Editor’s note: African-Startups is a sister publication of EU-Startups, bringing trusted coverage of startups, venture capital, and innovation across Africa.
May was another momentous month for Africa’s startup ecosystem, with investors backing a broad mix of FinTech, ClimateTech, HealthTech, mobility, logistics, and infrastructure startups across the continent. The highlight of this month has to be the Africa Forward Summit held on May 11-12 in Nairobi, Kenya where major deals were signed and renewed collaboration in the field of technology, AI, financial architecture, green industrialisation, and health sovereignty.
South Africa’s Biovac, which had raised funding from EIB and IFC in April, secured another funding in May, further elevating its journey towards vaccine sovereignty. This month also reflected the maturity in the ecosystem with several startups securing debt facilities, growth equity, strategic partnerships, and institutional backing aimed at long-term expansion.
Several of the deals announced during the month also demonstrated growing participation from development finance institutions, sovereign-backed funds, and private equity firms rather than traditional venture capital alone. The diversified funding environment should act as an anchor for the rest of the year as the ecosystem aims to cross the $1 billion mark for the first half of 2026.
Climate and clean energy startups were among the strongest performers during the month, while fintech continued to dominate overall deal activity through remittances, cross-border payments, and digital financial infrastructure.
In a nutshell, 2Cs dominated the month of May – capital and collaboration. We saw collaboration take centre stage with strategic partnerships and institutional capital becoming central to the evolution of Africa’s startup ecosystem.
As development finance institutions, sovereign funds, and global strategic investors deepen their presence across the continent, African startups are increasingly attracting the type of long-term capital required to scale infrastructure-heavy businesses.
Below are the African startups that announced funding rounds or strategic investment backing in May 2026, and 9 of them are hiring.
Anzana Electric Group
Founded in: 2011
Hiring: No
HQ: Mauritius
Mauritius-based clean energy company Anzana secured a $20 million UK-backed facility to accelerate renewable energy access projects across Africa. The funding will support the company’s efforts to scale distributed clean energy infrastructure and expand energy access in underserved communities.
The deal is one of many climate-focused infrastructure fundings in May and reflects the growing investor appetite for this sector. Startups tackling Africa’s energy deficit while aligning with global decarbonisation goals are the winners of 2026.
NALA
Founded in: 2022
Hiring: Yes, apply here
HQ: San Francisco
Tanzanian fintech startup NALA announced a $50 million facility from Liquidity and Mars Growth Capital. The company plans to use the capital to strengthen its global payments infrastructure and expand remittance services across Africa and international markets.
The startup has increasingly positioned itself as a major player in cross-border payments for African diasporas, and the latest funding highlights continued investor confidence in remittance-focused fintech platforms.
Africa GreenCo
Founded in: 2015
Hiring: Yes, apply here
HQ: Lusaka
Renewable energy trader Africa GreenCo secured $10 million from Sanlam Alternative Investments to expand electricity trading operations across Southern Africa.
Operating at the intersection of energy infrastructure and climate finance, Africa GreenCo helps independent power producers distribute renewable electricity more efficiently across regional markets.
Mia Healthcare
Founded in: 2021
Hiring: No
HQ: Cape Town
South African HealthTech startup Mia Healthcare raised $910,000 to expand its affordable dental clinic network and locally manufactured aligner business.
The company aims to improve access to oral healthcare services while reducing dependence on imported dental products in South Africa.
ARRW
Founded in: 2025
Hiring: No
HQ: Cairo
Egyptian mobility startup ARRW secured $4 million from Tasheed Egypt to scale its licensed ride-hailing platform.
The company is focused on regulated transportation services and plans to use the capital to expand operations and strengthen its technology platform amid growing competition in Egypt’s mobility sector.
The New Forests Company
Founded in: 2004
Hiring: No
HQ: Mauritius
Mauritius-headquartered The New Forests Company secured a $25 million investment from Impact Fund Denmark. The funds will help the forestry business expand its plantation footprint and strengthen local timber production across East Africa.
The capital will also be used to reduce the region’s dependence on imported timber while supporting carbon sequestration and sustainable land management.
LemFi
Founded in: 2020
Hiring: Yes, apply here
HQ: London
Nigerian-founded FinTech startup LemFi secured investment from Tether to support stablecoin-powered remittances across Africa and Asia. The funding comes on the heels of LemFi choosing London as its new global headquarters and plans to invest $134.9 million over the next five years in the British capital.
