African startups raised $162 million in November 2025 (excluding exits), according to data from the platform Africa: The Big Deal.
This amount, while not particularly high, remains close to the level recorded in November 2024 ($181 million), though it is still far from the dynamism of November 2023, when fundraising reached $267 million.
In short, “a month that is neither exciting nor worrying. It simply ranks as the fifth-best month of the year in terms of fundraising,” summarizes the report, with 79% of the amounts raised in the form of equity investments—an appetite that is still present but now more selective.
In total, 32 startups raised at least $100,000, with 16 surpassing the million-dollar mark. Among these, six funding rounds exceeded $10 million. A Tunisian startup is featured in this top list of the largest fundraisers: nextProtein, specializing in sustainable agritech and the production of animal protein from insects, secured $21 million.
It joins a group dominated by South African players and energy projects, notably: SolarSaver (South Africa, energy) with $60 million, SolarX (West Africa, energy) with €15 million, Omnisient (South Africa, fintech) with $12.5 million, Lula (South Africa, fintech) with $10 million, and SwiftVEE (South Africa, agritech) with $10 million.
Furthermore, Africa: The Big Deal emphasizes that “the figures remain overall very encouraging.” To date, startups on the continent have raised $2.8 billion (excluding exits), nearly 50% more than the same period last year.
The amounts raised in equity and the number of companies surpassing the million-dollar threshold are also increasing.
Since the beginning of October, African startups have already raised more funds in 2025 than in 2024. “The question now is whether they will manage to surpass the 2023 figures,” the report notes.
In comparison, the January-November periods of 2025 and 2023 show surprisingly similar figures: $2.81 billion raised in 2025 ($1.64 billion in equity) and 196 startups raising at least $1 million, compared to $2.84 billion ($1.62 billion in equity) and 195 startups over the same period in 2023.
Finally, Africa: The Big Deal points out that for 2025 to surpass 2023, startups will need to raise at least $172 million in December.
This is a realistic goal, as the monthly average for fundraising in 2025 reaches $250 million, and since 2021, African startups have always exceeded this threshold in December, with the exception of 2022.
