LAGOS, June 18 (AGCNewsNet) – Nigeria has secured the third position among African countries receiving startup funding in the first five months of 2025, according to the latest figures from Africa: The Big Deal, a platform that tracks startup investments across the continent.

Between January and May 2025, African startups collectively raised over $1 billion – a significant jump from the $750 million raised in the same period in 2024. Over the past 12 months (June 2024 to May 2025), total funding hit $2.5 billion, the highest 12-month tally since early 2023.

Leading the pack was Egypt, whose startups attracted more than $332 million (31 percent of total funding). South Africa followed with over $273 million (26 percent), while Nigeria came in third with $162 million (15 percent), ahead of Kenya’s $132 million (12 percent).

The report noted that the “Big Four” countries – Egypt, South Africa, Nigeria, and Kenya – accounted for 84 percent of all funding, continuing a long-standing trend in African venture capital. Funding activity, however, was recorded in 20 different African markets, indicating a broader continental participation.

Fintech startups dominated the funding landscape, receiving nearly half of all investments ($484 million, or 46 percent). Health tech followed with $149 million (14 percent), buoyed by South Africa’s hearX securing $100 million in April. The energy sector attracted $106 million (10 percent).

In terms of funding structure, 77 percent ($810 million) was raised through equity, while debt funding accounted for 13 percent. Grants made up $24 million of the total, and one major bond issuance of $50 million – from Egypt’s Tasaheel, part of MNT-Halan – contributed to the remaining share.

Max Giacomelli, co-founder of Africa: The Big Deal, highlighted that the $1 billion milestone was reached nearly seven weeks earlier in 2025 than in 2024. “So, 2025 is about seven weeks ahead of 2024. It is also comparable to 2021, though not as impressive as 2023 and 2022,” he said.

He also spotlighted Nigerian mobility startup Moove, which is reportedly in the final stages of raising $300 million and inching toward unicorn status. “It seems like it is now more a question of when Moove will announce this round, rather than if,” Giacomelli added.

In May alone, 36 startups secured funding exceeding $100,000, a slightly lower count than previous months, though the report noted that this may signal a rise in median deal value.

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