DFP Africa Startup Brief (November 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 Exits
Two fintech startups went public in African markets – the first since 2019
- Optasia (South Africa, Fintech):
Optasia, an AI-driven credit-scoring and lending platform, raised $345M on the Johannesburg Stock Exchange, achieving a $1.4B valuation. This made it South Africa’s largest fintech IPO in years. - Cash Plus (Morocco, Fintech):
Cash Plus, which offers money transfers, bill payments, foreign exchange, and digital accounts, raised $82.5M on the Casablanca Stock Exchange with a $550M valuation, becoming Morocco’s first fintech IPO.
This marked the first IPO by a tech/fintech company on an African stock exchange since Jumia and Fawry went public in 2019, reflecting renewed investor appetite for scalable fintech businesses and growing confidence in African capital markets.
2. African Startup Fundraising Trends (Based on Disclosed Transactions)
Africa Funding in November: Renewables Account for 70%
（１）November, 2025
[Overview]
In November, 23 startups across 12 African countries raised a total of $157 million. Fundraising was particularly strong in the renewable energy sector, where six companies—Sawa Energy (Uganda), ICE Solar (Nigeria), SolarSaver (South Africa), maxwell+spark (South Africa), SolarX (Côte d’Ivoire), and Plentify (South Africa)—collectively raised $110.45 million, accounting for approximately 70% of the total funding.
[Facts]
Total funding:
USD 157 million
23 startups across 12 countries
By country:
Big 4 (11 startups, USD 112 million total)
Others (8 countries, 12 startups, USD 45 million)
Major fundraising:
・SolarSaver (South Africa, Renewable Energy): Equity, USD 60 million
・NextProtein (Tunisia, Agritech): Series B, USD 20.7 million
・SolarX (Côte d’Ivoire, Renewable Energy): Debt, USD 17.4 million
Investments by Japanese investors:
Angola/ Anda (Mobility): USD 3.4 million/ Seed
Investors: DFP and more
（２）Cumulative Figures for 2025 (January–November)
Total Funding (Publicly disclosed):
Total funding: USD 2.69 billion (up 50.4% YoY)
Number of deals: 297 deals (down 60% YoY)
Top 5 Deals (January–November 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, SeriesC): USD 90 million
3. African Startup M&A Activity (Based on Disclosed Transactions)
Kenyan Fintech, Pesapal, Successfully Exited through Acquisition by a Large Financial Services Provider, KCB Bank Group
In November 2025, 6 deals were reported.
As a result, the cumulative total from January to November 2025 reached 74 deals, marking a 89.7% 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.