2025 Venture Capital in Africa Report
The seventh annual Venture Capital Activity in Africa report provides an overview of the current events shaping Africa's startup investment landscape and an in-depth analysis of entrepreneurial and venture activity seen on the continent.
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Download the ReportKey Findings:
- Stability Amid Global Contraction: Africa closed 506 venture deals across equity and debt (+4% YoY), totalling US$3.9bn in deal value and becoming the only major region where deal volumes did not decline YoY.
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Venture Debt Took the Spotlight: Venture debt was the standout feature of 2025, with 74 deals completed (+23% YoY) and total value surging 91% to US$1.8bn.
- Climate Rises Its Share: US$1.5bn (40% of deal value in 2025) went to climate-related ventures, up from US$0.9bn (24% of deal value in 2024).
- Local Capital Remained Central: For the second consecutive year, African investors comprised one-third of all active participants in venture deals.
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Exits Regained Momentum: Venture-backed exits rose 31% YoY to a new high of 34 exits, markedly outperforming markets globally.
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Fundraising Contracted, New Managers Advanced: Six funds closed US$107mn as first-time managers hit a record share.
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