For the first half of 2025, South Africa, Egypt and Kenya were ahead of Nigeria in securing startup funds. In the first half of 2025, African startups raised a total of $1.4 billion in funding.

Specifically, South Africa, Egypt, Kenya and Nigeria are regarded as the ‘big four’ in Africa when it comes to startup funds. In an analysis done by Africa: The Big Deal, the platform that tracks startup funding on the continent, it noted that the share of the ‘big four’ in terms of the number of start-ups, which raised at least $100,000 is lower (67 per cent), but reached 79 per cent if the focus is on start-ups that raised at least $1 million (84 out of 106).

The platform noted that South Africa topped the charts with $344 million in H1, its best half-year since H1 2023. While it didn’t claim the largest number of $100k+ deals (37), it boasted the highest number of ventures announcing at least $1 million in funding (26). The top three startups were hearX (healthtech; $100 million), Stitch (fintech; $55 million Series B), and Naked (fintech; $38 million Series B2).

Africa: The Big Deal said Egypt was on a similar growth trajectory, claiming almost as much funding as South Africa in H1 ($339 million), also its best half-year since H1 2023. The platform noted that a total of 42 ventures raised at least $100,000 during the period, including 21, which raised $1 million or more.

According to it, the three largest deals (representing half of the total raised) were the $50 million bond issued by MNT-Halan’s Tasaheel (fintech), Bokra’s $59 million sukuk raise (fintech), and Nawy’s $75 million raise ($52 million Series A + debt), by far the largest-ever proptech deal on the continent.

In Kenya, the total raised reached $227 million, which was almost what was raised in H1 2021. The report said Kenya ranked #4 in terms of both start-ups raising $100k+ (30) and $1 million+ (16). The two largest deals were both in the energy space: Burn Manufacturing with $85 million and PowerGen with $55 million.

Closing the ‘Big Four’ ranking, according to Africa: The Big Deal is Nigeria with $176 million.