Condia Report: 81 African 2022 Seed Startups Lack Series A

In Short

• Condia tracked 105 African startups that raised seed funding in 2022.
• Only 10 have raised a Series A round in the 34 months since.
• 81 are still operating, but have not raised follow-on equity funding.

What Happened: Condia Data On Africa Seed To Series A Funding

Condia’s State of Startup Funding in Africa report says 81 African startups from the 2022 seed class are yet to raise a Series A. Series A is the next major venture round after seed, usually used to scale sales, hiring, and expansion.

The report counts 105 startups that raised seed funding in 2022. Of those, 10 have closed a Series A round within about 34 months. Eleven have either shut down or been acquired.

That leaves 81 companies that are still active but have not raised follow-on equity capital. Equity funding means investors buy shares in a company, rather than lending money.

Examples mentioned in the report include Egypt’s Telda, Nigeria’s Earnipay, Klasha, Maplerad, and South Africa’s Floatpays. The report also flags operational pressure in parts of the cohort, noting EarniPay layoffs in April 2025 and a pivot.

Condia also says equity funding into African startups recovered to $1.55 billion in 2025. But it warns that the seed pipeline that feeds future Series A rounds has contracted by 60% since 2022.

Why It Matters: Africa Series A Gap And The Shrinking Seed Pipeline

A weaker seed pipeline today can mean fewer companies are ready for Series A tomorrow. That matters because Series A capital often funds repeatable growth, clearer unit economics (how much it costs to acquire and serve a customer), and regional expansion.

For founders, the data suggests the bar for Series A has stayed high even as headline funding totals improved in 2025. For investors, it signals that portfolio support and follow-on strategy may matter more, especially for 2022 seed companies trying to prove traction in tougher markets.