This is Follow the Money, our weekly series that unpacks the earnings, business, and scaling strategies of African fintechs, financial institutions, companies, and governments. A new edition drops every Monday.
Africa’s startup ecosystem raised roughly the same amount of venture capital in the first half of 2026 as it did a year earlier.
Startups across the continent raised about $1.4 billion in the first six months of the year, broadly matching H1 2025 despite a global venture capital market that remains cautious, according to Africa: The Big Deal, a monthly funding tracker.
But a closer look at where the money went tells a different story.
The question is no longer whether capital is flowing into African startups, but where it is going.
