Start-ups in Africa raised a total of $174m in January 2026 through deals valued at $100,000 and above, including equity, debt and grants, excluding exits, even as the number of deals dropped significantly.

This was disclosed by Africa: The Big Deal, a platform that monitors activities in the continental start-up ecosystem.

According to Africa: The Big Deal, the figure is significantly lower than the $276m raised in January 2025 and below the monthly average of $263m recorded over the previous 12 months. However, it is higher than the totals recorded in January 2023 ($106m) and January 2024 ($85m).

“What is more concerning, however, is the fact that only 26 start-ups announced at least $100k in funding in January. That is very low: just above half of the monthly average over the previous 12 months and of January 2024. As a matter of fact, on this specific metric, this is the lowest monthly tally on record since at least 2020,” the report indicated.

On the month-on-month dip between December and January, Max Giacomelli, who authored the piece, said that the trend is not new to the ecosystem, having occurred in 2023, 2024 and 2025. He maintained that a relatively slow start to the year does not necessarily signal a downward trend.

Among the biggest fundraisers was Nigerian mobility financing start-up MAX, which secured $24m in a mix of equity and asset-backed debt. The raise positions MAX as one of the continent’s top recipients of capital in January and reinforces investor appetite for asset-backed mobility and transport financing models in key African markets.

Egyptian fintech valU led the continent overall with a $64m debt facility from the National Bank. Four additional companies raised equity rounds exceeding $10m: NowPay (Egypt, $20m); Yakeey (Morocco, $15m Series A); Terra Industries (defence, $12m); and the Ivory Coast’s fintech Cauridor.

The sectoral distribution shows fintech continuing to dominate large-ticket funding, with mobility, property technology and defence also attracting significant investor interest.

Although not included in the funding totals, January also saw notable exit activity. Flutterwave acquired Nigerian fintech infrastructure start-up Mono in an all-stock transaction valued at approximately $30m, signalling continued consolidation in the payments and API infrastructure space. Tech talent platform Savannah was acquired by Commit, while Izili Group completed the acquisition of off-grid solar provider Qotto.

The combination of reduced deal flow and ongoing consolidation suggests a maturing funding environment, with capital increasingly flowing to established players and strategic mergers reshaping segments of the ecosystem.

For now, January’s figures may reflect seasonal moderation rather than structural decline. However, the historically low number of funded start-ups could indicate a tougher capital-raising climate ahead, particularly for early-stage ventures seeking their first institutional cheques.