Q1 2025: The Strongest Start Since 2022
The African growth capital quarter in review — funding flows, instruments, and what it meant for founders and investors, from the Caban research desk.
1. Deal activity jumps 16% year on year
Q1 2025 opened with the strongest deal momentum in three years — LemFi's $53 million and PowerGen's $50 million in January alone pushed the month near $290 million.
2. Confidence returns selectively
The recovery was a flight to quality: proven models, cross-border revenue, energy and fintech infrastructure.
3. Equity leads again — for now
Early-2025 flows ran roughly 80/20 equity-to-debt, a mix that would shift dramatically within a year.
Reading this as a founder? The through-line of every quarter since 2022 is that preparation, not timing, decides who raises. See how investors would read your business today. As an investor? Our pipeline is built on exactly these dynamics.