Kenyan startups secured an estimated Sh4 billion in funding in May, standing firm as the fourth most funded tech ecosystem in Africa, even as Egypt swept the month with a commanding 31 per cent share of all capital raised.

Across the continent, tech ventures collectively brought in Sh33.3 billion ($254 million) during the month, according to Africa: The Big Deal.

Though the figure marked a slight dip from April, it was notably stronger than March and nudged Africa’s cumulative startup funding past Sh132 billion ($1 billion) for the year so far, up from Sh99 billion ($750 million) at the same point last year.

Over a rolling twelve-month window from June 2024 to May 2025, startups on the continent have raised Sh330 billion ($2.5 billion)—the highest total since early 2024.

In Kenya, while the month did not produce any standout mega-deals, the country continued to hold its place among Africa’s top four funding destinations, behind Egypt, South Africa, and Nigeria.

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Kenyan firms accounted for 12 per cent of the total funding pool disclosed for May.

Unlike earlier months, May's capital was more concentrated.

Only 36 startups announced deals worth at least Sh13.3 million ($100,000), yet seven of them managed to raise over Sh1.3 billion ($10 million) each.

Egypt dominated the top tier of transactions, accounting for six of those seven deals.

The headline act was Nawy, a property technology company based in Cairo, which secured $75 million $52 million in equity through a Series A round led by Partech, and $23 million in debt.

This transaction now stands as the largest proptech funding deal ever recorded on the continent.

The list of Egypt’s other high-value deals for the month includes:

 ▪ Tasaheel, a subsidiary of MNT-Halan, which completed Egypt’s largest corporate bond issuance to date at $50 million.

 ▪ Valu, a fintech firm that raised $27 million from Saudi investors and is now preparing for a stock market listing.

 ▪ Thndr, another fintech player, and Syndr, a mobility startup, both raising over $15 million.

 ▪ Money Fellows, which landed $13 million in a pre-Series C round to support its move beyond Egypt’s borders.

South Africa hosted the only other major deal beyond Egypt, with healthtech startup AURA closing a $15 million Series B round co-led by Partech and CAIF.

The company plans to use the funds to expand into the U.S. market.

By country share for 2025 so far, Egypt leads at 31 per cent, followed by South Africa with 26 per cent, Nigeria at 15 per cent, and Kenya with 12 per cent.

May was also active on the mergers and acquisitions front, with four notable exits recorded—three of them from Egypt.

These included MaxAB-Wasoko’s acquisition of Fatura, the union of health startups Miran and Welnes, and a $23 million acquisition of Qardy by Catalyst Partners Middle East.

In West Africa, solar and digital service provider Baobab+ saw a majority stake acquired by clean energy firm BioLite.

While Kenya did not feature in May’s exit announcements, its steady growth and double-digit contribution to Africa’s overall tech funding underline its status as a core player in the continent’s innovation economy.

With over Sh4 billion raised in a single month, Kenya’s startups are proving they remain a strong draw for investors navigating an increasingly concentrated funding landscape.