Egypt edged out the rest of the continent to become Africa’s top funding destination in the first half of 2026, pulling in $327 million — though nearly all of that came from a single mega-round: EV and battery-swapping company Spiro’s raise, which itself accounted for the bulk of Egypt’s total.
Strip out debt financing, though, and the story flips. Nigeria’s $214 million in equity funding actually outpaced Egypt’s $183 million, making Nigeria the continent’s largest market for pure equity investment over the period — its strongest showing since 2022, when Nigerian startups last crossed the $250 million mark in a six-month window. Including debt, Nigeria’s total came to $254 million, moving it into second place overall on the continent, ahead of Kenya ($126 million) and South Africa ($83 million).
Analysts at Africa: The Big Deal, which compiled the data, noted that Egypt’s 27% share of continental funding is its highest since tracking began, while Nigeria’s performance reflects a steadier, more consistent trend stretching back several cycles rather than a single breakout raise. Nigeria also led the continent by deal volume, recording the highest number of startups to secure at least $100,000 in the period — a sign that capital there is spreading across a wider pool of companies rather than concentrating in a few large tickets.
The picture wasn’t as encouraging elsewhere among Africa’s traditional “Big Four” ecosystems. Kenya posted its weakest first-half performance since early 2021, while South Africa failed to clear the $100 million mark despite having led the continent in funding just a year earlier. Together, Egypt, Nigeria, Kenya and South Africa still accounted for the majority of Africa’s startup funding and deal count in H1 2026, though their combined share has been gradually shrinking as capital flows into emerging hubs like Tanzania, Côte d’Ivoire and Morocco, each of which pulled in more than $25 million during the period
