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.

eFiche is a Rwanda-based health-tech company modernising how patient information flows through the healthcare system. Founded by David Kamugundu, the platform was built to eliminate fragmented, paper-based medical records and replace them with secure, interoperable digital workflows.