African Startup Funding Hits 7-Year Low as Debt Dominates and Crypto Gets Taxed

The African startup ecosystem is entering a "debt winter" as equity investors pull back, forcing a structural shift in how companies fund growth and triggering new regulatory frameworks like Nigeria's crypto tax.

Evidence For

• African startups raised just $102 million in July 2026, the lowest monthly total since March 2025, with equity funding plummeting to $25 million — a seven-year low since April 2019
• Debt accounted for 74% of all funding ($75 million),...