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African startups raised $455m in August
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84% of the funding went to five companies
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Moove’s $250m Series C accounting for more than half of the continent’s total
Nigeria dominated Africa’s startup funding in August, accounting for $364 million, or 80 percent, of the $455 million raised across the continent, although the bulk of the country’s haul came from a single $250 million funding round by mobility company Moove.
According to Africa: The Big Deal, African startups raised more than twice the previous 12-month average of $220 million in August, making it the second-highest monthly funding total over the past year, behind June 2026.
The strong funding value, however, was concentrated among a small number of companies, raising questions about the breadth of the recovery in Africa’s startup investment market.
Moove’s $250 million Series C alone accounted for about 55 percent of all funding raised by African startups in August. The company’s round also represented nearly 69 percent of the $364 million attributed to Nigeria during the month.
Without Moove’s funding, Nigeria’s August total would have been about $114 million, significantly reducing the country’s share of the continent’s overall funding.
The other major transactions included a $50 million equity raise by Jumia, while Yellow Card, a stablecoin infrastructure company, raised $40 million. Moment secured $22 million and ValU completed a $21 million corporate bond issuance.
Together, the five largest transactions accounted for 84 percent of the $455 million raised during the month, according to the report.
The concentration extended beyond individual companies, with the continent’s Big Four startup markets accounting for 99.5 percent of the total amount raised and 29 of the 31 funding deals recorded in August.
While August produced a rapid increase in the value of capital raised, the number of startups securing funding remained below the recent average.
The report noted that only 31 African startups announced funding rounds of at least $100,000 during the month, compared with a previous 12-month average of 43 ventures.
The trend is also evident in the year-to-date figures. Between January and August, African startups raised $1.92 billion, just 9 percent below the $2.11 billion recorded during the same period in 2025.
Equity funding has performed better, rising 23 percent year-on-year to $1.35 billion, largely driven by mega-rounds secured by Spiro and Moove.
However, the pool of startups attracting capital has narrowed.
Only 269 unique ventures had raised at least $100,000 by the end of August, down 19 percent from 332 startups during the same period in 2025.
The number of named active investors also declined to 288 from 368 a year earlier, representing a 22 percent drop.
The figures point to a funding market in which the total value of capital is being supported by increasingly large transactions, even as fewer startups and investors participate in the market.
August also recorded two startup exits. Egypt-based Tamweely was acquired by eFinance Group in a disclosed $95 million transaction, while Kenya’s Chpter was acquired by Cloud9 for an undisclosed amount.
The two transactions brought the number of African startup exits recorded in 2026 to 30.
