The event, now in its second year, was attended by over 300 investors, lenders, mentors and ecosystem stakeholders to engage with founders building and expanding businesses across different sectors.

Pitch Day is the final stage of Cascador’s annual Catalytic Fund programme, through which the organisation provides financing and support to founders who have completed its ScaleUp programme.

Funding is offered through a mix of debt and equity investments, with recipients selected based on business performance, growth potential and expected social impact.

The largest funding allocation went to Agriarche, led by Deina Mayaki, which secured a ₦2.5 billion debt facility. Koolboks, founded by Deborah Gael, received ₦2 billion, while Powerstove, led by Okey Esse, secured ₦1.8 billion.

Other debt recipients included First Electric, which received ₦500 million, and Fortics, which secured ₦200 million. Two companies received equity investments, with Stears obtaining $450,000 and Indigenius AI receiving $250,000.

Speaking after receiving the funding, Mayaki said the support would help boost Agriarche’s expansion plans.

“Cascador’s ScaleUp program built upon my team’s ability to translate learning into action by helping us refine our message and market position, adjust our funding strategy, and adapt without defensiveness. 

“The Catalytic Fund due diligence team assessed Agriarche’s financial strength, resourcefulness, and track record of success, and they rewarded our high-potential for scale and impact today by awarding a new N2.5 billion credit facility to power our growth.”

Cascador founder Dave DeLucia said the programme has now distributed over $9 million to entrepreneurs since Pitch Day was introduced two years ago.

“In just two years, Pitch Day has awarded more than $9 million to growth-stage African founders, helping to build a new generation of entrepreneurs equipped to scale transformative businesses.

“We’re now looking for the next cohort of exceptional founders to join our 2026 ScaleUp program and hope to see them on stage at the next Pitch Day.”

Beyond the investment awards, organisers also recognised outstanding participants. Indigenius AI received the NSIA Prize for Innovation, which came with a $10,000 award, while Koolboks won the judges’ Best Pitch prize and received an additional $10,000.

The event also featured a panel discussion on financing options for growth-stage businesses in Nigeria. Participants included Idris Bello of LoftyInc Capital, Danladi Verheijen of Verod Capital, Darlington Nwankwo of Sterling Bank, Ada Osakwe of Agrolay Ventures and Nuli, and Ijeoma Taylaur of NSIA.

The session examined how businesses can access equity financing, working capital, concessionary debt and other forms of long-term support.

Daniel Ayoade of Verod Capital Management, who served as one of the judges, alongside Iyin Aboyeji of Future Africa and Nneka Eze of Vested World, said his involvement with the programme had shown the importance of preparing founders before funding is provided.

“Two years judging Pitch Day, plus a season as faculty for the Cascador ScaleUp program, taught me something the term sheets never capture: capital readiness, not capital, is what turns funding into scale. 

“The founders on stage today walk away with customer pipelines, team training, mentorship, and bespoke support, the connective tissue that lets them multiply what they raise. This is not an accelerator. It is ecosystem architecture, and these founders are its proof.”

Two previous beneficiaries of the Catalytic Fund also shared updates on their businesses.

Babatunde Akin-Moses, founder of Sycamore, said the support received from Cascador helped strengthen the company ahead of a recent fundraising exercise.

“Truly catalytic capital should create companies that eventually no longer need it: That is what it did for Sycamore. Our recent commercial paper raise was oversubscribed by 230%.”

Drive45 founder Seyi Adefemi said access to both funding and strategic support helped the company move beyond a critical growth stage.

“There are founders across Africa solving real problems and building resilient businesses. What they often lack is the financial and non-financial support to cross the gap between potential and scale. Cascador helped Drive45 cross that gap.”

Since launching in 2019, Cascador says it has supported 70 companies that have collectively raised more than $125 million.

Applications for the next ScaleUp programme are open until June 15 for founders across sub-Saharan Africa seeking funding, mentorship and business support.

The 2025 Angel Investment Survey, released in partnership with United Nations Development Programme and research firm Briter, draws on responses from over 60 active angels and network managers.

It also uses transaction data tracked by Briter Intelligence.

