Editor’s note: African-Startups is a sister publication of EU-Startups, bringing trusted coverage of startups, venture capital, and innovation across Africa.
August 2026 proved to be a busy month for African startups, with funding deals closing across various industries.
In fact, money moved in every direction: from South Africa, Egypt, and Nigeria, the continent’s three most active ecosystems, to newer hotspots like Tanzania and Malawi.
In the first half of 2026, African startups raised $1.44 billion through 146 disclosed transactions, marking a steady 1.4% year-on-year increase compared to $1.42 billion in H1 2025, according to the TechCabal Insights State of Tech in Africa H1 2026 Report.
The way startups on the continent are funded underwent a significant change in H1, says the report. While equity funding was still the largest source at $818 million, it dropped from $948 million in the same period of 2025.
In contrast, debt financing increased to $614 million through a record 36 transactions, accounting for 42.6% of total funding.
This shows that startups are increasingly turning to non-dilutive asset-backed funding to strengthen their finances and support growth without giving up too much equity.
According to the report, there was a strong emphasis on stability in H1 2026, with mid-sized investments ranging from $10 million to $99 million accounting for 66% of funding.
At the same time, early-stage deals under $500K dropped to 19% of total transactions, indicating that investors were becoming more cautious and avoiding riskier early-stage investments.
For the first time, Climate Tech pulled in $688 million across energy, mobility, and agriculture, outpacing pure-play FinTech’s $488 million, the report added.
According to the report, in H1 2026, African startup funding was concentrated in a few key markets, with the top five countries securing 77% of all investments.
Benin led with $327 million from 5 deals, followed by Egypt with $301 million from 19 deals. South Africa raised $163 million through 14 deals, while Nigeria had the most transactions at 35, totalling $161 million. Kenya completed the top five with $157 million across 16 deals.
Outside the top five, other ecosystems raised a total of $268 million. Ivory Coast led this group with over $45 million from 2 deals, followed by Seychelles with $40 million from 1 deal. Zambia secured $26 million from 4 deals, Guinea raised $12 million from 2 deals, Ghana had 7 deals totalling $11 million, and eSwatini brought in $7 million from 1 deal.
August 2026 carried that momentum forward, with deals spanning FinTech, mobility, AI, AgriTech, HealthTech, and clean energy. Here are the African startups that raised funding last month.
Aflabox
Founded: 2024
Founder(s): Luca Alinovi and Fabrizio Cardillo
Funding raised in Aug 2026: $1.54 million Seed round through FoodSeed
Hiring: No
Aflabox is an Italian AgriTech startup based in Nairobi that has built a portable platform combining UV imaging, artificial intelligence, and geolocated data to detect mycotoxins and assess the commercial quality of grains directly in the field. Each scan produces a digital result in under 90 seconds. The company has supplied 20 devices to the World Food Programme in Kenya.
Moment
CEO: Joel Yarbrough
Funding raised in Aug 2026: $22 million Series A led by AlphaCode Venture Partners
Hiring: Yes| Apply here
Moment is a Cape Town-headquartered payments infrastructure company providing omni-channel payment solutions, intelligent collection tools, and embedded financial services to businesses across Africa. The platform supports payments through cards, mobile money, bank transfers, eWallets, recurring bank debits, and in-person transactions at over two million locations. Moment handles payments for 10 million people monthly and processes 600,000 transactions daily.
Moove
Founded: 2020
Founder(s): Ladi Delano and Jide Odunsi
Funding raised in Aug 2026: $250 million Series C led by Mubadala Investment Company and co-led by Woven Capital and Ion Pacific.
Hiring: Yes| Apply here
Moove is a mobility company based in Dubai, originally from Lagos. It focuses on creating the infrastructure for self-driving vehicles. The company offers fleet management services, specialised depots called “Nests,” and operates 24/7. They manage about 42,000 vehicles in 29 cities across 13 countries, generating $420 million in annual revenue. Moove partners with Waymo to manage autonomous vehicle fleets.
Dawa Mkononi
Founder(s): Joseph Paul, Clemence Exaudi, and Asorael Ayo
Funding raised in Aug 2026: Undisclosed amount from Africa Health Ventures.
Hiring: No
Dawa Mkononi is a Tanzanian pharmaceutical technology company that connects healthcare providers with trusted pharmaceutical suppliers through a digital platform to make sourcing medicines faster, more transparent, and more reliable. The company also runs Dawa Kwanza, a credit programme developed in partnership with Vodacom Tanzania and NCBA Bank Tanzania, that allows eligible health facilities to receive medicine stock immediately and repay within 28 days. To date, the company has financed more than Sh1 billion worth of medicine stock to pharmacies and clinics across Tanzania.
Balad
Founded: 2022
Founder(s): Adham Azzam
Funding raised in Aug 2026: Undisclosed investment from EFG Finance
Hiring: Yes| Apply here
Cairo-based B2B infrastructure platform that gives banks, exchange companies, FinTech firms, and other licensed institutions a single integration to reach every way money lands in Egypt: bank accounts, mobile wallets, and cash pickup. Connects to more than 58 banks and payout partners, over 20 mobile wallet brands, and more than 1,000 cash pickup points. In February 2025, became the first Egyptian remittance aggregator to receive full approval from the Central Bank of Egypt.
