DFP Africa Startup Brief (July 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)
Kenyan PayGo Renewable Energy Startups Successfully Raised Funds to Expand Electricity Access
（１）July 2025
Total Funding:
USD 513 million (up 34% YoY)
12 deals (11 companies)
By Country:
Big 4: Kenya (4 deals), Egypt (2 deals), South Africa (2 deals)
Others: Uganda, Cameroon, Mauritius, Morocco
Major Fundraising:
・d.light (Kenya, renewable energy): Debt, USD 300 million
・Sun King (Kenya, renewable energy): Debt, USD 156 million
Investments by Japanese investors:
n.a.
（２）Cumulative Figures for 2025 (January–July)
Total Funding:
USD 1.85 billion (up 56% YoY)
161 deals (down 70% YoY)
By Country:
Big 4: 68% of deals, 77% of total funding
Others: Chart below
Top 3 Fundraising:
・d.light (Kenya, Renewable Energy): Debt, USD 300 million
・Sun King (Kenya, Renewable Energy): Debt, USD 156 million
・Wave Mobile (Senegal, Fintech): Debt, USD 137 million
2. African Startup M&A Activity (Based on Disclosed Transactions)
Meta Acquires Egyptian Startup, Spotlight on African Startups Grows
In July 2025, seven deals were reported.
As a result, the cumulative total from January to July 2025 reached 53 deals, marking a 77% increase compared to the same period last year (see chart below).
* Since the company is based in the UAE but also operates in Africa in the latter part of the year, it is included in this table.
Contact
Double Feather Partners Inc.
Insights & Strategic Planning Department –
Satoshi Nakagawa, 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.