The report shows that 29% of respondents have paused or reduced their investments. Another 41% said they are still investing but with caution, usually focusing on companies already in their portfolios.

Even so, the ecosystem is still expanding. There are now more than 75 active angel networks across the continent and participation is getting wider, with women making up 37% of investors and diaspora investors accounting for 33%.

Most individual angels are writing smaller cheques, with more than 90% investing below $25,000, up from 76% a year earlier. In contrast, angel networks are handling larger deals, with 8% reporting investments above $100,000.

Funding conditions are tight, comprising limited exit opportunities and liquidity which are the biggest concern, as revealed by 21% of respondents. Others pointed to weak deal flow, knowledge gaps, and the high cost of investing.

Despite these challenges, angels are still backing growth sectors. About 32% take a sector-agnostic approach, spreading investments across industries. Among those with preferences, agriculture and agritech rank highest for networks and remain a key area for individual investors.

Investment patterns also show a tilt towards lower risk. Many angels prefer startups that are already generating revenue and showing traction. At the same time, close to one in three invest across all stages of a company’s journey.

Performance data in the report shows strong outcomes for Africa’s startups that secure angel investment backing. It shows that 65% of companies in surveyed portfolios have raised follow-on funding.

Separate data from Briter Intelligence puts the follow-on rate at 40% for angel-backed African startups.

Some companies, the report notes, are growing without raising additional capital.

Hence, the findings reveal that the market is growing in size and diversity but facing high risks. Investors are still active, but they are more careful with capital and selective about where it goes.

It was a fitting homecoming for Africa’s startup sector. Ten years after ABAN was born to unite early-stage investors across the continent, the movement returned to where Africa’s entrepreneurs thrive the hardest, Lagos.

The 2025 ABAN Annual Congress, themed “Accelerating Local Capital Participation,” gathered hundreds of founders, investors, policymakers, and ecosystem enablers to tackle the question of “Who really funds Africa’s future?”

Representing Governor Babajide Sanwo-Olu, Mrs Folashade Ambrose-Medebem, Lagos State commissioner for Commerce, Cooperatives, Trade and Investment, described the city, with 23 million people and more than 2,000 active startups, as a living, breathing symbol of African ambition. 

“Lagos stands as the commercial heartbeat of Africa and a city of boundless enterprise, boundless resilience and boundless innovation,” she said, welcoming the continent’s top angel investors.

She also noted the city contributes over 30% to Nigeria’s GDP and houses 65% of its industrial activity, but its actual power lies in what it’s building, a model megacity driven by innovation, not just infrastructure.

Through reforms, Lagos has simplified business registration, created startup funds, and is now developing the Lagos State Medical Innovation Industrial Zone, Ikorodu Industrial Hub, and a new International Convention Centre.

“Beyond the numbers, Lagos State is a story of determination, creativity, and possibility,” Ambrose-Medebem said. “It is where ideas become industries and where vision meets execution.”

Osinbajo: Believe Before You Build

Prof. Yemi Osinbajo, speaking on the heart of Africa’s funding dilemma, said, “Without local belief and resilience, there is no local validation. Unless there is local belief and resilience, why should anyone invest in us?”

He challenged investors to become “the capital that understands the context, stays through the storm, mentors, guides, and builds companies designed to last in Africa or after that.”

“When we invest locally, we are not just funding startups, we are funding our own future.”

A Reality Check for Africa’s Angels

That future, however, still faces major gaps, as Khaled Ismail, chairman of HIMAngels, pointed out in his session on The State of Angel Investing in Africa.

He revealed that Africa now counts around 6,000 angel investors, up from barely a hundred a decade ago. Yet, only 10% of them are actively investing.

“Imagine all of those 6,000 were investing. Imagine how big the ecosystem would have grown,” he said.

The continent’s average angel investment ticket sits at $3,500 per year, compared to $15,000 in India, a country with the same population but five times more investors. That gap, Ismail argued, has ripple effects across the entire ecosystem.

“That’s 20 times more angel capital being poured into India’s ecosystem compared to Africa’s,” he said. “And it’s no surprise that they have more unicorns and exits, their base is simply bigger.”

