In February 2026, African startups raised a total of $272 million, according to the latest monthly report by the specialized platform Africa: The Big Deal.
This marks a clear rebound compared to January, when funding totaled $174 million, and slightly exceeds the average monthly figure over the past 12 months, estimated at $254 million.
In detail, the funding structure remains balanced: 54% of funds were raised through equity (shareholdings), compared to 45% in debt. The number of startups announcing fundraising rounds also rebounded compared to January, although it remains slightly below the 12-month monthly average of 46 deals.
“After a slow January, activity in February returned to the expected level for 2025,” the report notes. This puts 2026 back ahead of 2025. Over the first two months of the year, African startups raised more than $446 million, compared to $417 million over the same period a year earlier.
Geographically, fundraising was concentrated in a limited number of countries. Egypt led with $64 million, followed by Benin ($57 million), Côte d’Ivoire ($45 million), and South Africa ($44 million).
At the regional level, West Africa clearly dominated, accounting for 53% of total funding in February, ahead of North Africa (24%) and Southern Africa (21%).
In contrast, East Africa, despite leading in 2025 with 34% of funding, saw a sharp decline, representing just 3% in February and barely 4% over the first two months of 2026.
Overall, funding remains highly concentrated, with the month’s total largely driven by a small number of deals: six startups alone accounted for nearly 80% of the funds raised.
At the same time, the number of startups announcing funding rounds increased compared to January, but still has not fully returned to its usual pace, remaining slightly below the 12-month average (46 monthly deals).
