October Funding Overview
African startup funding continued its impressive rise in October 2025, with startups across the continent raising a total of $442 million. This data comes from African tech startup funding analytics company, Africa the Big Deal.
This total represents a significant 215.7 percent increase from the previous month of September, when startups across the continent raised $140 million. The increase is less pronounced when compared to the same month last year, when startups raised $254 million, marking a 74 percent increase.
The $442 million raised in October makes it the second most-funded month of the year, trailing only July, when startups raised $550 million. October also emerged as the best-performing month of 2025 for equity funding, totaling $334 million.
This equity funding represents an impressive 76 percent of the total funding raised in October, potentially indicating a gradual return of investor confidence. The stability of equity funding across two consecutive months supports this observation.
In September, of the $140 million raised, $105 million, or 75 percent, came in the form of equity.
This marks a notable shift, considering the year has been heavily influenced by debt financing. For comparison, in July, the continent's most-funded month, $550 million was raised, with $493 million coming from debt financing, representing 89 percent of the total funding for that month.
Key Funding Rounds in October
A total of 53 startups that raised at least $100,000 were responsible for the significant funding haul recorded in October.
Spiro and Moniepoint Lead October Funding Efforts
Spiro led the funding efforts with a substantial raise of $100 million. This round is considered a significant e-mobility raise on the continent, powered by the Fund for Export Development in Africa (FEDA), the investment arm of Afreximbank.
Spiro plans to utilize this new capital injection to expand its battery-swapping network and enhance local manufacturing capabilities. The funds will also support market testing initiatives in Cameroon and Tanzania.
Moniepoint successfully completed the second leg of its Series C round, raising $90 million in October. This follows the initial $110 million raise in October 2024, which contributed to its unicorn status.
The round was led by Development Partners International’s African Development Partners III fund, with significant backing from LeapFrog Investments. Other participating investors included Lightrock, Alder Tree Investments, Google’s Africa Investment Fund, Visa, the International Finance Corporation, Proparco, Swedfund, and Verod Capital Management.
This capital will be instrumental in supporting Moniepoint's expansion efforts, enhancing its tools for African businesses and individuals, and facilitating growth into new markets across the continent and beyond.
Following Spiro and Moniepoint, Egypt-based cleantech startup Tagaddod secured $26.3 million in a Series A round. The round was led by The Arab Energy Fund (TAEF), with participation from FMO, VKAV, A15 Ventures, and other returning investors.
Tagaddod, which leverages technology to collect, trace, and certify renewable waste-based feedstocks such as used cooking oil, acid oils, and animal fats, intends to use the new investment to accelerate its regional expansion, enhance its technology stack, increase operational capacity, and establish long-term leadership in the global SAF and biofuels ecosystem.
Ctrack, a South Africa-based telematics startup, raised $23.4 million in equity funding. The round was led by Sanari Capital and 27four Investment Managers, both recognized leaders in South Africa’s investment landscape with strong B-BBEE credentials.
Sanari contributed $14.4 million through its 3S Growth Fund, while 27four Investment Managers invested $9 million.
The newly acquired capital will be allocated to accelerate the startup’s scale, growth, and innovation across its businesses in Africa and globally.
Mawingu, a Kenyan internet service provider (ISP) dedicated to connecting underserved communities, secured $20 million in a Series C funding round in October. The investment was supported by Pembani Remgro Infrastructure Managers, a private equity fund focused on African infrastructure projects.
This capital infusion will be used to expand Mawingu’s network coverage within Kenya, moving the company closer to its objective of providing meaningful internet access to one million East Africans by 2028. The company currently serves over 120,000 individuals.