African Startups Raise $272 Million in February, But Morocco Records Zero Major Deals

Rabat – After a slow start to 2026, Africa’s startup scene regained strength in February, fueled by a series of major funding rounds across the continent. 

Yet, Morocco remained notably absent from the spotlight, revealing a gap between the country’s ecosystem and the momentum seen elsewhere in Africa.

Data from Africa the Big Deal shows  that 40 startups raised over $272 million in February, each securing at least $100,000. 

This marks a clear recovery from January’s $174 million and slightly exceeds the monthly average of the past year, which stood at $254 million.

The rebound relied heavily on large deals. Spiro in Benin attracted $57 million in debt financing, Breadfast in Egypt closed a $50 million pre-Series C, and GoCab in Côte d’Ivoire combined $45 million in equity and debt. 

South African ventures Terra Industries ($22 million), Enko Education ($22 million in debt), and Lula ($21 million) also contributed significantly. These six companies alone captured 80% of February’s total funding.

Geographic trends reveal a shift. Egypt led with $64 million, followed by Benin ($57 million), Côte d’Ivoire ($45 million), and South Africa ($44 million). 

West Africa took the largest share of investment at 53%, ahead of North Africa at 24% and Southern Africa at 21%. East Africa, which dominated the funding landscape in 2025, recorded only 3% of February’s totals.

Morocco’s silence stands out. Once a regular presence among the top five, the country recorded no major deals. 

Experts view this as a warning signal. “The continent moves fast, and markets respond to opportunities,” said a North Africa venture analyst. “Morocco risks being left behind if it does not adapt its funding structures and support for startups.”

Across the continent, the ecosystem raised $446 million in the first two months of 2026, surpassing the $417 million recorded during the same period in 2025. 

February’s rebound restored confidence, yet Morocco faces a crucial moment. Without intervention, the country may continue to lag while neighbors accelerate.

In sum, February illustrated Africa’s startup vitality, while Morocco’s cautious stance highlighted a need to re-engage with the continent’s broader investment momentum.

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