Debt Drove 79% of Africa's Startup Funding Growth in 2025

African startups raised about $4.1 billion in equity and debt in 2025, up from $3.25 billion in 2024, according to Partech. Debt accounted for roughly $630 million of the $800 million increase, or 79%, while equity added only $170 million. Debt rose from $1.01 billion to $1.64 billion, lifting its share of total funding from 31% to 41%.

• Total funding rose from $3.25bn to $4.1bn
• Debt added $630m of the increase, equity $170m
• Debt's share of capital grew from 31% to 41%
• Fintech ($716m) and cleantech ($627m) took 82% of debt