Debt Now Drives Nearly Three-Quarters of African Startup Funding as Equity Hits a Multi-Year Low

African startups closed 44 disclosed rounds worth $100,000 or more in July 2026, raising a combined $102 million. While the number of funded companies stayed near the 12-month average, the total raised came in 60% below the monthly average of $258 million, making it the weakest month since March 2025. What stood out wasn’t just the total, but how it was put together.