81 African Startups From 2022 Seed Class Yet to Raise a Series A, Says Condia Report

A new analysis from Condia, Africa’s leading tech and innovation publication, has discovered that of the 105 African startups that raised seed funding in 2022, only 10 have closed a Series A in the 34 months since.
Eleven have shut down or been acquired. The remaining 81 are still active and have not raised follow-on equity capital.
This group includes Egypt’s Telda ($20m seed), Nigeria’s EarniPay (which laid off staff in April 2025 and is pivoting), Klasha, Maplerad, Healthtracka, Stears, and South Africa’s Floatpays.

The findings are published in The State of Startup Funding in Africa, the second edition of Condia’s annual report on the continent’s venture capital ecosystem, supported by HubOne, FCMB’s innovation platform.

The Publisher of Condia, Benjamin Dada, said: “Most funding reports tell you what happened in the last twelve months. “We wanted to ask a different question: what happened to the companies that raised three years ago? The answer reframes how we should think about Africa’s funding recovery. The headline number is up. The pipeline behind it is contracting.”

According to him, “The equity recovered in 202, but the pipeline feeding it has not.
African startups raised $1.55 billion in equity in 2025, a 39% recovery from 2024’s $1.12 billion trough. Adding debt and hybrid instruments, total disclosed funding reached $2.2 billion across 170 deals.”

But the Condia tracker reveals a structural concern beneath the headline, saying: “The number of African startups receiving seed funding has collapsed: from 105 in 2022, to 46 in 2023, to 31 in 2024, recovering only partially to 42 in 2025. Africa’s seed-to-Series-A ratio — the number of seed deals done for every one Series A deal — has narrowed from 3.8:1 in 2022 to 2.2:1 in 2024 and 2025.”

Dada added: “A narrowing ratio might sound like efficiency. It isn’t. It means fewer companies are entering the funnel. The companies closing Series A today were seeded in 2021 and 2022. If Africa seeds 42 companies a year instead of 100, the Series A class of 2027 will be smaller — regardless of how much capital is available.”

Furthermore, the narrative has now shifted to focus on startups that can demonstrate metrics indicating operational maturity.
He said capital would be deployed where revenue pathways are evident, risk mitigated, and long-term demand is defensible, adding that factors such as burn rates, margin structure, and capital efficiency have become central to investment decisions.

A new analysis from Condia stated that South Africa decisively retook African equity leadership in 2025, raising $507 million across 40 deals, adding that “that was more capital and more deal count than any other market. Egypt followed at $352 million, Nigeria at $264 million, and Kenya at $176 million. The Big Four collectively accounted for 84% of all disclosed equity funding.
“Fintech’s share of equity capital fell from 66 percent in 2024 to 34 percent in 2025, as CleanTech ($308M), HealthTech ($149M), and Mobility ($146M) each returned to scale. The sector rotation anticipated since 2022 has finally arrived in volume.”

The report also noted that the first quarter of 2026 showed early signs that 2025’s rebound may not be durable. African startup equity funding fell 39 percent year-on-year, from $348 million to $213 million. Debt and hybrid financing accounted for more than $490 million of the quarter’s $705 million total. This was the first quarter on record in which non-equity capital exceeded equity in both volume and deal share.
Dada disclosed that the Second Edition of The State of Startup Funding in Africa covers 2023 through Q1 2026 and is based on Condia’s proprietary funding tracker, supplemented by data from Partech Africa and Disrupt Africa. The report includes nine chapters covering geographic distribution, sector allocation, debt financing, corporate venture capital, gender dynamics, local investor activity, and the Series A bottleneck, plus an appendix of the 81 startups from the 2022 seed class still due for a Series A.