African startups raised $1.44 billion across 146 disclosed deals in the first half of 2026. While the overall volume is steady compared to H1 2025, the market structure has fundamentally shifted: fintech and electric mobility now account for more than three-quarters of all capital deployed.
Fintech and Logistics Take the Top Spots
Fintech remains the most active sector by deal count — 48 companies funded for a combined $556 million, or 41% of the total. Logistics and transport made a historic breakthrough with $472 million raised (35%), becoming the top sector by volume for the first time — a milestone largely driven by Kenyan EV startup Spiro's mega-deals.
Spiro raised $320 million across three tranches between February and June 2026: $50 million in debt (February), $215 million in equity (June 1), and a further $55 million (June 22). That single company represents 22% of all African startup funding in H1 2026 and 70% of the entire logistics sector alone.
Seven Startups Capture Half the Capital
Capital concentration is striking: just seven startups captured roughly half of all H1 2026 funding. Behind Spiro come SolarAfrica (South Africa, ~$94M), GoCab (Côte d'Ivoire, $45M) and Blnk (Egypt, $37M). The «more money, fewer bets» trend reflects a structural shift as investors concentrate capital on proven companies rather than spreading it across early-stage plays.
Debt on the Rise, M&A at Record Levels
Debt financing rose 37% year-on-year to $614 million, up from $448 million in H1 2025. Meanwhile, the M&A market hit a record 63 deals — more than double the 29 tracked in H1 2025. Africa is entering an unprecedented consolidation phase.
Why It Matters
The rise of debt and the M&A explosion signal that Africa's startup ecosystem is maturing. For the Indian Ocean region, the message is clear: financial and regulatory hubs in Mauritius and Réunion must offer the infrastructure these continental champions require if they are to capture a share of these capital flows.