Q3 2025 Venture Capital Activity in Africa

This series provides an exclusive look at the latest trends in African venture capital, offering insights into regional dynamics, sector-specific shifts, and the key areas driving investment across the continent during the third quarter of 2025.

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Q3 2025 Venture Capital Activity in Africa

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Key Findings:

  • Market Stabilisation: Africa’s venture ecosystem is settling into its “new normal” with 362 deals YTD; aligned with 2023-2024 averages.

  • Value Dip Masks Ongoing Activity: Deal value fell to US$0.2bn in Q3, but a surge of undisclosed deals suggests capital is still flowing albeit less transparently. 

  • Early Stages Drive Momentum: Seed activity grew 14% YoY and Early Stage funding tripled to US$0.6bn, cementing the bottom-up recovery. Late Stage, however, hit a five-year low.

  • Regional Rebalancing: Southern Africa leads by value (26%), while North and West Africa anchor deal flow. 

  • Sector Shifts Broaden the Base: AI and CleanTech are rapidly closing the gap on FinTech, while Industrials and “Everyday Economy” sectors gain traction.

  • Venture Debt Sets New Records: Venture debt reached US$1.6bn across 55 deals (+31% YoY) fuelled by six megadeals.

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