The first half of 2026 confirms the resilience of Africa's entrepreneurial ecosystem. A total of $1.4 billion was raised by startups across the continent between January and June 2026, according to data compiled by TechInAfrica. A figure that signals a gradual recovery after a trough in 2024, and reshuffles the cards among leading countries.
Egypt takes the lead, Nigeria holds on
With $327 million raised in total, Egypt emerged as Africa's top startup funding market in H1 2026. But the detail tempers this leadership: the bulk of Egyptian capital came from a single deal — the mega-round by Spiro, an electric two-wheeler battery-swapping startup.
Nigeria, with $254 million in total volume including $214 million in pure equity, reclaims the crown on this more telling measure of ecosystem depth. Lagos continues to attract a diverse investor base across many companies, a sign of growing maturity.
Kenya, South Africa and the new entrants
Kenya captures $126 million and South Africa $83 million. More revealing: Tanzania, Côte d'Ivoire and Morocco each exceed $25 million, signalling a genuine diversification of investment flows beyond the African 'Big Four'. For investors, this emergence of secondary markets represents both new opportunities and a sign of continental maturity.
Fintech and logistics on top
By sector, fintech and logistics dominate H1 2026. Spiro's portfolio alone represents roughly a quarter of all capital raised during the period, illustrating investor appetite for high-scalability platforms in underserved markets.
Why it matters
For Indian Ocean players — Mauritius, Réunion, Madagascar — this report is both a wake-up call and an opportunity. Capital concentrates on the most structured and visible ecosystems. The Indian Ocean must get on the map: develop exportable startups, attract regional funds, and use Mauritius as a bridgehead into this booming continental market. The next decade of African funding is being shaped right now.
Sources: TechInAfrica, startup.africa, techbuild.africa — July/August 2026.