Yellow Card
Founded: 2016
Founder(s): Chris Maurice and Justin Poiroux
Funding raised in Aug 2026: $40 million strategic funding round from by SC Ventures, Sony Innovation Fund, Polychain Capital, Blockchain Capital, and other strategic investors
Hiring: Yes| Apply here
Yellow Card is a US-based stablecoin infrastructure company built around Africa and other emerging markets. It provides Global USD Accounts that give companies a single account to hold US dollars, hold and swap stablecoins, manage treasury, and collect or disburse local currencies across domestic payment rails in more than 50 countries. Yellow Card employs more than 200 people across 20 countries, holds licenses in 22 jurisdictions, and has facilitated over $10 billion in transactions.
Tennsa
Founder(s): River Maharaj
Funding raised in Aug 2026: Over $61K in pre-Seed round from Oakvale Invest
Hiring: No
Tennsa is a Cape Town-based AI software development company building Tennsa OS, an always-on intelligence layer for the operations of growing businesses. Tennsa OS sits across the systems a business already runs on (accounting, inventory, CRM, email, calendars, banking) and reads them as one, briefing users each morning on what changed overnight, what is at risk, and what to act on first. Backed by Google for Startups and built with integrations for the South African stack.
UMAMI E-Learning Solutions
Founded: 2019
Founder(s): Ahmed Seif El-Din
Funding raised in Aug 2026: Phased investment plan exceeding $1 million
Hiring: No
UMAMI is an Egyptian EdTech company that has created a Learning Operating System (LOS) for governments, educational institutions, and large businesses in Egypt and the MENA region. This platform combines learning, skills, performance, and decision-making in one system and is used in schools, healthcare, vocational training, and workplaces. Recently, it was recognised as one of the Top 100 Entrepreneurs in Africa for 2026 by African Business Heroes.
Naran
Founded: 2025
Founder(s): Bayaskhalan Alexeev and Alexander Gubarev
Funding raised in Aug 2026: $10 million in equity and debt from Landel
Hiring: No
Naran is a Dubai-based mobility financing platform that provides rent-to-own financing for cars and motorcycles. The company buys vehicles directly from manufacturers and offers independent drivers flexible terms ranging from 12 to 60 months, partnering with ride-hailing and delivery platforms including Yango and inDrive. Naran currently supports fleet scaling in Colombia, Peru, Senegal, and Côte d’Ivoire, with a Paraguay launch planned for September 2026.
Terra Industries
Founded: 2024
Founder(s): Nathan Nwachuku and Maxwell Maduka
Funding raised in Aug 2026: $18 million from 8VC, Silent Ventures, Nova Global, Belief Capital, and SV Angel.
Hiring: No
Terra Industries is a defence technology company that designs and manufactures autonomous systems powered by ArtemisOS. These systems help governments and infrastructure operators monitor and secure critical assets across land, air, and maritime environments. Their product portfolio includes long- and mid-range drones, interceptor drones, sentry towers, and unmanned ground vehicles. Terra Industries’ technology is already being used to protect power plants, mines, and other essential assets worth around $11 billion in various African countries. The company is opening its first international office in London.
Jem
Founded: 2020
Founder(s): Simon Ellis and Caroline van der Merwe
Funding raised in Aug 2026: $8.4 million Series A led by Quona Capital.
Hiring: Yes| Apply here
Jem is a Cape Town-based workforce management platform designed for deskless employees, built on WhatsApp. It initially allowed employees to request their earned wages via WhatsApp, with funds arriving within 90 minutes. Now, Jem offers a complete platform that includes payslips, onboarding, time and attendance tracking, leave management, workforce communication, credit scores, and employee assistance programs. It serves over 250,000 employees across more than 200 companies, including Servest, KFC, Meridian, The Capital, Edgars, and Illovo.
Pouchers
Founder(s): Ayo Adewuyi
Funding raised in Aug 2026: $500K pre-Seed round led by Stack Directory LLC
Hiring: No
Pouchers is a Lagos-based FinTech that offers a multicurrency wallet powered by stablecoins. It’s designed for freelancers, remote workers, digital nomads, students abroad, and entrepreneurs who deal with multiple currencies. Users can fund their wallets with USDT or USDC across various blockchain networks, hold balances in USD, EUR, GBP, and CAD, and use virtual dollar cards to shop on international platforms such as Amazon, Netflix, and Meta. Pouchers is registered with the US Treasury’s FinCEN as a Money Services Business.
Yellow
Founded: 2018
Founder(s): Mike Heyink and Maya Stewart
Funding raised in Aug 2026: Undisclosed Series C led by Convergence Partners
Hiring: Yes| Apply here
Yellow is a Cape Town-based consumer finance company that helps households finance essential products they can’t afford upfront, such as off-grid solar home systems and smartphones. The company operates in seven African markets: Malawi, Zambia, Uganda, Rwanda, Madagascar, the Democratic Republic of Congo, and Nigeria. Yellow has served over one million customers through a network of more than 1,500 local agents and employs over 200 people. The goal is to reach 10 million customers by 2030.
