Venture Capital in Africa Report

AVCA

Research

44 Pages

This seventh edition of AVCA’s Venture Capital in Africa report captures a market that is no longer in free fall, but not yet in full recovery. Deal volumes stabilised, median deal sizes rose meaningfully, and venture debt emerged as a critical stabiliser, even as aggregate capital remained below recent historical averages.

Key Takeaways

Stability Amid Global Contraction: Africa closed 2025 with 506 venture deals across equity and debt (+4% YoY), standing out as the only global region where deal volumes did not decline YoY.
Megadeals Maintained: 8 megadeals spanning venture capital (2) and venture debt (6) closed in 2025, with a combined value of US$1.3 billion, flat YoY.
Bigger Tickets Trended: Median venture capital deal size rose 33% YoY to $4.0 million in 2025, even as overall deal value remained below the three-year average.
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