African startups raised a combined $183 million in funding in October 2026, representing a 58% decline from the $435 million recorded in the corresponding month of 2025, as investment activity across the continent remained subdued, according to Nairametrics.
The amount, which excludes exits, was raised by 34 startups that announced funding rounds of at least $100,000, according to data from Africa: The Big Deal.
October’s funding total was also 24% lower than the $241 million raised in September and 29% below the average monthly funding of $259 million recorded over the preceding 12 months.
The number of startups securing funding also fell below the recent average, with 34 ventures announcing deals compared with a monthly average of 43 over the past year.
Nigeria leads October funding with $42 million
Nigeria emerged as the largest funding destination in October, attracting $42 million across nine startups, largely through debt financing in the energy and mobility sectors.
- Morocco and Tanzania followed with $40 million each, while Egypt attracted $19 million and Senegal recorded $13 million.
- Startups in Africa’s Big Four markets accounted for 46% of October funding, their lowest monthly share since November 2022.
- However, these markets still accounted for 26 of the 34 startups that raised at least $100,000 during the month.
The two largest funding rounds were secured by ventures outside the traditional Big Four markets.
