For the second consecutive year, investors based in Africa established themselves as the most active venture capital players on the continent in 2025.
According to the African Private Capital Association (AVCA), these investors accounted for 30% of the total funds injected into African companies, ahead of players from North America (28%) and Europe (25%). In total, 188 African investors were active during the year.
Titled “Venture Capital in Africa Report 2025,” the report emphasizes that this base of local investors now constitutes a stable and growing pillar, capable of providing the African ecosystem with a certain degree of resilience against economic instabilities that sometimes prompt international investors to withdraw.
Across the continent, 625 investors were active in 2025, compared to 614 in 2024, nearly 70% of whom are international funds. This strong foreign presence is explained by several interrelated factors: the search for opportunities aligned with their operational strategies, access to local talent, and especially the long-term return potential offered by a market that is still largely under-capitalized.
The 188 African investors who invested in companies on the continent in 2025 are mainly based in South Africa, Egypt, Nigeria, and Kenya.
AVCA specifies that seven African funds are among the top ten investors by the number of transactions completed.
In detail, Launch Africa Ventures, based in Mauritius, leads with 14 transactions, followed by Renew Capital in Ethiopia with 8 transactions.
Next are All On in Nigeria, Azur Innovation Management in Morocco, Beltone Venture Capital in Egypt, ESquared Investments and Holocene Venture, both based in South Africa, each having completed 7 transactions.
In total, foreign and African investments reached $3.9 billion spread across 506 transactions, compared to $3.6 billion in 2024, including both equity investments and venture debt financing.
The geographical breakdown shows that North Africa leads with $762 million, ahead of Southern Africa with $560 million, West Africa with $547 million, East Africa with $426 million, and Central Africa with $27 million.
Investments in companies operating in more than one sub-region reached $1.56 billion.
