African startups raised $260 million in September, and ten deals took almost all of it

September was a decent month for African startups, nothing more. According to Nairametrics’ count, published on October 8, they announced 54 deals worth $260.3 million in total. Compared with a year ago, that is a jump: $138.3 million in September 2025, so 88% higher. Compared with the month before, it is a 40% drop from August’s $435.2 million.

August needs some context, though. That month a single deal, Moove’s $250 million raise, made up nearly 69% of the total. September had no mega-round, which may make it a truer picture of where the market really stands. It isn’t a particularly reassuring one.

Ten companies, $222 million

The ten largest deals (eleven, in fact, since two tie for tenth place) captured $222.6 million, or 85.5% of the month’s money. That leaves the other 43 sharing less than $38 million. The number of deals is down too: 54, against 62 in September 2025. Fewer cheques, but bigger ones.

At the top is Odyssey Energy Solutions, with $74 million: $27 million in equity and $47 million in debt. The platform connects more than 6,000 solar installers with financiers and equipment suppliers in some 50 countries across Africa, Asia and Latin America. It now wants to finance equipment purchases directly. British International Investment (BII), Dutch development bank FMO and Al Mada Ventures, the fund linked to Morocco’s Al Mada group, are among its backers.

Next come Egypt’s Paymob, an online payments specialist, with a $35 million Series C (Mubadala, the EBRD, BII), and Kenya’s Arc Ride, with $33.3 million. Arc Ride rents out electric motorbikes and runs a network of stations where riders swap a flat battery for a charged one. According to Proparco, which took part, the package is $23 million in equity and $10 million in debt. The company wants to add 5,000 motorbikes to its fleet and expand into Ghana, South Africa, Tanzania and Uganda.

The rest of the list: Spiro, another electric motorbike player, with $18 million in debt; Egypt’s Synapse Analytics ($13 million, a Series A with Partech Africa); Nawy, an Egyptian property platform ($12.3 million in debt); Egyptian fintech Zeal ($10 million); SunCulture, which sells solar pumps to Kenyan farmers ($10 million in debt); Watu, which finances motorbikes in Uganda ($7 million); and finally Powergen and Sun King, with $5 million each.

Energy ahead of fintech, and debt everywhere

For once, fintech did not come first. Energy and water raised $94.2 million (36% of the month) in just five deals. Fintech followed with $67 million, but spread across 17 deals: it is still the sector that signs the most rounds, at smaller sizes. Logistics and transport took third place with $58.5 million, driven by electric two-wheelers.

The most telling detail lies elsewhere: $112.1 million, or 43% of the total, was debt rather than equity. It is no accident that the biggest rounds went to solar, motorbikes and property. These companies have assets to finance, panels, batteries, vehicles, and steady revenue to repay with. Lenders, often development institutions, follow. An app with no physical assets doesn’t have that option.

Electric two-wheelers show the logic well. Arc Ride and Spiro together raised more than $51 million this month. Their model looks like a rental company’s: the business owns the bike and the battery, and the rider pays by the day or per battery swap. For a motorbike taxi rider in Nairobi, Kampala or Cotonou, that avoids paying upfront for a new machine. For the investor, the bike remains an asset that can be taken back and rented out again.

At the other end of the chain, the youngest projects share the crumbs. Seed rounds came to $6.4 million across four deals, pre-seed rounds to $2.7 million across three. For a founder looking for a first half-million, the market is still tough.

Egypt and Kenya far ahead, French-speaking Africa lagging

By country, Egypt came first with $74.6 million across nine deals, ahead of Kenya ($54.2 million, also nine deals). Nigeria, often first over a full year, collected only $11.3 million, despite also signing nine deals. South Africa and Uganda followed with $8.4 million each, Ghana with $6.9 million.

For French-speaking Africa, the picture is thin. Côte d’Ivoire stands at $1.6 million, Senegal at $1.3 million across two deals. West Africa as a whole signed 18 deals, more than any other region, but for just $39.1 million. Lots of small cheques, few large ones. Central Africa received almost nothing: $500,000.

The imbalance isn’t new. The big funds are based in Nairobi, Lagos, Cairo or Johannesburg and invest first where their networks are. Funds focused on French-speaking Africa do exist, such as Saviu Ventures, which has just backed Dakar’s SORAM Afrique, but their cheques run to hundreds of thousands or a few million dollars, rarely more.

A year marking time

Across 2026, the trend is stability rather than recovery. From January to August, TechCabal Insights counted $2.10 billion across 275 deals, barely more than the $2.07 billion raised over the same period in 2025. According to Africa: The Big Deal, the $2 billion mark excluding exits was only crossed in September, a few weeks later than in 2025 and 2023, when it was reached in August.

A word of caution: the trackers never say exactly the same thing. For August alone, Nairametrics counts $435.2 million, TechCabal $438 million and Africa: The Big Deal about $455 million. Each has its own rules for assigning a company to a country, counting debt or not, including acquisitions or not. Spiro, long classed as Beninese before moving its headquarters to Nairobi, is a good example. The trends, however, point the same way.

And the underlying trend is concentration. Investors are betting bigger on fewer companies, preferably ones with assets that debt can finance. Everyone else, especially in French-speaking countries, will have to keep relying on small funds, angel investors and public programmes. The next test is October, with or without a mega-round.

• September 2026 total: $260.3 million across 54 deals.
• Share of the top ten: 85.5%.
• Debt: 43% of the total.
• Top sector: energy and water ($94.2 million).
• Top country: Egypt ($74.6 million); Senegal: $1.3 million.