But beyond the numbers, Ismail reminded us what true angel investing really means.

“It’s not just about making money. It’s about giving back, mentoring, sharing experience. If you don’t get involved, it will never happen,” he said. “Just putting your money and sleeping on it will not get you there.”

He called for better alignment between angels, founders, and venture capitalists, and for new clauses that let angels exit early when venture funding arrives, freeing up funds for fresh investments.

“If angels don’t exit, they won’t invest again,” he warned. “And if they don’t invest again, the pipeline breaks.”

Ten Years On: A Movement Grows

Commendably, ABAN also celebrated those who are building that pipeline. Adedotun Sulaiman was named Angel Investor of the Year, while Core Angels MEA received Angel Network of the Year.

For an ecosystem once dependent on foreign backing, the progress is concrete, but the work is far from over. Africa’s next decade of growth will depend on building confidence, capital, and collaboration at home.

In Osinbajo’s words, “Let’s first be believers.”

While global venture capital can flow from San Francisco to Singapore overnight, a young founder in Yaoundé looking to scale into Cotonou still wrestles paperwork, incompatible banking systems, and regulators who seem allergic to regional collaboration.

But then, Francophone Africa is not folding its hands. Angel networks across the region are stepping in to ensure early-stage investing, even as they contend with structural barriers. 

At the centre of this movement is Joel Nana Kontchou, vice president of the Cameroon Angels Network, who will be speaking at the ABAN Annual Congress 2025 in Lagos under the theme “Accelerating Local Capital Participation.” 

He emphasises that without breaking down barriers to cross-border syndication, African startups risk remaining local champions in a globalised market.

“We need to be aware of how far Francophone Africa has gone, and advocate for the implementation of all or part of what exists there—Startup Act, financial system, investment processes,” Joel told Techeconomy.

The Barriers We Refuse to Ignore

Francophone Africa has deep trade and cultural links that should make cross-border investment seamless. But then, it’s a different case in reality. According to the World Bank, intra-African trade accounts for just 15% of the continent’s total trade, compared to 67% in Europe. 

For startups, the challenge is even worse. Regulations differ from one country to another. Banking systems resist integration. Moving capital across borders usually seems like contraband.

On the biggest barriers preventing cross-border investor collaboration, and how they can be overcome, Joel said, “Financial system and different regulations per country. Moving money across African countries is a big challenge. To overcome this, startups need to have a corporate office in a financial neutral zone (Kigali, Mauritius, the USA, and others). As per regulations, we need to agree on minimum standards that can be used across.”

The solution, he argues, is not to wait for governments but to set up practical frameworks that investors and networks can agree upon.

No Success Stories, Yet

When asked if Francophone Africa could point to a cross-border syndicate that had successfully scaled a startup into a pan-African player, Joel was blunt:

“Unfortunately, we do not have examples.”

It’s an unpleasant eality. But it also explains why conversations like those at ABAN Congress are not just academic, they are strategies to scale up. If networks don’t act, startups will continue to expand one painful country at a time, bleeding resources that could have gone into innovation.

Towards a Minimum Standard

One of the strongest recommendations Joel makes is the need for harmonisation. Different angel groups across the region have varying due diligence, governance, and investment practices. For cross-border syndication to become normal, they need to converge.

“We need to define a minimum standard to use. ABAN could take the lead on this.”

This is where ABAN’s 10-year anniversary is important. The network now spans across the continent with strong representation in Francophone Africa, including 10 active angel groups such as Gabon Angel Investors Network, Business Angel Network of Chad, Congo Business Angels, Casbah Business Angels, and the Women Business Angel Network. Together, they have the numbers and influence to push through reforms.

Beyond the Money

While funding is essential, Joel insists that the role of cross-border investors must extend beyond writing cheques.

“Cross-border investors could bring marketing actions and access to their local network, be it administrative, legal, or commercial.”

For startups, that kind of access is usually more valuable than cash. Market entry support, introductions to regulators, and cultural know-how can make the difference between success and failure.

The ABAN Congress in Lagos is expected to ignite these conversations with renewed urgency. Francophone Africa, with its 300 million people and rising pool of angel investors, cannot afford to remain a fragmented ecosystem. 

