African startups raised $102 million in July 2026, the lowest monthly total since March 2025. Data from Africa: The Big Deal indicates that debt financing dominated the month, accounting for 74% or $75 million of the total raised. Equity investment reached a seven-year low of $25 million, highlighting a significant retreat by investors. Year-to-date funding across the continent reached $1.46 billion, a 27% decline compared to the same period in 2025. The number of active investors has also fallen by 22%, reflecting a more disciplined and selective investment environment.