The backing from Tether will help LemFi accelerate the adoption of stablecoin-powered remittances across emerging markets. It is one of many investments underscoring the growing role of stablecoins in cross-border payments and increasing institutional interest in blockchain-enabled financial infrastructure targeting emerging markets.
Ruka
Founded in: 2020
Hiring: No
HQ: London
BioTech beauty brand Ruka raised $4.5 million to scale its lab-grown hair extensions business. The round, co-led by Henkel Ventures, brings Ruka’s total funding to $10 million.
The company is seeking to disrupt the global hair extensions market with sustainable alternatives designed to reduce reliance on traditional sourcing practices.
MAX
Founded in: 2015
Hiring: Yes, apply here
HQ: Lagos
Nigerian mobility and electric vehicle company MAX raised $8 million in debt financing to expand its EV fleet and battery-swapping infrastructure across Africa. With the investment, the Netherlands-based impact investor Triple Jump became MAX’s first international institutional lender.
As electric mobility startups gain traction amid rising fuel costs and increased interest in sustainable transport solutions, MAX aims to deploy the funding to expand its clean transportation operations across the continent. It aims to expand its electric fleet, rollout battery swap infrastructure, and continue development of its Pay-As-You-Go (PAYGO) financing platform.
Cauridor
Founded in: 2022
Hiring: Yes, apply here
HQ: Lewes
Announced on the sidelines of the Africa Forward Summit, cross-border payments startup Cauridor secured $2 million from Proparco to scale financial infrastructure across West and Central Africa.
The funding is part of Cauridor’s ongoing Series A funding round and brings its total funding to date to $13 million. The company plans to use the funding to strengthen its operational and technical capabilities while also accelerating the company’s geographic expansion into West and Central Africa.
Biovac
Founded in: 2003
Hiring: Yes, apply here
HQ: Cape Town
South African vaccine manufacturer Biovac received $20 million from France through Proparco. The funding follows earlier support from the European Investment Bank and IFC, bringing its total raised to $128 million in recent months.
The funding is a bet that Biovac can help Africa achieve vaccine sovereignty and the company is expected to strengthen local vaccine manufacturing capabilities with the help of this additional funding.
Bfree
Founded in: 2020
Hiring: Yes, apply here
HQ: Lewes
Debt collection and credit management startup BFree raised fresh growth funding led by AfricInvest’s Five.
The company plans to accelerate its pan-African expansion strategy as digital lending ecosystems across the continent continue to grow.
Rivia
Founded in: 2023
Hiring: Yes, apply here
HQ: Accra
Ghana-based healthcare provider Rivia Clinics announced new backing from the Africa Ecosystem Catalysts Facility (AECF), a pilot investment fund managed by Village Capital with backing from the Dutch Entrepreneurial Development Bank (FMO) and the Netherlands Enterprise Agency (RVO).
The new funding of $200K will help the company expand access to affordable healthcare services while strengthening digital healthcare delivery capabilities.
VDL Fulfilment
Founded in: 2022
Hiring: No
HQ: Accra
Another beneficiary of the funding from Village Capital in May was VDL Fulfilment. The startup, operating in the logistics and fulfilment space, received $150K in funding.
As e-commerce activity grows in Africa, the fulfillment and logistics startups are becoming favourable among investors. VDL Fulfillment, a leader in Ghana, will use the funding to finance fleet expansion and warehouse infrastructure improvements.
Siyanqoba Ngamandla
Founded in: 2013
Hiring: Yes, apply here
HQ: Emalahleni
South African energy company Siyanqoba Ngamandla received backing through Edge Growth-managed funding structures, Africa Private Equity News reported.
The company operates in the energy sector, which continued to attract investor interest throughout May amid growing demand for power infrastructure solutions.
Ofemini Global Limited
Founded in: 2020
Hiring: No
HQ: Zaria
This month also saw Ofemini Global Limited and TheHyWing join the inaugural cohort of the TECA Heat Action Wave (THAW) programme and receive $56,000 in funding. These startups are building solutions around extreme heat and climate adaptation challenges.
Ofemini Global Limited provides a heat-resilient logistics platform that helps farmers transport perishable goods efficiently, reducing spoilage caused by extreme temperatures through optimised routing and heat monitoring.
TheHyWing
Founded in: 2025
Hiring: No
HQ: Yenagoa
TheHyWing Ltd provides a climate-smart digital health platform that combines heat alerts, AI diagnostics, and telemedicine to prevent heat-related health risks among outdoor workers and vulnerable populations.
TheHyWing and Ofemini are turning attention towards climate resilience technologies and how they are becoming investable sectors within Africa’s broader innovation economy.
