African startups secured nearly $1.4 billion in funding during the first half of 2026, according to data from Africa: The Big Deal, highlighting a resilient investment environment despite a slower start to the year.
The total is broadly in line with the $1.44 billion raised during the same period in 2025, representing a modest 6% year-on-year decline, but remains well below the $1.7 billion recorded in the second half of 2025, a period that saw funding fall by 22%.
Funding was split between equity and debt, with equity investments accounting for roughly two-thirds of the total, or nearly $900 million, underscoring investors’ continued preference for ownership stakes over lending.
Overall, 190 African startups raised at least $100,000 during the six-month period, attracting participation from more than 264 investors. While equity financing has eased slightly from recent periods, standing at $979 million in the first half of 2026, compared with $1 billion in the second half of 2024 and $962 million in the first half of 2025, it has remained relatively stable following the funding slowdown that began in late 2023 and early 2024.
June delivers strongest monthly performance in nearly a year
June marked a sharp recovery in startup financing across the continent. According to Africa: The Big Deal, 48 startups raised a combined $515 million, making it the best monthly fundraising performance since July 2025 and the second-highest monthly total since the beginning of 2023.
The rebound was driven overwhelmingly by equity financing, which represented 91% of total funding in June, compared with a more balanced mix of debt and equity through May.
Equity funding alone reached $468 million, surpassing the combined totals recorded during each of the previous five months and standing at nearly three times the 12-month monthly average of $169 million. It also marked the strongest month for equity investment since March 2022.
Despite June’s strong performance, the overall picture for the first half of 2026 remained mixed. Debt financing totaled $450 million, up 1% year-on-year, but the modest increase brought to an end three consecutive funding periods of growth in debt investment.
Across the first six months of the year, the funding mix shifted further in favor of equity. Equity accounted for 66% of total investment, while debt represented 33%, compared with a 56% equity and 42% debt split during the second half of 2025, reflecting a renewed investor appetite for equity-backed financing in Africa’s startup ecosystem.
