughly $7.9 million.
Where the money went
By country.
- South Africa led with $65.5M across five deals, anchored by Ctrack ($23.4M), Pura Beverage ($15M), Contactable ($13.5M), The Invigilator ($11M) and Float ($2.6M).
- Nigeria followed with $40.6M (five deals), paced by Kredete ($22M), Odyssey ($7.5M), Babban Gona ($7.5M), Rulebase ($2.1M) and Hinckley ($1.5M).
- Egypt posted $15.5M via Intella ($12.5M) and Munify ($3M).
- Kenya saw $11.5M—ARC Ride ($10M) and Pyramidia Ventures ($1.5M).
- Morocco totaled $6.6M—Nucleon ($3.5M), DONE ($2.1M) and Justyol ($1M).
- Tanzania added $2M via MazaoHub.
By region.
- Southern Africa (driven by South Africa) captured $65.5M (46% of total).
- West Africa contributed $40.6M (29%), almost entirely from Nigeria.
- North Africa logged $22.1M (16%), split across Egypt and Morocco.
- East Africa recorded $13.5M (10%), with Kenya and Tanzania in the mix.
Sector snapshots
While the dataset is deal-level rather than taxonomy-led, the rounds cluster into clear themes:
- Telematics/IoT: Ctrack ($23.4M, South Africa) topped the month, underscoring continued investment in fleet, logistics and connected-vehicle platforms—where ROI is tied to cost savings and asset visibility.
- Fintech (multiple sub-verticals): Kredete ($22M, Nigeria) led lending, while Float ($2.6M, South Africa) and Odyssey ($7.5M, Nigeria) reflect spend management and infrastructure demand. Munify ($3M, Egypt) adds micro-lending; Rulebase ($2.1M, Nigeria) touches compliance/GRC-adjacent needs.
- Identity/RegTech: Contactable ($13.5M, South Africa) points to sustained demand for KYC/identity middleware as regulators tighten AML/CTF expectations.
- AI/Data: Intella ($12.5M, Egypt) highlights enterprise AI and analytics tailwinds; Nucleon ($3.5M, Morocco) extends this into cybersecurity/AI.
- Edtech/Assessment: The Invigilator ($11M, South Africa) shows resilience in digital proctoring and assessments.
- Mobility/E-mobility: ARC Ride ($10M, Kenya) reflects mobility electrification and last-mile transport formalization in East Africa.
- AgriTech: Babban Gona ($7.5M, Nigeria) and MazaoHub ($2M, Tanzania) continue productivity and aggregation themes.
- Logistics/E-commerce: DONE ($2.1M) and Justyol ($1M) signal ongoing last-mile and marketplace optimization.
- Food & Beverage: Pura Beverage ($15M) shows appetite for defensible consumer brands.
- Venture/Studio: Pyramidia Ventures ($1.5M) indicates demand for company-building platforms.
What changed from August
- Momentum returned. September’s $141.7M outpaced August by $24.7M, helped by multiple $10M+ checks (Ctrack, Kredete, Pura Beverage, Contactable, Intella, The Invigilator, ARC Ride).
- South Africa’s outsized role. Southern Africa accounted for nearly half of all funding in September, reversing earlier periods when West Africa led.
- Fintech is broadening. Beyond lending, identity/compliance and spend infrastructure attracted solid rounds (Contactable, Odyssey, Float, Rulebase).
Conclusion
September’s $141.7 million haul lifted Q3 to $813.7 million, underscoring a quarter defined by volatility: a July spike ($555M), a sharp August dip ($117M), and a measured September rebound. The distribution of capital highlights three durable themes from the dataset: (1) infrastructure-led bets (telematics, identity/KYC, compliance, B2B fintech rails) that monetize on clear enterprise value; (2) fintech breadth beyond pure lending into spend management and back-office plumbing; and (3) regional diversification, with South Africa taking a plurality in September, Nigeria anchoring West Africa’s fintech depth, and North Africa contributing AI/data and cybersecurity plays.
By country, South Africa ($65.5M) and Nigeria ($40.6M) accounted for three-quarters of the month’s funding, while Egypt ($15.5M), Kenya ($11.5M), Morocco ($6.6M), and Tanzania ($2M) rounded out activity. Sectorally, larger checks clustered around telematics/IoT, identity/regtech, AI/data, and fintech infrastructure, with selective momentum in edtech assessments, agritech, mobility/e-mobility, and consumer brands.
Taken together, Q3’s pattern suggests investors continue to back revenue-anchored, operationally critical platforms over broad consumer growth stories. Whether that balance persists will depend less on sentiment and more on the ability of startups to show unit-economic discipline, enterprise traction, and regulatory alignment. What’s clear from September’s dataset: capital is still available and discerning, and founders winning checks are those converting essential infrastructure and compliance needs into measurable ROI.
