African startups raised $2.16 billion between January and September 2026, with Nigeria attracting the largest share of funding at $635 million.
However, the continent’s total funding was slightly lower than last year. According to Africa: The Big Deal, an African startup funding tracker, startups raised $2.16 billion during the first nine months of 2026, down 4% from the $2.24 billion recorded over the same period in 2025.
Nigeria led the rankings, followed by Egypt with $445 million, Kenya with $201 million and South Africa with $182 million. Together, the four countries accounted for most of the funding raised by startups based in individual African countries.
Nigeria pulled ahead, but Egypt was not far behind
Nigeria’s $635 million was more than double the $247 million its startups raised between January and September 2025. It was also the country’s strongest performance for the period since 2022.
A large part of the money came from four companies. Mobility financing company Moove raised $250 million, fintech company Flutterwave secured $100 million, e-commerce platform Jumia attracted $50 million, and cryptocurrency infrastructure company Yellow Card raised $40 million.
Combined, the four companies raised $440 million, accounting for about 69% of Nigeria’s total.
But the funding was not limited to a handful of big deals. Nigeria also recorded the highest number of startups raising at least $100,000, with 77 companies securing funding during the period. That was up from 70 in the first nine months of 2025.
Egypt came second with $445 million, a 10% increase from the previous year.
Kenya and South Africa had a tougher period. Kenya’s startup funding fell by 73% to $201 million, while South Africa recorded a 58% drop to $182 million.
Eight countries accounted for $1.63bn
Beyond the four biggest markets, the amounts raised by other African countries were considerably smaller.
Tanzania attracted $53 million between January and September, followed by Côte d’Ivoire with $48 million, Zambia with $32 million and Morocco with $30 million.
Together with Nigeria, Egypt, Kenya and South Africa, these countries brought the combined funding total to about $1.63 billion.
Some of the smaller markets also relied heavily on individual deals. Tanzania’s figure was largely driven by NALA’s $50 million debt facility, while GoCab’s $45 million deal accounted for almost all of Côte d’Ivoire’s total.
Funding was lower in several other markets. Ghanaian startups raised $21 million, down 58% from the previous year, while Senegal recorded just $5 million after raising $153 million during the same period in 2025.
Across 19 African countries outside the Big Four, startups raised a combined $260 million through 106 ventures. This was 29% lower than the previous year, when 133 ventures across 22 countries raised funding.
Overall, Nigeria, Egypt, Kenya and South Africa accounted for 85% of funding raised by startups based in individual African countries, excluding pan-African ventures.
Logistics takes the biggest share of Africa’s startup money
Logistics and transport overtook fintech as Africa’s largest startup funding sector in the first nine months of 2026, attracting $780 million, or 36% of the total funding raised. Fintech followed with $760 million, accounting for 35%.
Two companies drove much of the shift. Spiro, an electric mobility company operating across African markets, raised $345 million, while Nigeria-founded Moove, which left the country in early October, secured $250 million. Together, their $595 million accounted for about 76% of the logistics and transport sector’s funding.
For Nigeria, Moove’s fundraising contributed significantly to the country’s return to the top of Africa’s startup funding rankings. However, the figures also show how much a few large deals can influence a country’s overall performance. Moove alone accounted for about 39% of Nigeria’s $635 million total.
For other African markets, the figures point to the growing importance of businesses addressing transportation and mobility needs. However, the continent-wide figures do not mean that logistics attracted the most funding in every country, as the report does not provide a country-by-country breakdown of sector funding here.
Fintech remains an important part of the ecosystem. It had the highest number of funded startups, with 80 companies raising at least $100,000 during the period. This appears to show that although logistics and transport attracted more money overall, fintech continued to attract funding across a wider number of startups.
The larger picture is that Africa’s startup funding is shifting between sectors, but much of the money is still going to a small number of companies.