African Startups Raised $162 Million in November 2025 as Venture Funding Slows Sharply

African tech startups raised $162 million in November 2025, reflecting a significant slowdown in venture funding as the year approaches its end. The data, compiled by Africa-focused funding tracker Africa: The Big Deal, shows a sharp decline in investor activity across the continent.

Funding Drops by 63% Month-on-Month

The November total represents:

• A 63.3% decline from October 2025’s $442 million
• A 32.2% drop compared to November 2024’s $252 million
• A 39.2% decrease from the $267 million raised in November 2023

This trend contrasts with the typically active final quarter, suggesting an unusual slowdown in late-year funding momentum.

Equity Dominates Despite Lower Volumes

Of the $162 million raised in November:

• 79% (about $128 million) came from equity investments
• The remaining 21% was secured through debt financing

This equity-heavy split continues the trend seen in recent months:

• October 2025: 76% equity ($334 million of $442 million)
• September 2025: 75% equity ($105 million of $140 million)

The consistency in equity participation points to a sustained, though cautious, return of investor confidence.

Fewer Startups Cross the $100k Threshold

A total of 32 startups raised $100,000 or more in November, down from 53 startups in October.
Among these:

• 16 startups raised $1 million or more
• Only 6 startups secured $10 million or above

South Africa emerged as the strongest performer, accounting for four of the top six largest deals.

Top Deals: SolarSaver Leads with $60 Million

1. SolarSaver (South Africa) — $60 Million Equity

South African solar energy provider SolarSaver topped the month’s funding charts with a $60 million equity round. The investment was led by Inspired Evolution’s Evolution III Fund, with participation from FMO and Swedfund.
SolarSaver, which builds and operates rooftop and on-site solar systems, plans to scale its small-scale solar and battery installations across South Africa, Namibia, Botswana, and Zambia.

2. nextProtein (Tunisia) — $21 Million Series B

Tunisian agritech startup nextProtein raised $21 million in a Series B round co-led by Swen Capital’s Blue Ocean Fund and British International Investment.
The startup produces insect-based protein powders for livestock and fish, as well as plant fertilisers. The funds will support the expansion and the launch of a second production facility in Tunisia.

3. SolarX (West Africa) — €15 Million Facility

West Africa-focused solar company SolarX secured €15 million from the AFRIGREEN Debt Impact Fund, supported by E3 Capital, FMO, Proparco, and Triple Jump.
The financing, split into short- and long-term tranches, will allow SolarX to refinance assets and build new plants in Côte d’Ivoire, Senegal, Mali, and Burkina Faso.

4. Omnisient (South Africa) — $12.5 Million Series A

South African fintech Omnisient, an AI-driven data collaboration platform, raised $12.5 million in a Series A round co-led by TransUnion.
The company enables banks and insurers to analyse alternative data to serve credit-invisible customers. The new capital will fuel its expansion into global markets, including the United States.