African startup equity funding rises 23 percent as debt falls

African startups raised $1.5 billion in equity during the first nine months of 2026, up 23 percent year-on-year, Business Day reports using Africa: The Big Deal data. Debt financing fell 33 percent to $669 million, while combined funding reached $2.16 billion against $2.24 billion a year earlier. Energy startups' debt financing fell to $93 million from $585 million, helping explain the broader decline in borrowing. Third-quarter equity reached $580 million, including Moove's $250 million Series C in August. Excluding that deal, quarterly equity would still have been about 40 percent higher than a year earlier. A single large energy debt facility could change the year's funding mix.