Spiro’s $215M Deal Leads $1.3B Funding Surge in Q2 2026 
African startups set a new fundraising record in 2026, hitting a remarkable sum of $1.3 billion as of June 3, withSpiro’s landmark $215 million mega deal leading the way. The electric vehicle company behind the affordable motorcycle and three-wheeler revolution in East Africa made headlines by joining the league of unicorns, fueling demand for electric transportation on the continent. Other local startups also saw significant investment in the region, such as Davis AI’s $5.5M series in Morocco and logistics company Shiprazor’s $2.65M seed offering in South Africa.
$705 million was raised across 29 june 2026, with 59 deals closed during the first quarter of the year. The sum represents a spectacular 26.5% increase compared to the same period last year. The first-ever debt financing exceeded the combined raising of equity securities in African tech companies in the first quarter. It is an extraordinary sign of the maturing market, with entrepreneurs accessing credit to finance their expansion and operations while retaining a larger ownership stake in their firms.
The value of funding raised in Egypt reached its highest Q1 total of $190 million, with South Africa, Kenya, and Nigeria posting a figure of $157 million, $94 million, and $78 million, respectively. Serial entrepreneur Strive Masiyiwa, founder of Econet Group, and Koos Bekker, chairman of Naspers, remain at the forefront of the continent’s economic development. New heroes are being created, with Spiro’s founder and other unicorn-makers gathering momentum and attracting partners and investors. Experts expect the continent’s startup scene to keep booming in 2026, with 2026 set to eclipse the $3.4 billion raised in 2025.
