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Africa The Big Deal data shows African startups raised $183 million in October 2026, down 58% year on year. 34 startups closed $100,000+ rounds.
Africa: The Big Deal reports African startups raised $183 million in October 2026. That was a 58% drop from $435 million in the same month last year.
Africa: The Big Deal said 34 startups raised at least $100,000 during the month.
The $183 million total was down 24% from the $241 million raised in September. It was also 29% below the 12 month monthly average of $259 million.
The number of funded startups also fell. October’s 34 funded startups was below the 12 month monthly average of 43.
By country, Nigeria raised $42 million across nine companies. The report said a significant share of Nigeria’s funding came as debt financing, especially in energy and mobility.
Morocco and Tanzania raised $40 million each. Egypt raised $19 million. Senegal raised $13 million.
Two of the month’s largest transactions were outside the “Big Four” markets, Nigeria, Kenya, Egypt and South Africa. Morocco based healthcare company ABA Life raised $40 million in equity from Admaius Capital Partners. Tanzania based agricultural technology company East Africa Foods raised $40 million in a Series B round, with InfraCo Africa, Oikocredit and FMO participating.
Other deals mentioned in the report included a $17 million bond issuance by Egyptian fintech company ValU. Senegal based Afreenergy Solar raised $13 million. In Nigeria, Bisedge raised an $11 million loan from Finnfund, and Beacon Power Services raised a $10 million loan from the European Bank for Reconstruction and Development.
The report said startups outside the Big Four made up 54% of funding in October, leaving the Big Four with 46%. It added this was their lowest monthly share since November 2022.
Climate technology took most of the money. It accounted for 55% of October funding.
By funding type, equity was about $110 million, or 60% of the total. Debt was $71 million, or 39%. Grants were $2 million.
Africa: The Big Deal said the figures show investors continued backing companies working on energy, agriculture and climate related problems, even as overall funding slowed.
Primary Source: Techinafrica
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