Egypt and Nigeria secured the largest shares of African tech funding in the first half of 2026, according to a report by Africa: The Big Deal.
The capital concentration comes alongside a broader drop in early-stage transaction volumes, signalling a tightening venture pipeline across the continent.
Egypt attracted the most capital during the period. The market raised US$327 million to capture 27% of the continent’s total funding.
Nigeria followed with US$254 million, while Kenya and South Africa recorded US$126 million and US$83 million respectively.
Together, these four markets accounted for 58% of all funding across Africa.
The report noted that this figure represents slightly less concentration than usual, driven in part by a single massive transaction outside the primary hubs.
Benin-born electric mobility company Spiro raised US$327 million, comprising US$270 million in equity and US$57 million in debt.
The single transaction is comparable to the total funding attracted by all Egyptian startups combined during the period.
Because Spiro operates heavily in Kenya, its incorporation in Benin slightly skews the regional map and puts Kenya’s apparent decline into perspective.
When looking exclusively at pure equity funding, Nigeria led the continent with US$214 million, placing Egypt second at US$183 million.
The period saw notable activity beyond the major hubs. Tanzania, Côte d’Ivoire, and Morocco each attracted more than US$25 million in total capital.
Deal volumes and early-stage gap
While total capital remained concentrated, the volume of deals highlighted shifts in market activity.
A total of 190 ventures raised at least US$100,000 during the first half of the year, with the Big Four markets claiming 110 of those transactions.
Nigeria reclaimed the top spot for the highest number of funded ventures after a sluggish second half of 2025.
Morocco, Tanzania, and Ghana each recorded at least 10 startups raising six-figure rounds, despite Ghana underperforming in total capital to rank eleventh overall.
The broader drop in deal volumes across the rest of the Big Four reflects ongoing shifts in capital distribution.
Investors are writing larger cheques for established companies, leaving a noticeable gap in early-stage funding at the lower end of the range.
Featured image credit: Edited by Fintech News UAE, based on image by Africa: The Big Deal and thanyakij-12 via Magnific
