Top 10 investors still backing African startups despite funding slowdown
By Aboki Forex —
Africa's startup ecosystem recorded 9,298 investments from 2,589 investors between 2019 and 2026, and the top 10 most active backers accounted for 1,226 deals, or 13.19% of the total. Despite a sharp funding slowdown after 2022, a core group of investors kept writing cheques across fintech, healthtech, agritech, climate technology, logistics, and e-commerce.
The analysis shows that while many global investors pulled back, others doubled down. Launch Africa leads with nearly 200 deals, followed closely by Germany's DEG. The list also includes a mix of venture capital funds, accelerators, development finance institutions, and corporate-backed platforms.
What the data says
African-based investors numbered 699 and backed 3,217 deals, contributing 34.59% of all deals. That points to growing maturity in the continent's domestic venture capital ecosystem, with local investors playing a larger role from ideation to growth.
European development institutions remain strong, with 2,060 deals across 525 investors. U.S.-based investors dominate the top 10, holding four slots and reflecting the influence of American capital and accelerator networks.
Nigeria is the only African country with multiple representatives in the top 10. LoftyInc Capital Management and Future Africa both made the list, underlining Nigeria's position as a hub for venture capital and early-stage startup funding.
Top investors since 2019
10. Future Africa (77 deals): The Nigerian firm recorded 77 investments, with 27 deals in 2021 and 38 in 2022. It backs founders in fintech, healthtech, climate, and digital infrastructure.
9. 500 Global (79 deals): The global venture firm spread its activity across the period, with 22 deals in 2022 and 12 each in 2020 and 2021. It invests from pre-seed to pre-IPO in fast-growing markets.
8. 54 Collective (87 deals): The venture builder, formerly Founders Factory Africa, stayed active after 2022. It recorded 24 deals in 2024, one of its strongest years, and combines capital with hands-on support.
7. LoftyInc Capital Management (96 deals): Nigeria's LoftyInc completed 96 deals, with its strongest years being 2021 (41 deals) and 2022 (35 deals). It has invested in more than 130 afropreneurs.
6. Flat6Labs (100 deals): The Egypt-based accelerator did 41 deals in 2021 and 47 in 2022. It focuses on seed-stage companies, supports founders across 15 countries, and has worked with over 10,000 founders in Africa, the Levant, and the GCC since 2011.
5. Y Combinator (133 deals): The global accelerator backed 133 African deals since 2019, with its busiest years in 2021 (37 deals) and 2022 (43 deals). It remains a major gateway for African founders.
What it means for Nigerian businesses
The presence of two Nigerian firms in the top 10 shows that local venture capital is no longer a side player. For Nigerian startups, that means more homegrown funding options even as global investors tighten their belts.