Q2 2025: The Wobble
The African growth capital quarter in review — funding flows, instruments, and what it meant for founders and investors, from the Caban research desk.
1. Momentum reverses mid-year
Deal activity fell ~28% year on year in Q2 — a reminder that this recovery would be jagged, not linear.
2. Egypt's largest Series A
Nawy's $75 million (May) — a record Series A for the market — showed depth returning to North African proptech even in a soft quarter.
3. H2 setup
Beneath the surface, larger rounds were assembling; the year's strength was loading into its second half.
“Every recovery has a quarter that makes doubters feel vindicated. This was it — briefly.” — Caban research desk
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.
About this edition. Part of the Monitor retrospective series: Volumes 1–19, covering Q3 2021 through Q1 2026, were compiled by the Caban research desk in July 2026 to establish the full five-year record; the Monitor publishes quarterly from Vol. 20 onward. Figures per Africa: The Big Deal ($100k+ deals excl. exits), Partech Africa reports, and AVCA data, as cited; company-round details as publicly reported at the time. Citation with attribution welcome. © 2026 Caban Corporate Advisors.