The African startup scene, which is usually dominated by foreign investors, has seen reduced investments following the post-ZIRP era and the mainstreaming of AI.

More than ever, young founders building in Africa need to know who is still investing on the continent. Toby Hanington, the co-founder of Baobab Network—an accelerator that has backed startups in over 16 African countries, posted a list of 12 investors that everyone should know.

The investors are:

HQ: Cape Town, South Africa | Focus Countries: Southern Africa, with a pan-African investment outlook | Sector Focus: Female-led, asset-heavy SMEs across various sectors, particularly those utilizing basic technology to scale infrastructure | Stage: Early-stage, fast-growing SMEs requiring working capital and supply chain financing

MsFiT Ventures, co-founded by Egla Ntumba and Jill Curr, is tackling Africa’s SME funding gap by offering flexible debt financing to female-led and gender-diverse businesses. Based in South Africa, the firm provides working capital through short-term, revolving credit facilities tailored to the needs of fast-growing companies.

Ntumba’s background—ranging from corporate banking at Standard Chartered to venture capital at Newtown Partners—shapes the firm’s unique blend of financial acumen and operational insight. The team’s portfolio includes ventures like Orisons Activations, which focuses on workplace wellbeing, and their impact has made waves in gender-smart investing circles, including events like the Africa Early Stage Investor Summit.

HQ: Mauritius | Focus Countries: Pan-African, targeting underserved markets | Sector Focus: Technology platforms, sports, entertainment, creative economy | Stage: Seed to Series A

Ibrahim Sagna leads Silverbacks Holdings, a Mauritius-based private investment firm focused on backing dominant tech and creative platforms across underserved African markets. Since launching in 2019, the firm has taken a bold, pan-African approach with early-stage bets in sports, entertainment, fintech, and media—investing in ventures like Moove (the Uber-backed mobility fintech), the Cape Town Tigers basketball team, and Nigerian Dambe boxing promoter AWFC.

Sagna, a seasoned financier with over $30 billion in Africa-linked deals to his name, also chairs Launch Africa Ventures, reinforcing his commitment to closing the continent’s Seed to Series A funding gap.

HQ: Washington D.C., USA | Focus Countries: Emerging markets globally with significant African presence | Sector Focus: Fintech for financial inclusion | Stage: Seed to Series B

Quona Capital is a leading venture firm focused on fintech investments that promote financial inclusion across emerging markets, with a strong footprint in Africa. Since 2016, partners like Johan Bosini have helped scale promising startups, while newer team members such as Adrienne Henderson have expanded the firm’s African strategy.

Quona’s portfolio includes impactful companies like Nigeria’s Cowrywise, South Africa’s Lulalend, Kenya’s Wasoko, and Egypt’s Khazna—fintech innovators providing vital financial services to underserved communities. Collectively, these firms have facilitated billions in transactions and hundreds of millions in loans, highlighting Quona’s role in driving Africa’s fintech growth from seed to Series B stages.

HQ: Cairo, Egypt | Focus Countries: Egypt, MENA region, broader African exposure | Sector Focus: Bottom-of-pyramid solutions for underserved populations | Stage: Pre-Seed to Series A

Jedar Capital, based in Cairo, invests in early-stage startups across Egypt, MENA, and Africa, focusing on solutions for underserved populations. Led by Sherif Nessim, with over 24 years in tech and VC, the team includes experts like Axel Peyriere and Nancy Gharib.

Their portfolio features startups such as ImaliPay and ElGameya, highlighting a strong commitment to inclusive, scalable businesses.

HQ: Tunis, Tunisia | Focus Countries: North Africa, Francophone Africa | Sector Focus: Digital solutions, deep tech, research commercialisation | Stage: Pre-seed to Seed

Houda Ghozzi leads Open Startup, based in Tunis, connecting entrepreneurs, scientists, and investors across North and Francophone Africa. Under her leadership, Open Startup runs programs like BRAIN, in partnership with MIT, and the Paper Plane Accelerator, which help science-based startups grow and connect with global investors. 

With her background in strategic management and entrepreneurship policy, including work on Tunisia’s Startup Act, Ghozzi has helped support over 400 startups, many led by women, boosting innovation, job creation, and regional economic growth.

HQ: New York, USA | Focus Countries: Global emerging markets, including Africa | Sector Focus: Technology startups across various sectors | Stage: Pre-seed to Series A

Palm Drive Capital’s approach centres on the belief that innovation happens everywhere, and it bridges emerging market founders, especially in Africa, with Silicon Valley capital and expertise. Notable portfolio companies include Nigerian fintech Flutterwave and other global tech firms like Rappi and Boom Supersonic, highlighting their diverse impact.

