Venture Capital Activity in Africa Q3 2025 (AVCA)

Summary

• 122 deals were recorded in Q3 2025, a 17% YoY increase and a steady continuation from Q2.p.1
• Startups secured just US$0.2 billion in disclosed funding in Q3, after US$0.6 billion in both Q1 and Q2.p.1
• Seed deals grew 14% YoY to 107, already 85% of the total achieved across all of 2024.p.2
• Early Stage deal count held at 43 from 42 a year earlier, while total capital disbursed tripled to US$0.6 billion.p.2
• North Africa contributed 23% of both deal volume and value, an increase of 5pp in value share compared to 2024.p.2
• Kenya accounts for 22% of venture debt deals in 2025, and the median venture debt deal value is US$7 million versus 2024's record of US$7.5 million.p.3
• Southern Africa's share of VC deal value reached 26% in 2025 YTD, up from 12% in 2020-2023.p.7

Key insights

1. The share of deals with undisclosed values was 17pp higher than in Q3 2024.p.1
2. Disclosed Seed value declined from US$558 million to US$218 million, although 15% of Seed deals were undisclosed.p.2
3. Nearly half of 2025's Series A transactions (11) and 3 Series Bs occurred in Q3.p.2
4. West Africa's median deal value is US$1.9 million, limiting the share of overall value it captures.p.2
5. Multi-Region deals took 18% of VC deal value in 2025 YTD, versus 39% in 2020-2023.p.7