DFP Africa Startup Brief (October 2025)
Africa’s startup ecosystem often remains opaque to outside observers. The DFP Africa Startup Brief delivers curated updates on their fundraising, M&A activity, and other key developments—based on firsthand information gathered on the ground by DFP staff based in Africa—accompanied by expert commentary and analysis.
1. African Startup Fundraising Trends (Based on Disclosed Transactions)
Two Fintech Unicorns Close Major Funding Deals
（１）October, 2025
[Overview]
In October, 26 startups across 12 countries secured funding. Notably, three growth-stage companies stood out for their large-scale raises: Nigeria’s fintech unicorn Moniepoint, Egypt’s fintech unicorn MNT-Halan, and Kenya’s electric mobility startup Spiro. Early-stage activity (Pre-Seed and Seed) also remained strong, with 9 companies from 6 countries completing funding rounds.
[Facts]
Total funding:
USD 397 million
26 startups across 12 countries
By country:
Big 4 (16 startups, USD 352 million total)
Others (8 countries, 10startups, USD 45 million)
Major fundraising:
・Spiro (Kenya, E-mobility): Undisclosed, USD 100 million
・Moniepoint (Nigeria, Fintech): Series C, USD 90 million
・MNT-Halan (Egypt, Fintech): debt, USD 71 million
Investments by Japanese investors:
Morocco/ Chari (Fintech): USD 12 million/ Series A
Investors: Uncovered Fund, Verod-Kepple Africa Ventures, and more
Egypt/ Tagaddod (Renewable Energy): USD 26.3 million/ Series A
Investors: Verod-Kepple Africa Ventures, and more
（２）Cumulative Figures for 2025 (January–October)
Total Funding (Publicly disclosed):
Total funding: USD 2.53 billion (up 49% YoY)
Number of deals: 274 deals (down 63% YoY)
Top 5 Deals (January–October 2025)
- d.light (Kenya, Renewable Energy, Debt): USD 300 million
- Sun King (Kenya, Renewable Energy, Debt): USD 156 million
- Wave (Senegal, Fintech, Debt): USD 137 million
- Spiro (Kenya, E-mobility, Undisclosed): USD 100 million
- Moniepoint (Nigeria, Fintech, Series C): USD 90 million
2. African Startup M&A Activity (Based on Disclosed Transactions)
GlobalShop, U.S.-Based Retailer, Enters African Market Through Acquisition
In October 2025, 3 deals were reported.
As a result, the cumulative total from January to October 2025 reached 68 deals, marking a 88.9% increase compared to the same period last year (see chart below).
Contact
Double Feather Partners Inc.
Insights & Strategic Planning Department –
Albert Mbithi, Emma Kiserema <insight@doublefeather.com>
Disclaimer
This document has been prepared by Double Feather Partners Inc. solely for informational purposes and does not constitute an offer, solicitation, or recommendation to purchase, sell, or hold any specific securities, financial products, or investment strategies. The opinions, forecasts, and views expressed herein reflect the judgment of the author(s) at the time of publication and are subject to change without notice. While efforts have been made to ensure the accuracy and completeness of the information contained in this report, no guarantee is provided. Readers are advised to make investment decisions at their own discretion and responsibility.