African startups achieved a two-year funding record in July 2025, raising $550 million across 61 deals worth at least $100,000 each, with Morocco emerging as a notable contributor outside the traditional “Big Four” markets.
The exceptional performance was driven primarily by two Kenyan energy giants: d.light securing $300 million and Sun King raising $156 million. These mega-deals propelled the continent past the $1 billion mark for 2025, reaching this milestone faster than the previous year.
Debt financing dominated the landscape, representing 89% of total funds raised, reflecting strong preference for structured financing solutions. However, equity funding gained momentum with $58 million in venture capital, indicating growing investor confidence in African startups’ growth potential.
Morocco demonstrated its increasing attractiveness with ORA Technologies completing a $7.5 million Series A round led by Azur Innovation Fund and three local investors. Founded in 2023 by Omar Alami, the mobile application startup has developed a comprehensive super-app combining peer-to-peer transactions, e-commerce platform, on-demand services, messaging, and social networking features, with a digital wallet in development.
The rapid-growth company previously raised $1.9 million in pre-Series A funding just four months earlier, showcasing sustained investor confidence in its business model. This consecutive fundraising success illustrates the maturation of Morocco’s startup ecosystem.
The funding distribution across 15 countries signals transformation beyond the traditional Big Four markets of Nigeria, South Africa, Egypt, and Kenya. While these established hubs continue leading in volume and value, emerging ecosystems like Morocco are gaining significant traction.
This evolution reflects broader changes in African startup financing, characterized by increased local investor participation, hybrid solution development, and geographic diversification of technological innovation across the continent.
