African Startup Exits Hit 34 in Nine Months

By Adedapo Adesanya

African start-ups recorded 34 exits in the first nine months of 2026, remaining relatively high despite a decline in funding activity across the continent.

In the start-up ecosystem, an exit occurs when founders or investors sell their stakes in a company, typically through an acquisition, merger or initial public offering (IPO). Such transactions can allow investors to recover their capital and make returns on their investments.

The figure, comprising mostly acquisitions, was disclosed in a report by Africa: The Big Deal, which tracks investment deals in the African start-up ecosystem.

The report said the continent recorded 34 exits between January and September 2026, down 11 per cent from 38 in the corresponding period of 2025. However, the figure was nearly twice the 18 exits recorded in the same period of 2024 and the 16 recorded in 2023.

The third quarter alone accounted for nine exits, including transactions involving Kenya’s Chpter and GTXN, Egypt’s Tamweely and Eduact, Senegal’s Alan Africa, and Uganda’s Algosys.

Although many of the transactions were relatively small and their financial terms were not disclosed, the report noted that exits remained important to the development of Africa’s start-up ecosystem.

According to the report, successful exits can return capital and experience to investors and founders, while demonstrating the potential returns from investing in African businesses and encouraging further funding.

The report also highlighted the ongoing Initial Public Offering (IPO) of Egypt-based fintech company MNT-Halan on the Egyptian Exchange and the planned United States listing of OPay as developments expected to shape exit activity in the coming weeks.

Despite the relatively strong exit activity, the report warned that Africa’s start-up funding ecosystem was becoming increasingly concentrated, with fewer companies securing investment and fewer investors participating in deals.

Between January and September 2026, 311 start-ups raised at least $100,000, representing an 18 per cent decline from 381 companies in the same period of 2025. The figure was the lowest for the period since Africa: The Big Deal began tracking such transactions in 2021.

The number of investors participating in deals worth at least $100,000 also fell by 18 per cent to 334 from 408 in the corresponding period of 2025.

The report said the decline was more pronounced among equity investors, with 271 participating in at least one equity funding round during the period, down 26 per cent from 366 a year earlier.

It added that funding was increasingly flowing into fewer, larger transactions, with deals worth at least $10 million accounting for 83 per cent of total funding raised between January and September 2026, compared with 78 per cent in 2025 and 69 per cent in 2024.

The report identified investments in electric mobility company Spiro and mobility fintech firm Moove, which raised $345 million and $250 million, respectively, accounting for 28 per cent of all funding raised across the continent during the period.