African startups raised $1.37 billion in the first half of 2026, according to Technext data. The figure falls short of the 2021-2022 peak, but confirms the resilience of the continent's startup ecosystem in a challenging global macro environment.
Fintech: Unshaken at the Top
With $556 million raised — 41% of the total —, the fintech sector held its leadership position for the sixth consecutive year. Flutterwave led with a $100 million Series E, followed by MNT-Halan ($90M), valU ($64M) and Nala ($50M). The common thread: financial inclusion in markets where more than 60% of the population remains unbanked, and where mobile money has built a trusted infrastructure layer that fintech players can monetise at scale.
Spiro: The Electric Mobility Bombshell
The standout figure of the semester: electric motorcycle and battery-swapping specialist Spiro single-handedly raised $327 million, accounting for 24% of all capital raised on the continent in H1 2026. This record positions Spiro as the symbol of a new African investment category — green infrastructure and clean mobility — that is asserting itself alongside fintech dominance.
A Diversifying Ecosystem
Beyond the mega-rounds, agritech attracted $93 million (7%), waste management startups $60 million (4.5%) and energy/water $50 million (4%). LemFi, the pan-African transfer specialist, raised $30 million to fuel its diaspora remittance ambitions. Logistics — supercharged by Spiro — represented 35% of the total ($472M). Across the continent, 36 of Africa's 54 countries are set to record solar installation highs in 2026 — signalling that the energy transition is now feeding into investment cycles.
Why It Matters
These figures confirm that Africa has moved from promise to real traction. For the Indian Ocean, the takeaways are direct: Mauritius, as the region's financial hub, is well-placed to capture part of these flows. Madagascar and the Comoros could benefit from the expansion of fintech and agritech solutions into their underserved markets. And the rise of African electric mobility — embodied by Spiro — opens new avenues for islands seeking to cut their costly dependence on imported hydrocarbons.