Start-ups in Nigeria and other African countries collectively raised over $442 million in October 2025, marking the second-best month for the continent’s venture ecosystem this year, after July. Equity funding accounted for 76% of the total ($334 million), making it the strongest month for equity investment in 2025 so far.

The largest deals came from Spiro, which raised $100 million, setting a record for e-mobility investments in Africa, and Moniepoint, which topped up its mega-round with $90 million. Other notable equity deals included Tagaddod, Ctrack, and Mawingu, each raising $20 million or more.

Debt financing comprised the remaining portion, with significant bond issuances by MNT-Halan ($71 million) and valU ($23 million). Overall, 53 ventures raised at least $100,000 last month, surpassing the average monthly activity seen earlier in 2025.

According to Africa: The Big Deal, an organization tracking start-up funding across the continent, the growth reflects a healthy and maturing ecosystem. Year-to-date, African start-ups have raised $2.65 billion, a 56% increase compared with the same period last year. Equity funding grew 31% YoY, while 179 ventures raised at least $1 million, up from 159 in the same period of 2024.

Looking at the past 12 months (Nov 2024 – Oct 2025), African start-ups have raised $3.2 billion, a 50% increase YoY, including $1.9 billion in equity (+38% YoY). A total of 207 ventures raised at least $1 million, up 8% from the previous year.

The organization noted that while the performance in the final months of 2025 will determine the year’s overall success, the outlook for the African start-up ecosystem remains optimistic, building on strong momentum and continued investor confidence.