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💰Africa startups raised $141.7m in September; Q3 $813.7m

💰Africa startups raised $141.7m in September; Q3 $813.7m

Plus:🔋Rana Energy secures $3m

Innovation Village
October 15, 2025

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Good Morning Valued Subscribers👋

We’re right in the middle of the week — that sweet spot where you’ve already handled the Monday rush but the weekend’s not too far off. In today’s edition, we’ve lined up fresh updates, stories, and insights to keep you informed and inspired as you power through the rest of the week.

Let’s dive in👇

Today’s Menu ☕️

💰 African Startup Funding: September 2025 Hits $141.7m as Q3 Totals $813.7m
💼 Tantalizers Plc begins turnaround amid bold diversification strategy
💡Bboxx and CreditChek partner to expand solar reach in Nigeria
🔋Rana Energy secures $3M to scale AI-powered clean energy platform across Africa
💵 Norfund invests $15 million in Ghana’s B5 Plus
📰 COMESA launches inquiry into Wasoko–MaxAB merger amid concerns over market competition
🤖 NVIDIA Empowers Meta and Oracle with Next-Gen AI Data Centres

💰FUNDING

African Startup Funding: September 2025 Hits $141.7m as Q3 Totals $813.7m

African startups raised $141.7 million in September 2025, a 21% jump from $117 million in August, driven by large South African rounds and steady fintech appetite in West Africa. Combined with a $555 million surge in July, third-quarter funding totalled $813.7 million. The quarter thus charted a whiplash trajectory—a July spike, an August slump, and a September rebound—suggesting capital is still available for clear enterprise value plays (identity, telematics, fintech infrastructure) even as consumer growth stories face tighter diligence. September’s capital was spread across 18 disclosed deals, implying an average round size of roughly $7.9 million.

Where the money went

South Africa led with $65.5M across five deals, anchored by Ctrack ($23.4M), Pura Beverage ($15M), Contactable ($13.5M), The Invigilator ($11M) and Float ($2.6M).
Nigeria followed with $40.6M (five deals), paced by Kredete ($22M), Odyssey ($7.5M), Babban Gona ($7.5M), Rulebase ($2.1M) and Hinckley ($1.5M).
Egypt posted $15.5M via Intella ($12.5M) and Munify ($3M).
Kenya saw $11.5M—ARC Ride ($10M) and Pyramidia Ventures ($1.5M).
Morocco totaled $6.6M—Nucleon ($3.5M), DONE ($2.1M) and Justyol ($1M).
Tanzania added $2M via MazaoHub.
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💰FINANCIAL REPORT

Tantalizers Plc begins turnaround amid bold diversification strategy

Tantalizers Plc, once a major name in Nigeria’s fast-food industry, is showing early recovery signs after years of decline, cutting its losses from ₦265 million in 2024 to ₦25.8 million in H1 2025. Under new chairman Adam Nuru and backed by $25 million from new owners — Banklink Africa and UAE-based Food Specialties and Organics Ltd — the company is pursuing a bold diversification strategy into deep-sea fishing and entertainment.

However, challenges persist. Revenue for the first half of 2025 fell to ₦1.39 billion, far below last year’s ₦2.9 billion, making its ₦18 billion full-year target highly ambitious. Tight margins (with cost of sales consuming nearly 50% of net revenue) and ₦58.3 million owed to suppliers highlight ongoing operational strains......…..…continue reading

💡SOLAR ENERGY

Bboxx and CreditChek partner to expand solar reach in Nigeria

Bboxx has partnered with AI-powered credit infrastructure provider CreditChek to advance Nigeria’s $750 million Distributed Access through Renewable Energy Scale-up (DARES) program, funded by the World Bank. The initiative aims to deliver clean, reliable electricity to 17.5 million Nigerians through renewable energy solutions.

As the DARES technical partner, CreditChek will enhance Bboxx’s credit underwriting by integrating its AI-driven platform to streamline income verification, credit analysis, and fraud detection — key to tackling financing barriers in Nigeria’s solar energy market. Despite over 1 million solar home systems deployed between 2019 and 2022, affordability remains a major challenge for off-grid households........…..…continue reading

🔋 CLEAN ENERGY

Rana Energy secures $3M to scale AI-powered clean energy platform across Africa

Nigerian clean energy startup Rana Energy has raised $3 million in pre-seed funding to scale its AI-powered Clean Energy-as-a-Service platform across Africa. The round includes $500,000 in equity from Techstars, EchoVC Eco, and angel investors like Chinedu Azodoh and Tayo Bamiduro (MAX co-founders), plus $2.5 million in green debt arranged by Optimum Global and backed by FSDH Asset Management.

Founded in 2023 by Abraham Mohammed and Mubarak Popoola, Rana operates a Virtual Solar Network (VSN) that aggregates solar and battery assets, allowing businesses and communities to access clean energy through subscriptions — with AI-driven features like predictive maintenance and energy forecasting......…..…continue reading

💵 INVESTMENTS

Norfund invests $15 million in Ghana’s B5 Plus

Norfund, Norway’s investment fund for developing countries, has invested $15 million in B5 Plus Limited, one of Ghana’s largest steel producers, to modernize operations and promote green industrial growth. The loan will finance the refurbishment of a steel plant in the Tema Freezone and the construction of a 10 MW solar power facility at Prampram, integrating renewable energy into production.

The project is expected to create 1,800 direct and 10,000 indirect jobs, strengthening Ghana’s industrial capacity while reducing carbon emissions. By expanding the use of recycled steel and solar power, B5 Plus aims to lower its environmental footprint and align with sustainable growth goals.....…continue reading