Mergers and acquisitions (M&A) activity in Africa’s startup ecosystem rose sharply in 2025, with 67 deals recorded—a 72% increase signalling growing maturity in the continent’s venture landscape. Because acquisitions are the dominant form of startup exit in Africa, the increase points to improving liquidity for founders and investors.

Global investors are turning to Africa with renewed focus, drawn to six fast-growing sectors: agriculture, critical minerals, data centers, renewable energy, oil and gas, and manufacturing. Tens of billions of dollars are already flowing into the continent this year, as global trade realigns in response to U.S. tariffs.

Africa stands at the center of a global supply shift, holding about 30% of the world’s critical mineral reserves, including lithium,...