Africa’s startup funding momentum eased in December 2025, but capital concentration deepened, as the top 10 startups raised a combined $321.5 million, accounting for over 92% of the $349.1 million raised by 75 startups during the month.
By comparison, the remaining 65 startups shared just $27.6 million, highlighting the growing gap between capital-heavy late-stage transactions and a widening pool of smaller early-stage raises across the continent.
The December outcome marks a sharp pullback from November 2025, when African startups raised $589.9 million across 38 deals, with the top 10 alone contributing $573 million.