The next African unicorn may already exist in Douala, Dakar, or Kinshasa, but without cross-border syndication, it may never grow beyond its home turf.

Joel Nana Kontchou strongly reiterates that integration is the foundation for building Africa-funded African startups. The question is whether angel investors across the continent are ready to match words with action.

Between January and August, over $2 billion flowed into more than 500 deals across the continent, with the median deal size climbing to $1 million. 

The short read for African startups in 2025: capital is concentrating. A small number of large rounds, and a wave of debt instruments, are lifting totals even as deal counts remain well below the 2021 peak. If you follow winners and losers, this report gives you both the scoreboard and the pattern behind it. 

What moved the needle

A handful of headline transactions drove much of the volume. Healthtech saw a major consolidation when US-based Eargo and South Africa’s hearX merged to form LXE Hearing, then secured $100 million from Patient Square Capital. 

Fintech company Zepz raised $165 million in debt from HSBC, bringing its total capital to more than $1 billion, and South Africa’s Nedbank completed a $93 million acquisition of payments firm iKhokha. These single events changed the shape of the year. 

Cleantech also punched above its weight: persistent, large debt deals, including packages from Sun King and d.light, pushed Cleantech funding toward $950+ million for the year and raised its median check to about $5 million, higher than many other sectors. 

Fewer deals, bigger checks

The report shows deal counts are down, but checks are larger. Since the 2022 bubble, investors have leaned toward later-stage, capital-heavy businesses. Sub-$250k rounds and the $250k–$1m tier have collapsed: the latter fell from 90 deals in 2022 to just 21 in 2025. The result is a 2025 picture that looks healthier by value, but narrower by opportunity. 

Seven of the top ten companies used debt to accelerate growth, a striking indicator that lenders and development finance players are comfortable backing asset-heavy, revenue-generating models across the continent. 

Sectors and products

Fintech remains the largest sector by value, $1+ billion, and leads in deal count (115+ deals). But Cleantech’s growth is the story of the year: nearly $950+ million, largely driven by debt. Health, mobility and property tech lag in total capital but remain steady in activity. 

Top product lines tell the same tale:

• Solar energy: $830+ million (the single largest product grouping).
• Payments & transfers: $455+ million.
• Diagnostics, gas & cooking equipment, and POS solutions all appear in the top five. 

That distribution explains the debt tilt: asset-heavy, capital-intensive products (solar kits, gas equipment, etc.) are natural fits for structured lending and project finance.

Regions: East and Southern Africa surge

Geography shifted in 2025. Briter records East Africa ($865m+) and Southern Africa ($845m+) as the top-funded regions by value, while West Africa ($420m+) and North Africa ($450m+) sit behind. 

The long-time lead from West Africa, largely Nigeria-driven, has softened as billion-dollar rounds and large debt deals flow to companies headquartered in East and Southern African hubs. 

The gender gap remains glaring

I find this worrying: the recovery has not been inclusive. The report shows male-led teams capturing the vast majority of capital. Measured over the past five years, male-led teams took close to 90% of funding by value; in 2025 so far, roughly three quarters of funding has gone to primarily male-led companies. Female-led and mixed teams still receive only a sliver. 

M&A and churn

Activity on the exit front has been busy. Briter records 35+ acquisitions in 2025 to date, including high-profile buys like Meta’s purchase of Egypt’s PlayAI and Lesaka’s $60m+ acquisition of South Africa’s Bank Zero. The report also notes six company shutdowns this year, reminding us that while capital inflows are rising, risk and churn remain. 

What this means?

• Recovery yes, broad-based no. 2025 is a rebound in dollar terms, but not a broad reopening of early-stage funding. 
• Debt is mainstream. With debt crossing $1 billion for the first time, expect more structured financing for asset-centric companies. 
• Concentration risk. A small number of very large deals can create the illusion of a healthy market while nascent startups struggle. 
• Inclusion remains unfinished business. The gender imbalance and the collapse of the $250k–$1m tranche mean founders outside established networks face a tougher climb. 

