DFP Africa Startup Brief (August 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)
Sony invested in a Kenyan influencer-led social commerce platform.
（１）August, 2025
Total Funding:
USD 80 million (up 29% YoY)
39 companies
By Country:
Big4 (27 companies、USD 64 million): Kenya (9 companies), Nigeria (9 companies)
Others (9 countries, 12 companies, USD 16 million): Chart below
Major Fundraising:
・Koolboks (Nigeria, Cold Chain): Series A, USD 11 million
・Hewatele (Kenya, Healthtech): Debt, USD 10.5 million
・Lendable (Kenya, Fintech): Undisclosed, USD 10 million
Investments by Japanese Investors:
・Chowdeck (Nigeria, Foodtech): AAIC
・Twiva (Kenya, E-commerce): Sony Innovation Fund
・Wassha (Tanzania, Clean Energy): The Shoko Chukin Bank, Ltd.
・Hakki Africa (Kenya, Fintech): The Shoko Chukin Bank, Ltd.
（２）Cumulative Figures for 2025 (January–August)
Total Funding (Publicly disclosed):
Number of deals: 225 deals (down 62% YoY)
Total funding: USD 2.02 billion (up 62% YoY)
Top 5 Countries:
1. Kenya: 37 deals, USD 813 million
2. South Africa: 42 deals, USD 327 million
3. Egypt: 39 deals, USD 272 million
4. Senegal: 4 deals, USD 165 million
5. Nigeria: 39 deals, USD 164 million
2. African Startup M&A Activity (Based on Disclosed Transactions)
A major South African bank has acquired a fintech startup, signaling a new phase in financial deepening.
In August 2025, seven deals were reported.
As a result, the cumulative total from January to August 2025 reached 60 deals, marking a 82% increase compared to the same period last year (see chart below).
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.