Double Feather Partners

DFP Africa Startup Brief (March 2026)

Africa’s startup ecosystem often remains opaque to outside observers. The DFP Africa Startup Brief delivers curated updates on African startup 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)

Renewable Energy Led Capital Deployment, while Fintech led by Deal Count in March

1.[Overview] 

March recorded 22 startup transactions across 9 African countries, with Kenya and South Africa leading both in deal count and capital intensity.Renewable energy dominated funding volume, while fintech remained the most active sector by number of deals. Seed-stage activity was widespread, highlighting ecosystem diversity across regions.

[March 2026 — Key Facts] 

Total funding: USD 106.3M million

Number of deals: 22 startups across 9 countries 

By country: 

Big 4 countries (15 startups) — USD 102.2 million 

Other markets (Morocco, Ghana, Uganda, Angola, Ethiopia): 6 startups — USD 7.3 million

Major funding rounds: 

  • Sistema.bio (Kenya, Renewable Energy): Series B- USD 53million​

  • Zeno Amaral (Kenya, Uganda, Renewable Energy): Debt  — USD 37.2million​ 

  • Littlefish (SouthAfrica, Fintech): Series A— USD 9.5 million​

  • Happy Pay (SouthAfrica, Fintech): Seed — USD 5 million

  1. [Cumulative 2026 Performance — January to March] 

Total Funding: USD 662.8 million ( up 28.9 % YoY) 

Number of deals:  64 deals ( down 13.5% YoY)  

3. African Startup M&A Activity (Based on Disclosed Transactions) 

In March 2026, 8 M&A deals were reported. 
Cumulatively, from January to March 2026, a total of 21 deals were recorded. March 2026 reads as a consolidation-toward-bundling moment — growth-stage African platforms.

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