African startups raised more than $1 billion across 146 deals in the first half of 2026, with more than 200 investors taking part, according to data tracked by The Condia. Fintech again took the biggest share. The Condia also ranked the investors that backed the most startups.
The eight most active investors
- Cascador (Lagos): a not-for-profit that backs growth-stage Nigerian businesses. It awarded about $5.6 million in catalytic funding to seven startups at its 2026 Pitch Day, including Agriarche, Koolboks, Powerstove and Stears.
- International Finance Corporation (IFC): the World Bank’s private-sector arm, which led or co-led deals in Yakeey, Breadfast, MNT-Halan, Biovac, Gozem and Arc Ride.
- Enza Capital (Nairobi): backed Tuteria and Orcafraud among others, with cheques of $250,000 to $5 million.
- British International Investment (BII): the UK development finance body, focused on clean energy and electric mobility (Starsight, Dodai, Lovegrass).
- Norrsken22: a $205 million Africa fund that backed Lua, Shiprazor and Orcafraud this half; earlier bets include Raenest and Nala.
- Jobtech Alliance: backed Nigerian commerce platforms Bumpa and Flowcart, plus Kenya’s Twiva.
- Madica: a pre-seed programme backed by Flourish Ventures, investing up to $200,000 per startup.
- Azur Innovation Fund (Morocco): three urban mobility deals.
The ranking counts the number of investments, whether as lead or supporting investor, and excludes grants.
Three trends
- Development finance institutions such as the IFC and BII are funding capital-heavy sectors like clean energy, electric mobility and healthcare.
- North Africa is attracting specialist funds, with Enza, Azur and Attijariwafa Ventures focusing on Morocco and Egypt.
- Accelerators and catalytic funders such as Cascador, Madica and Jobtech Alliance are doing more deals than traditional venture capital firms, though with smaller cheques.
What it means for Nigerian founders
With classic venture funding still hard to get, early-stage Nigerian founders may find accelerator programmes, catalytic funds and development-finance-backed investors more accessible than big VC rounds. Several of those names, including Cascador, Jobtech Alliance and Madica, run open application windows each year.
Source: The Condia.
