African startups raised approximately $1.37 billion in the first half of 2026, according to data from the tracking platform Africa: The Big Deal. Fintech remained the dominant sector, capturing 41% of the total ($556 million). Logistics and transportation, however, posted a dramatic rise to 35% ($472 million), far above its historical share of around 13%.
The concentration is striking. Just two sectors accounted for more than three-quarters of all capital raised. Fintech’s lead was supported by several large transactions, while logistics was heavily skewed by a single company.
Fintech’s continued strength
Notable raises included Flutterwave’s Series E, which included a strategic investment from Ripple and valued the Nigerian payments unicorn at $3.2 billion (exact proceeds from the Ripple portion were not fully disclosed). Egyptian fintech MNT-Halan raised roughly $90 million across rounds, with one led by Al Ahly Capital, taking its valuation to about $1.4 billion. Other significant deals featured valU’s $64 million secured debt facility from the National Bank of Egypt, Nala’s $50 million debt raise in Tanzania to support expansion and its stablecoin-powered neobank ambitions, LemFi’s $30 million Series B extension in Nigeria, Lucky’s $23 million Series B, and BFREE’s $10 million equity round.
These deals underscore ongoing investor interest in payments infrastructure, consumer credit, and cross-border solutions, even as the broader market sees fewer companies raising capital overall.
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The Spiro effect in logistics and transport
Logistics and transport funding jumped sharply, driven almost entirely by Spiro. The electric motorcycle and battery-swapping company raised $327 million in H1 2026 — roughly 70% of the sector’s total and about 24% of all African startup funding in the period. This made Spiro the most-funded African startup of the half-year by a wide margin.
Smaller but notable activity included Gozem’s $24.5 million debt facility from the IFC and Dodai’s $13 million Series A (mix of equity and debt) for its Ethiopian electric motorcycle and battery-swapping operations. These investments point to growing international appetite for African e-mobility and related infrastructure.
Other sectors and the bigger picture
Agricultural technology attracted $93 million (7%), waste management $60 million (≈4.5%), and energy & water $50 million (4%).
The headline total masks important trends visible in the Africa: The Big Deal data and related reports: funding is increasingly concentrated in fewer, larger deals; the number of companies raising $100k+ has declined; and debt financing continues to play a meaningful role alongside equity. Egypt and Nigeria remained the largest markets by volume, though the traditional “Big Four” share of total funding was lower than in some prior periods.
Fintech’s leadership is not new, but the scale of the logistics surge — largely one company’s raise — highlights both the opportunity in climate-linked mobility and the risk of headline numbers being skewed by outliers. For founders outside the top deals, the environment remains selective.
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