African startups attracted $324.42 million in disclosed funding across 38 deals in October 2026, representing a 35.06% increase from the $240.2 million recorded in September, with Egypt-based fintech company MNT-Halan emerging as the continent’s biggest fundraising startup.
According to data published by Nairametrics, the October funding rebound was largely driven by major transactions involving a handful of companies, with the top 10 startups accounting for $301.5 million, representing 92.94% of the total capital raised during the month.
MNT-Halan alone secured $150 million through an initial public offering (IPO) on the Egyptian Exchange, making it the largest disclosed startup fundraising transaction in Africa during the period.
Despite the monthly recovery, October’s funding performance remained below the previous year’s level. African startups raised $435.2 million across 58 deals in October 2025, indicating a 25.45% year-on-year decline in October 2026.
Top 10 African startups by funding in October 2026
1. MNT-Halan (Egypt) – $150 million
Egyptian fintech company MNT-Halan topped the ranking after launching subscriptions for the Cairo Stock Exchange listing of MNT Tech Holding, its Egyptian operating entity.
The offering involved 320 million existing shares, representing a 20% stake, priced at EGP 24.5 per share and targeting approximately $150 million in gross proceeds. The transaction implied a company valuation of about $750 million.
2. East Africa Foods (Tanzania) – $40 million
Agritech company East Africa Foods secured $40 million in a Series B funding round supported by InfraCo Africa, Oikocredit, FMO and the Acumen Resilient Agriculture Fund, among other investors.
The funding will support expansion of its food processing, storage and logistics infrastructure, alongside its digital platform and entry into additional markets.
The company aims to reach 100,000 smallholder farmers and reduce food waste across its network.
3. ABA Life (Morocco) – $40 million
Morocco-based healthcare startup ABA Life raised $40 million in a venture funding round backed by pan-African private equity firm Admaius Capital Partners.
The investment is expected to support its AI for Sovereign Health programme, including the Mediot AI platform, clinical intelligence solutions and expansion into international markets. The transaction remains subject to customary closing conditions and approval from Morocco’s Competition Council.
4. ValU (Egypt) – $17 million
Egyptian financial technology company ValU secured approximately $17 million through its 23rd securitised bond issuance, valued at EGP 945.8 million.
The transaction was arranged with EFG Hermes and represents the fourth issuance under the company’s eighth securitisation programme, which has a total value of EGP 10 billion.
5. Afreenergy Solar (Senegal) – $13.3 million
Renewable energy company Afreenergy Solar secured €12 million, equivalent to approximately $13.3 million, in debt financing through the Renewable Energy Performance Platform 2.
The investment will expand its commercial and industrial solar portfolio, increasing installed capacity from 2.7 megawatts peak to 14.9 MWp and adding 5.7 MWh of battery storage.
6. Bisedge (Nigeria) – $11.2 million
Nigerian logistics and transport startup Bisedge raised €10 million, approximately $11.2 million, in debt financing from Finnish development financier and impact investor Finnfund.
The funding will support the expansion of its electric material-handling fleet across its African operations, particularly in Nigeria and East Africa.
7. Beacon Power Services (Nigeria) – $10 million
Energy technology company Beacon Power Services received approval for a financing package worth up to $10 million from the European Bank for Reconstruction and Development (EBRD).
The funding will accelerate smart metering and electricity grid management deployments across six of Nigeria’s 11 electricity distribution companies.
The overall project is estimated to cost $20.9 million, with additional financing expected from a parallel facility and equity contributions.
8. Satlyt (Kenya) – $8 million
Kenyan deep-tech startup Satlyt raised $8 million in seed funding to develop virtual artificial intelligence data centres in space.
The investment will support product development, expansion of engineering and customer delivery teams, and deployment of its technology to more spacecraft and customers.
Its investors include non sibi Ventures, TLcom Capital, Antler, Slauson & Co., Launch Africa Ventures, Enza Capital and other investment firms.
9. Okra Solar (Nigeria) – $7 million
Okra Solar secured a $7 million debt facility from British International Investment (BII), the UK’s development finance institution.
The Australian-founded company provides mesh-grid technology aimed at expanding access to electricity.
The financing will provide working capital for the procurement of solar panels, batteries and other essential components to accelerate clean electricity projects in Nigeria.
10. Kuunda (South Africa) – $5 million
Digital lending infrastructure company Kuunda completed a $5 million secondary share sale led by E4E Africa, with participation from existing investors, including Accion Ventures, Portugal Gateway Fund and Seedstars Africa Ventures.
The transaction provides liquidity for early investors while introducing additional long-term shareholders to support the company’s expansion
At the country level, Egypt dominated Africa’s startup funding landscape in October, attracting $168.93 million across eight deals, representing 52.07% of the continent’s disclosed funding.
Morocco and Tanzania followed with $40 million each, while Nigeria ranked fourth with $35.34 million across nine transactions, accounting for 10.89% of the total.
Senegal attracted $13.3 million, followed by Kenya with $11.2 million and South Africa with $10.7 million.
Other countries recorded smaller funding amounts, including Ghana and Zambia with $2 million each, Namibia with $600,000, Uganda with $250,000 and Ethiopia with $100,000.
Nigeria’s fundraising performance was supported by investments in energy technology, logistics and clean electricity, highlighting the continued financing activity around businesses addressing infrastructure and operational challenges.
Sectoral analysis showed that fintech remained the largest recipient of startup investment in October, attracting $178.45 million, representing 55.01% of total disclosed funding.
Agriculture and food startups secured $44.8 million, while healthcare companies attracted $41 million.
Energy and water businesses raised $37.95 million, supported by debt financing for renewable energy and electricity infrastructure projects.
Other sectors included logistics and transport, which attracted $11.2 million, and deep technology, which secured $10 million.
By funding type, IPO transactions accounted for $150 million, representing 46.24% of the total disclosed capital, driven entirely by MNT-Halan’s stock market offering.
Venture funding rounds followed with $50.02 million across 11 deals, while debt financing generated $49 million across nine transactions.
Series B funding accounted for another $40 million, corresponding to East Africa Foods’ fundraising.
Other financing activities included $17 million in bond issuance, $12.6 million in seed funding, $3.55 million in pre-seed investments and $2.25 million in grants.
Although October’s 35.06% monthly increase indicates a recovery from September’s funding slowdown, the annual comparison shows that Africa’s startup investment market continues to face a challenging financing environment.
The concentration of 92.94% of disclosed funding among just 10 startups also highlights how a relatively small number of large transactions influenced the continent’s overall performance.
Additionally, eight startups, including three mergers and acquisitions transactions, did not disclose their funding amounts, suggesting that the actual volume of investment activity could be higher than reported.
For Nigeria, the $35.34 million raised across nine deals places the country among the major contributors to October’s funding activity, with investments spanning fintech, energy, electricity infrastructure and logistics.
The figures underline the importance of access to capital for African businesses seeking to scale operations, develop technology and address the continent’s infrastructure and economic challenge
