African Startups Raised $135 Million in May as Nigerian Founders Lead Deal Flow
Startups across Africa raised $135 million through 37 deals in May 2026, with Nigerian founders prominent even as the wider funding climate stays tight.
African startups raised about $135 million across 37 deals in May 2026, an improvement on April, even as venture funding across the continent remains subdued and some founders turn to borrowing to bridge growth. Nigerian companies featured prominently in the month’s activity. The data points to a market that is recovering selectively rather than broadly.
What this means for you: if you invest in or build with African tech, the May figures suggest cautious recovery — capital is moving, but selectively.
Source: Vanguard (Africa: The Big Deal).