Briter’s Venture Pulse gives us a simple, necessary truth among African startups in 2025: capital is back in Africa, but it’s pickier than before. If you’re building a capital-intensive product with clear revenue, 2025 is a good moment. If you’re an early-stage founder hunting sub-$1m cheques, the space is tighter and you’ll need a different playbook.

The initiative, which will have a dedicated zone within the GITEX Nigeria showcase, is a structural market intervention aimed at addressing the chronic under-capitalisation of women-owned enterprises. 

While women own 27% of businesses in Africa and contribute 13% of GDP, they secure only 7% of total venture capital funding.

“Who gets funded determines what gets built, and what gets built will define the economic future of Africa,” said Kashifu Inuwa Abdullahi, Director General of NITDA. “The LaunchPad ensures women founders are not just part of the conversation but central to Africa’s innovation economy. Closing this funding gap for women is not charity, it’s one of the smartest bets we can make for Africa’s future.”

The LaunchPad will channel $250,000 in catalytic capital into five ventures selected after GITEX Nigeria. Each startup will receive between $25,000 and $50,000, coupled with equity investment, regulatory guidance, and mentorship designed to prepare them for long-term growth.

What distinguishes The LaunchPad is its design. Unlike grant-only models such as the Cartier Women’s Initiative, or accelerators with limited follow-up, this platform integrates equity investment, regulatory de-risking, and structured pathways to scale.

At GITEX Nigeria 2025, The LaunchPad by NITDA and Alami zone will feature multiple touchpoints. These include a Funding Pavilion showcasing high-potential women-led ventures, Capital Readiness Clinics where founders engage directly with investors, and a Fireside for Scale, a dialogue on market expansion and IPO readiness. 

The event will also host the ‘To the Stars’ Bell Activation, a symbolic ringing of the bell with the SEC and women founders to mark the rise of women in Africa’s capital markets.

“As an investor, I witness the economics of exclusion every day. This is about building a vetted, investable pipeline of women-led ventures grounded in institutional rigour,” said Olu Olufemi-White, CEO of Alami Capital.

“Our mission is to shift capital flows, transform investment behaviour, and unlock Africa’s full innovation potential.”

How to Apply

To be among innovators who will see business scale via The LaunchPad, apply via the link.

This year’s edition is dedicated exclusively to FinTech startups, spotlighting founders who are reimagining how money is moved, managed, and insured across the continent. 

Applications run July 30 to September 26, 2025, after which 20 semi-finalists and 10 grand-finalists will be selected. 

Benefits

The overall winner will secure a $50,000 equity investment and the opportunity to pilot with strategic partners at scale.

“The MEST Africa Challenge is where Africa’s boldest ideas find the opportunity to scale,” said Ashwin Ravichandran, Portfolio Advisor & MAC Lead at MEST Africa. “Our partnership with Absa gives these visionary founders the lift they need—connecting them to the capital, expertise, and networks that turn promising startups into sector-defining businesses and drive inclusive growth across the continent.”

With $30 million invested in more than 90 startups and 2,000 entrepreneurs to date, MEST is one of Africa’s most active early-stage tech investors. The 2025 edition of MAC deepens that impact through a strategic partnership with Absa that aligns the competition with the bank’s digital-finance priorities.

“Africa’s future will be shaped by bold ideas, local ingenuity, and scalable innovation. At Absa, we recognise the critical role entrepreneurs play in driving inclusive economic growth. This partnership with MEST reflects our commitment to backing those visionaries and shaping the future of financial services. It complements our digital transformation strategy and reflects our purpose of empowering Africa’s tomorrow, together, one story at a time,” said Omar Baig, managing executive, ARO Retail and Business Banking.

The collaboration between Absa and MEST aims to accelerate innovation by connecting FinTech startups with the resources and expertise needed to scale solutions that drive inclusive growth across Africa.

“Our partnership with MEST is a strategic step toward unlocking innovation that truly matters,” says Muhammad Ali Bhikhan, managing executive and chief information officer at Absa Regional Operations. “It will allow us to connect with visionary startups, build a strong talent pipeline, and collaborate on solutions that can drive meaningful digital transformation and long-term impact across the continent, he concludes.”

