Africa’s startup funding landscape recorded one of its strongest funding rebounds of the year in November 2025, as the top 10 startups alone raised a combined $573 million, accounting for 97.14% of the total $589.9 million raised by 38 startups during the month.
In contrast, the remaining 28 startups raised just $16.9 million, contributing less than 3% of total funding, underscoring the continued concentration of capital among a small group of mature, scale-ready companies.
The November performance represents a 29.7% month-on-month increase compared to October 2025, when African startups raised $441.9 million across 59 deals, with the top 10 accounting for $388.6 million of that figure.
Despite recording fewer deals (38 versus 59), funding volumes surged sharply in November, driven by two mega IPOs, multiple energy-focused investments, and renewed investor’s appetite for late-stage fintech companies.
Out of the 38 startups that raised capital in November, just 10 companies absorbed nearly all the funding, highlighting persistent investor selectivity amid tighter global financial conditions, elevated interest rates, and cautious risk sentiment.
The data reflects a market where capital continues to favor startups with proven revenue models, scalable infrastructure plays, and clearer exit pathways, while early-stage and smaller rounds remain constrained.