2025 Venture Capital in Africa Report (AVCA)
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AVCASummary
- Startups across Africa raised US$3.9bn across 506 deals in 2025, including US$1.8 billion of venture debt.p.3
- Africa closed 2025 with 506 venture deals across equity and debt (+4% YoY), the only global region where deal volumes did not decline.p.4
- Venture capital deal value was US$2.1 billion (-21% YoY) while venture debt deal value was US$1.8 billion (+91% YoY).p.11
- Median venture capital deal size was US$4.0 million (+33% YoY), while median venture debt deal size was US$5.8 million (-22% YoY).p.11
- Venture capital funds that reached a final close in 2025 raised US$107mn in total, a decrease of 86% YoY.p.3
- A total of 34 venture-backed exits were recorded in 2025, representing 31% YoY growth versus a marginal 1% increase globally.p.6
Key insights
- Late Stage activity fell to just five deals in 2025, with the median deal size dropping to US$55 million from US$100 million in 2024.p.5
- Global venture capital activity stood just shy of 27,000 deals in 2025 for a combined US$425 billion, a 13% decline in deal volume alongside a 30% increase in capital invested.p.8
- AI venture funding nearly doubled in 2025, reaching US$210 billion (49% of the global total) compared to US$114 billion (34%) the previous year.p.8
- Trade sales accounted for 70% of venture exit volume and 74% of exit value.p.6
- Seed stage recorded 134 deals in 2025 raising a combined US$274 million, with median deal size reaching a record US$2.2 million.p.12
- The Late Stage segment raised a combined US$344 million, a 29% decline in deal volume and a 58% drop in deal value compared to 2024.p.13
- West Africa remained the most active hub with 121 deals totalling US$547 million.p.16
- North Africa raised US$762 million across 118 deals, with deal volume up 7% YoY.p.17
- 53% of venture capital deal volume and 45% of deal value in 2025 went to startups headquartered in the Big 4.p.21
- 40% of all African VC deals featured participation from at least one impact investor in 2025, up from 34% in 2024.p.26
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