African startups announced $183 million in funding in October, the weakest month in a while, and Nigeria still came out on top. According to Africa: The Big Deal, the tracker that counts every disclosed round of $100,000 or more, 34 startups raised money last month, excluding exits.
That total is 24% below September's $241 million, 29% below the average of the previous 12 months ($259 million a month) and 58% below October 2025, when Spiro and Moniepoint alone raised $100 million and $90 million. Deal activity was thin too: 34 funded startups against a monthly average of 43 over the past year.
Nigeria leads on debt
Nigeria's $42 million came mostly as debt for energy and mobility businesses. The tracker names two of the biggest: an $11 million loan from Finnfund to Bisedge, which runs electric forklifts and industrial equipment, and a $10 million loan from the European Bank for Reconstruction and Development to Beacon Power Services. The EBRD says its package supports Beacon's work with Nigeria's electricity distribution companies on smart metering, grid management software and meter data management.
Across Africa, debt made up $71 million (39%) of October's money, equity $110 million (60%) and grants about $2 million. Climate tech startups took 55% of the total.
The Big Four's share hits a low
The month's two largest rounds both came from outside the Big Four of Nigeria, Kenya, Egypt and South Africa. Moroccan health company ABA Life raised $40 million from Admaius Capital Partners, and Tanzanian agritech East Africa Foods a $40 million Series B from investors including InfraCo Africa, Oikocredit and FMO. Egypt followed with $19 million, most of it a $17 million bond from ValU, and Senegal with $13 million for Afreenergy Solar.
As a result, Big Four startups raised only 46% of October's money, their lowest monthly share since November 2022. The tracker cautions that one month does not make a trend: the Big Four still accounted for 26 of the 34 startups that raised.
Related · StartupsSequoia Shuts London Office and Ends Arc and ScoutsThe Silicon Valley investor says it has raised about $10 billion and will back fewer companies, run from the Bay Area.The year so far
- $2.4 billion raised from January to October 2026, 12% below $2.7 billion a year earlier.
- Equity is up 5% to $1.6 billion; debt is down 33% to $740 million.
- 343 startups have raised $100,000 or more, down 22% and the lowest January-to-October count since the tracker began in 2021.
- Named active investors fell from more than 442 to more than 370.
October also had four exits, including MNT-Halan's listing on the Egyptian Exchange, bringing the year's total to 38 against 42 a year earlier. The tracker calls the halt of OPay's New York listing a developing story.
Matching 2025's $3.2 billion would need $814 million announced in November and December, against $496 million in the same two months last year, which the tracker calls unlikely. Equity needs only $338 million more to beat 2025's $1.9 billion, so 2026 could still be the best year for equity since 2022.
