West Africa VC Landscape: What’s Working and What’s Next?

At Amadi, we make sure to keep our finger on the pulse of the venture ecosystem
in Africa.

Recently, we took a closer look at startup funding activity across West Africa over the
last five years - specifically focusing on companies that have raised follow-on
rounds.

Our goal? Understand what sectors and business models are gaining traction with
investors.

And the findings are telling:
 Fintech continues to lead — not just in total capital raised, but also in the
number of startups able to raise subsequent rounds. Names like Flutterwave,
OPay, Interswitch, and Wave have helped define the category.
 Logistics, Healthcare, and Energy startups like MAX, mPharma, and Arnergy
are showing strong follow-through, with double-digit number of startups
having multi-round momentum.
 Investors are clearly favoring asset-light, scalable models, especially in
sectors where digital infrastructure unlocks new efficiencies (e.g. SaaS, e-
commerce, and B2B platforms).
 Reinvestment in proven winners remains high — suggesting growing
conviction in regional growth stories and operators who can scale sustainably.

This data doesn’t just tell us who’s getting funded.

It tells us why — and what founders and investors might do next.

If you’re a founder building in these spaces, or an investor exploring West Africa’s
growth opportunities, we’d love to hear from you.

Let’s build better, together.

�� connect@amadi.io