African startup funding took a positive turn in August 2026 as ventures around the continent raised $455 million during the month. This is a vast improvement from the $102 million raised in t
African startup funding took a positive turn in August 2026 as ventures around the continent raised $455 million during the month. This is a vast improvement from the $102 million raised in the previous month of July, representing an overwhelming 346 per cent increase.
The August 2026 total is also a massive improvement on a year-on-year basis compared with the $93 million raised in August 2025, an impressive $389.2 per cent increase.
While it is also well above the previous 12-month average of $220 million per month, it is, however, not the highest monthly raise recorded over the last 12 months, coming behind only June 2026, when African startups raised $515 million, powered by Beninese e-mobility company Spiro, which raised $270 million in that month.
African startup funding 31 startups that raised $100,000 or more accounted for the August raise. This is well below the 12-month average of 43 per month, showing that while investments into the continent may have risen, distribution was uneven, with most of it concentrated in a few companies.
This is unlike the previous month of July, when 44 startups got funding despite a low monthly output. Indeed, in June, when ventures on the continent raised $515 million, about 48 startups announced funding. Even on a year-on-year basis, 33 African startups announced funding in August 2025 despite raising just $93 million.
Capital inflow may have improved, but fewer startups are getting it, emphasising a focus on larger and more established companies. Hopefully, it does not translate to neglect for early-stage startups.
August’s impressive funding was powered by the Nigerian mobility financing company, Moove, which raised $250 million in a Series C round. With that, Moove’s raise, which saw its valuation rise to $2.1 billion, accounted for 55 per cent of the August total.
The round was led by the Abu Dhabi sovereign wealth fund, Mubadala Investment Company, alongside co-leads Woven Capital (Toyota’s growth fund) and Ion Pacific. New institutional backers, including BlueCrest Capital Management and Sona Capital, have also joined a formidable cap table that already boasts heavyweight names like Uber, BlackRock, and Franklin Templeton.
Behind Moove is Jumia, the e-commerce startup whose prospects are finally looking up. The e-commerce company raised $50 million in equity funding as it enters a crucial phase in its long-standing effort to achieve profitability. The funding comes from the International Finance Corporation (IFC), Axian Telecom, and other investors, with the IFC contributing approximately $25 million and Axian, along with others, providing the remainder.
This new capital allows the e-commerce giant to support its operations while striving to expand its marketplace and avoid the excessive spending that characterised its earlier years.
Crypto company Yellow Card also brought in capital in August, raising $40 million in a strategic funding round. The financing, which takes Yellow Card’s total equity financing to over $120 million since its founding in 2016 by Christopher Maurice and Justin Poiroux, was backed by a consortium of heavyweight investors, including SC Ventures by Standard Chartered, Sony Innovation Fund, Polychain Capital, and Blockchain Capital.
With the new financing, the startup is setting its sights on deepening its international footprint and scaling its enterprise financial solutions. It is also earmarked to scale Yellow Card’s Global USD Accounts, an end-to-end dollar account solution tailored for corporate entities, while also expanding the underlying stablecoin payment rails that connect these accounts to markets worldwide.
Next is the South African fintech, Moment, which announced the close of its $22 million Series A funding round in August. The round was led by AlphaCode Venture Partners, with continued investment from General Catalyst, MultiChoice, and fresh investment from Canal+. The latest round means the pan-African fintech has raised $55 million since inception.
VC funding The funding will be deployed to develop one of the Continent’s most advanced payment infrastructure businesses, offering a comprehensive suite of payment collection and revenue retention solutions to corporate and enterprise merchants. It will also be used to deepen its network, enhance its platform and accelerate expansion across Africa.
Last of the top 5 is ValU, which announced the successful completion of its first-ever corporate bond issuance, with a total value of 1 billion Egyptian pounds ($21 million).
Together, the Top 5 startups accounted for 84 per cent of the August total. Nigeria alone contributed $364 million, representing 80 per cent of the total.
