Start-ups raise $174m amid record low deal count

Start-ups in Africa raised a total of $174m in January 2026 through deals valued at $100,000 and above, including equity, debt and grants, excluding exits, even as the number of deals dropped significantly.

This was disclosed by Africa: The Big Deal, a platform that monitors activities in the continental start-up ecosystem.

According to Africa: The Big Deal, the figure is significantly lower than the $276m raised in January 2025 and below the monthly average of $263m recorded over the previous 12 months. However, it is higher than the totals recorded in January 2023 ($106m) and January 2024 ($85m).

“What is more concerning, however, is the fact that only 26 start-ups announced at least $100k in funding in January. That is very low: just above half of the monthly average over the previous 12 months and of January 2024.

On the month-on-month dip between December and January, Max Giacomelli, who authored the piece, said that the trend is not new to the ecosystem, having occurred in 2023, 2024 and 2025. He maintained that a relatively slow start to the year does not necessarily signal a downward trend.

Among the biggest fundraisers was Nigerian mobility financing start-up MAX, which secured $24m in a mix of equity and asset-backed debt. The raise positions MAX as one of the continent’s top recipients of capital in January and reinforces investor appetite for asset-backed mobility and transport financing models in key African markets.