African startups raised roughly $2.1 billion across 275 deals between January and August 2026, slightly surpassing the $2.07 billion raised during the same period last year. Nigerian companies raised the largest amount, with more than $500 million, followed by Benin, Egypt, South Africa, and Kenya. August saw the most money raised, with $438 million, driven by mega-deals including Moove’s $250 million Series C, Jumia’s $50 million equity round, and Yellow Card’s $40 million round. Together, these three companies accounted for the bulk of capital raised across top markets that month. Early-stage founders, meanwhile, faced a tougher funding environment, increasingly relying on government grants, fellowships, and small Web3 investments rather than traditional venture capital.