Egypt has emerged as Africa's leading start-up funding destination in the first half of 2026, raising a combined $327m in equity and debt, according to new figures from Africa: The Big Deal. Nigeria followed with $254m, ahead of Kenya on $126m and South Africa on $83m.
The figures underline a significant shift in the continent's venture capital landscape. Egypt recorded its highest ever share of African start-up funding, while Nigeria surpassed the $250m mark for the first time since 2022. By contrast, South Africa and Kenya both experienced notable declines after stronger performances in recent years.
However, the headline figures require some context. Pan-African mobility and clean energy company Spiro alone raised $327m, comprising $270m in equity and $57m in debt, matching Egypt's entire funding total for the period. Although Spiro was originally associated with Benin, it has since moved its operational headquarters to Nairobi and its holding company to Dubai. As a result, it is now classified as a pan-African business rather than being attributed to a single national ecosystem. Its exceptional fundraising helps explain some of the apparent weakness in Kenya's overall numbers.
Egypt, Nigeria, Kenya and South Africa continue to dominate Africa's venture capital landscape. Together, the four countries accounted for 58% of all funding raised during the first half of 2026.
Originally published by African Business.