Seamon Chan, the firm’s founding partner, brings extensive experience from top venture and tech roles and is active in philanthropic efforts, adding a human dimension to Palm Drive’s mission of supporting innovative startups worldwide.

HQ: Cape Town, South Africa | Focus Countries: Pan-African focus | Sector Focus: Healthcare, education, financial inclusion, agriculture | Stage: Early-stage (Pre-seed to Seed)

African Renaissance Ventures (ARV), headquartered in Cape Town with offices across Africa and the US, focuses on early-stage investments that tackle the continent’s biggest challenges in sectors like healthcare, education, financial inclusion, and agriculture. Led by Magdi Amin, a seasoned expert in economic development and venture capital, ARV takes a long-term approach to backing founders who deeply understand local markets. 

Notable portfolio companies, such as Rwanda-based healthtech startup Kapsule, showcase ARV’s commitment to impactful innovation supported by global partners like Google and the Gates Foundation. Through this strategic focus, ARV aims to drive sustainable development and inclusive growth across Africa.

HQ: Cape Town, South Africa | Focus Countries: Sub-Saharan Africa | Sector Focus: Climate tech, sustainability, environmental solutions | Stage: Early-stage climate entrepreneurs

Caitlin Wale leads Kinjani from Cape Town, South Africa, where the firm focuses on early-stage climate tech startups across Sub-Saharan Africa. Under her guidance, Kinjani addresses the critical funding gap for entrepreneurs developing sustainability and environmental solutions. 

Beyond capital, Caitlin and her team provide hands-on support to help founders scale, in a bid to position Africa as a leader in climate innovation and resilience.

HQ: Washington, D.C., United States | Focus Countries: Middle East, North Africa, Sub-Saharan Africa | Sector Focus: Technology companies across sectors | Stage: Pre-Seed, Seed, and Series A

AAF Management Ltd., led by General Partner Omar Darwazah, focuses on early-stage technology investments across the Middle East, North Africa, and Sub-Saharan Africa. Since 2016, the firm has backed over 120 startups in sectors like fintech, enterprise software, and healthcare.

They have backed companies like Robinhood, Didi, and Curacel, to reinforce their commitment to innovation in emerging markets and strengthen their presence across Africa and beyond.

HQ: Johannesburg, South Africa | Focus Countries: Sub-Saharan Africa (20 African countries)
| Sector Focus: Financial services, fintech, digital banking | Stage: Series A to growth stage

Larry McCarthy leads strategic equity investments at Standard Bank Group, Africa’s largest bank by assets. Based in Johannesburg, he focuses on backing fintech and digital financial services across the continent, with ticket sizes ranging from $1 million to $50 million. 

Under his leadership, the bank has made notable moves, including growth financing for South Africa’s Float, a major debt facility for M-KOPA’s expansion, and partnerships with firms like Flutterwave and Optasia to scale digital services across Africa. 

HQ: Cape Town, South Africa | Focus Countries: South Africa, Southern Africa | Sector Focus: Community impact companies across sectors | Stage: Early to growth stage

Geomer Investments based in Cape Town, takes a patient capital approach, backing businesses that combine financial returns with tangible community impact across South Africa and the broader Southern African region. While the firm’s portfolio remains largely under wraps, its focus on sustainable, locally rooted models speaks to a long-term development ethos. 

Abdullah Solomons, the firm’s COO, plays a key role in driving this mission forward alongside a leadership team that includes industry veteran Marcel Golding.

HQ: Lagos, Nigeria | Focus Countries: Nigeria, West Africa | Sector Focus: Venture-backed startups | Stage: Growth stage, bridge financing

Kayode Odeleye runs Lagos-based 23mile Capital, a firm focused on helping African startups bridge the often-overlooked gap between hypergrowth and profitability. With deep experience in finance, M&A, and startup operations, Odeleye brings hands-on support to companies in need of strategic restructuring. 

While the firm’s portfolio remains under the radar, its focus on turnaround-stage investments makes it one of the few African firms actively addressing the tough realities of scale and sustainability.

South Africa leads the pack with five names on the list, followed by international firms with a strong Africa focus, then Egypt, Nigeria, and Tunisia. Fintech and financial inclusion are the biggest themes, but there’s also backing for climate, community impact, and deep tech. Investment ticket sizes among these investors range from $50,000 to $50 million, covering stages from pre-seed to growth. This breadth indicates a comprehensive support system for startups at various development phases across the continent, even if the market feels quieter than before.