Powered by People (PBP)
Founded: 2021
Founder(s): Ella Peinovich, Hedvig Alexander, and Alison Phillips
Funding raised in Aug 2026: Undisclosed Series B led by BESTSELLER Foundation
Hiring: No
Powered by People is a B Corp-certified commerce technology platform that helps independent brands and artisans connect with major retailers using its PBP Dropship platform. Operating in over 30 countries, it provides access to more than 100 retailers. The platform also assists brands in preparing their product catalogues for AI-driven commerce and has teams located in the US, Canada, Kenya, India, and Mexico.
Verascient
Founder(s): Keagan Stokoe and Emile Ferreira
Funding raised in Aug 2026: $1.2 million oversubscribed pre-Seed round
Hiring: No
Verascient is a South African AI startup that develops software to help organisations consolidate their institutional knowledge spread across emails, spreadsheets, meeting notes, and older systems. The platform uses a “temporal knowledge graph” to track changes in organisational information over time while ensuring data integrity and access controls. Initially targeting the financial services, insurance, and logistics sectors, Verascient’s platform can be hosted in a private instance or run in a client’s own cloud or on-premises environment.
ThriveAgric
Founded: 2017
Founder(s): Uka Eje and Ayodeji (Ayo) Arikawe
Funding raised in Aug 2026: $3.94 million through its first commercial paper issuance
Hiring: No
ThriveAgric is a Nigerian tech-based agricultural company that connects farmers with FMCGs and food processors. It uses its Agricultural Operating System (AOS) to collect and manage farm data, support field operations, and identify farmers eligible for financing. The system works offline and employs USSD services along with Android apps for field agents. ThriveAgric has helped over 1.2 million smallholder farmers and facilitated more than $150 million in financing.
Maskh
Director of Operations: Qaim Mahmood
Funding raised in Aug 2026: $4 million from All On and Energise Africa
Hiring: No
Maskh Nigeria Limited is an indigenous renewable energy company providing services in renewable energy, construction, engineering, electrification, and procurement. The latest investment will fund the deployment of solar-powered mini-grids across 19 communities in Jigawa and Bauchi states, expected to reach nearly 100,000 people. The project will provide reliable and affordable electricity to households, businesses, schools, health facilities, and other public institutions.
Minapharm Group
CEO: Wafik Bardissi
Funding raised in Aug 2026: Up to $16.5 million from the Coalition for Epidemic Preparedness Innovations (CEPI).
Hiring: Yes| Apply here
Minapharm is a Cairo-based biopharmaceutical company that develops and manufactures small molecules and monoclonal antibodies, operating seven facilities and producing more than 100 products. Its Berlin-based subsidiary ProBioGen designed a Bundibugyo ebolavirus vaccine candidate using its proprietary MVA-CR19 platform. The CEPI funding will take the vaccine through preclinical development and into a Phase 1 clinical trial in Africa. Minapharm plans to transfer drug substance manufacturing to its Cairo facilities to enable fully local production on the continent.
Comsol
Founded: 1997
Founder(s): Iain Stevenson
Funding raised in Aug 2026: Undisclosed amount
Hiring: No
Comsol is a South African fixed wireless connectivity operator entering the home broadband market as a wholesale provider of 5G infrastructure. It gives internet service providers, mobile virtual network operators, and other partners access to a standalone 5G-Advanced network purpose-built for fixed wireless access, owning and operating the network end-to-end while partners control branding, pricing, and customer relationships. Comsol’s network already covers more than a million households in Gauteng and is one of only two production 5G standalone cores currently live in South Africa.
Genser Energy
Founded: 2006
Founder(s): Baafour Asiamah-Adjei
Funding raised in Aug 2026: $529 million credit package arranged by Rand Merchant Bank, Absa Corporate and Investment Banking, and Standard Bank of South Africa.
Hiring: Yes| Apply here
Genser Energy is a private company that provides energy solutions and infrastructure in West Africa. They have over 334 megawatts of power generation capacity and operate a 436-kilometre natural gas pipeline in Ghana. The company supplies power to industrial clients and utilities and also exports power to neighbouring countries. In 2026, Genser plans to launch two major projects: a Gas Conditioning Plant and a Natural Gas Liquids Export Terminal in Takoradi.
Monty Mobile
Founded: 1998
Founder(s): Mountasser Hachem
Funding raised in Aug 2026: $12 million initial investment from BluePeak Private Capital Fund II
Hiring: Yes| Apply here
Monty Mobile is a telecommunications company that provides tools for businesses and digital platforms to communicate directly with customers using application-to-person (A2P) messaging, including one-time passwords, transaction alerts, financial notifications, and delivery updates. Monty Mobile International operates across 35 African countries through 15 mobile network operator partnerships, reaching an addressable market of approximately 66 million consumers. Started in interactive television before expanding into telecommunications in 2005.
