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African startups raised $183 million in October 2026 across 34 deals of at least $100,000, down 58% from $435 million in October 2025.
African startups raised $183 million in October 2026, down 58% from $435 million in the same month of 2025.
African startups raised a combined $183 million in October 2026, excluding exits. The total came from 34 startups that announced funding rounds of at least $100,000, based on data from Africa: The Big Deal.
October’s total was 24% lower than the $241 million raised in September. It was also 29% below the average monthly funding of $259 million recorded over the preceding 12 months.
The number of startups raising at least $100,000 also fell below the recent average. There were 34 ventures announcing deals, compared with a monthly average of 43 over the past year.
Nigeria attracted the most funding in October with $42 million across nine startups. The report said this was largely through debt financing in the energy and mobility sectors. Morocco and Tanzania followed with $40 million each, while Egypt attracted $19 million and Senegal recorded $13 million.
The two largest rounds were both $40 million and went to ventures outside Africa’s Big Four markets. Moroccan healthcare startup ABA Life raised $40 million from Admaius Capital Partners. Tanzanian agritech company East Africa Foods raised $40 million in a Series B round from investors including InfraCo Africa, Oikocredit and FMO.
Other deals highlighted include a $17 million bond issuance by Egyptian fintech company ValU, $13 million raised by Senegalese renewable energy company Afreenergy Solar, an $11 million loan from Finnfund to Bisedge, and a $10 million loan from the European Bank for Reconstruction and Development to Nigerian energy technology company Beacon Power Services.
The report said climate technology companies accounted for 55% of the funding raised during the month.
Equity financing made up $110 million, or 60% of October funding, while debt accounted for $71 million, or 39%. Grants contributed about $2 million.
Debt financing fell 33% year on year to $740 million from $1.1 billion, while equity rose 5% to $1.6 billion.
Primary Source: Nairametrics
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