African tech start-ups raised a total of $272 million in February 2026, marking a sharp rebound from January’s muted $174 million.
“From an amount perspective, that is a clear improvement,” noted Africa: The Big Deal, which tracks funding trends across the continent.
Equity accounted for 54 percent of the deals, while debt made up 45 percent. The number of start-ups announcing funding also rose to 40, though still slightly below the 12‑month average of 46.
“February brought the numbers back to the level of activity we’d grown to expect in 2025,” the report added.
The month’s total was driven by a handful of large transactions. Spiro in Benin secured $57 million in debt, Breadfast in Egypt raised $50 million in pre‑Series C funding, and GoCab in Côte d’Ivoire attracted $45 million through a mix of debt and equity.
Other notable deals included Nigeria’s Terra Industries, which topped up its round with $22 million, Enko Education in South Africa with $22 million in debt, and Lula, also in South Africa, which raised $21 million from DFI FMO. “These six ventures alone attracted 80 percent of the funding,” analysts observed.
Geographically, Egypt led with $64 million, followed by Benin ($57 million), Côte d’Ivoire ($45 million), and South Africa ($44 million). West Africa dominated overall, accounting for 53 percent of the funding, while Northern Africa took 24 percent and Southern Africa 21 percent.
East Africa, however, lagged significantly. “What is puzzling is that East Africa – which topped the charts in 2025 – ranks fourth in February with just three percent of the total,” the report highlighted. Year‑to‑date, the region has managed only four percent.
The concentration of funding underscores both opportunity and imbalance.
While February’s rebound signals renewed investor confidence, the heavy reliance on a few big-ticket deals raises questions about the breadth of growth across the ecosystem.
