New numbers from TechCabal show African startups raised $2.49 billion across 315 disclosed deals between January and September 2026. That’s 7.8% more than the $2.30 billion raised over the same months last year.
Nigeria came first with $624 million. Egypt followed at $396 million, then Benin at $345 million, Kenya at $297 million and South Africa at $279 million.
Benin in third place is the surprise on that list. A small number of large deals can move a country’s total a long way, so it’s worth watching whether that holds into next year or turns out to be a one off.
The growth is modest, and that’s probably healthy. After the frenzy of 2021 and the crash that followed, investors are writing smaller cheques and asking harder questions. Debt is doing more of the work too. Odyssey Energy Solutions, a Nigerian company, closed $74 million this year, and $47 million of it was a debt facility from BII, BIO, Cygnum Capital and TripleJump.
For marketers there’s a practical angle. Funded startups hire, and they spend on growth. Fintech and energy companies across Lagos, Cairo and Nairobi are about to plan 2027 budgets with fresh money in the bank. If you sell marketing services, this quarter is when those conversations happen.
For founders, the federal government’s iDICE debt window is still worth a look. Loans run from ₦10 million to ₦1 billion at a maximum of 10% a year, which beats most of what the banks will offer.
Sources: TechCabal, TechCabal on iDICE