Who should apply to the Mest Africa Challenge 2025?

MAC 2025 invites early-stage startups in FinTech and other high-value, value-chain solutions that are already active in at least one of Absa’s priority markets, with countries including  Botswana, Uganda, Mauritius, Seychelles, Kenya, Mozambique, Zambia and Ghana. 

To qualify, a company must be three years old or younger, show minimum monthly recurring revenue of $5,000, and have raised no more than $1 million to date. Each venture should have at least two co-founders, be able to pitch in English, and, while not mandatory, Delaware registration is considered an advantage.

How to apply

Founders can submit a short online application, including a three-minute video pitch, via the website from July 31, 2025. Virtual semi-finals will take place in late October, and the top ten teams will present live in Cape Town at the Grand Finale in late November.    

Just six months after its inception, the company is already running pilot programmes in four countries, with paying customers on board.

Co-founders Karim Jouini and Jihed Othmani had already achieved what many African tech founders dream of, selling a startup for a huge sum. Their company, Expensya, was acquired by Swedish procurement software firm Medius in what insiders say was a deal worth over $120 million. 

After that, they swore off launching another company. Jouini even moved into a CTO role at Medius, leading the integration of six firms across three continents. But the itch returned.

“We promised not to do another company because Expensya was too hard,” said Jouini. “But I think it’s like when people have two kids, they forget how hard the first one was. This new venture is less than six months old and already super intense, but we’re fired up. We’re convinced this is unicorn material.”

That fire led to the creation of Thunder Code, a software testing platform powered by generative AI. The product tackles what Jouini describes as the industry’s most annoying bottleneck—slow, manual testing that hinders fast software delivery. 

Their AI agents function like digital QA specialists, identifying bugs, testing interfaces, adapting to changes, and even learning from user feedback.

The idea took root during Jouini’s time at Medius. Watching how development teams struggled with outdated testing tools, he saw a pattern where testing was painful for everyone. That realisation led to Thunder Code’s mission to modernise testing across industries.

The team released its MVP in week six. “Now the product is much more solid six months in than Expensya was in year four,” said Jouini. Speed is a strategy. The startup’s execution playbook is built on lessons from Expensya, don’t overbuild, hire top talent early, and invest in what actually works.

Their approach is straightforward. Write test cases in plain English, let the system convert them to automated tests, use AI personas tailored to different use cases, accessibility, finance, UX, and get actionable feedback immediately. 

That alone has won the attention of QA leads and DevOps teams looking to escape the bloat of legacy testing platforms.

“We’ve been using Thunder Code for our CI/CD pipeline management. The integration with GitHub was surprisingly smooth, and the automated test reporting has made our QA process much more efficient. Saved us countless hours of manual work,” said Mike L., a DevOps Engineer.

Thunder Code’s AI helps with creation and also keeps tests from breaking when apps change. Its auto-healing technology adapts on the fly, reducing test flakiness that usually wastes engineering hours.

The founders are positioning Thunder Code as lean and scalable. Jouini believes AI gives them an edge, not just in product, but in how the company operates. 

“A lot of African entrepreneurs are scared to dilute capital because they want to keep 100%. We believe that if we create a unicorn while diluting ourselves, that’s good value,” he said. He also predicts the company can generate “10 times the value with fewer people” than traditional tech teams.

That lean model has helped them stand out in a market where both legacy players like Tricentis and BrowserStack and new entrants like Nova AI are still defining their next moves. Thunder Code is moving faster and also willing to go broad, with plans to expand beyond web to mobile, desktop, and API testing by late 2025.

Backers from the Expensya days are showing up again. Investors include Silicon Badia, Jaango Capital, Titan Seed Fund, and angels like Roxanne Varza (Station F) and Karim Beguir (Instadeep). 

Even former Expensya employees who profited from the last exit are putting money back in. “Some of our investors are actually Expensya employees and I’m glad it worked out that way,” said Jouini.

Headquartered in Paris with a second office in Tunis, Thunder Code enters a competitive field with real traction, real customers, and a strong sense of purpose. 

For Jouini and Othmani, this is a second attempt at building something far larger than before, faster, and designed for a new phase of software development.