Ghana’s startup scene kept fundraising momentum in 2025, with a mix of debt and equity raises across fintech, energy, agritech, and logistics.
Publicly disclosed rounds so far include Zeepay’s large working-capital debt package, Kofa’s multi-instrument pre-Series A, and several mid-size equity raises — a sign that Ghanaian founders are attracting both local activity and regional capital.
Startups Which Raised
- Zeepay — ~US$18 million (senior secured debt / working capital) in H1 2025 to scale remittance and payment operations.
- Kofa — ~US$8.1 million pre-Series A (blend of equity, debt, and grants) to expand battery-swap and clean-energy solutions.
- Affinity Africa — ~US$8 million (early-stage round) for mobile-first banking solutions aimed at underserved users.
- Complete Farmer — ~US$2.5 million (H1 2025 estimate) to scale agritech and market linkages for Ghanaian farmers.
- Jetstream Africa — raise reported in H1 2025 (amount undisclosed).
Ecosystem Snapshot
Various reports estimate Ghanaian tech raised ~US$36M in H1 2025 and as much as ~US$120M across the first nine months of 2025 (figures vary by source and methodology).
Why it matters
- Mix of instruments: The use of debt, grants, and equity in the same deals (e.g., Kofa) shows more sophisticated capital structures — founders are blending sources to reduce dilution while preserving runway.
- Sector spread: Fintech remains dominant (payments, remittances, digital banking), but energy (e-mobility / clean power) and agritech are drawing meaningful capital — evidence Ghana’s ecosystem is broadening beyond pure payments.
- Signal for investors: Larger ticket debt facilities (like Zeepay’s) suggest incumbent operators with real cash-flow needs are finding appetite among lenders and funds, which could unlock more follow-on capital for growth-stage companies.
The big picture
Ghana’s totals still lag larger African markets, but the 2025 trajectory points to faster deal formation and growing investor interest.
Domestic capital participation remains limited in many reports, meaning international and regional investors are still the primary backers. That creates opportunity — and risk — for founders who must balance foreign capital with local market knowledge.
Between the lines
- Transparency gap — many mid-size rounds don’t publish full terms or investor lists, so headline amounts should be treated as indicative.
- Working-capital financing is rising — not always “growth” capital, but vital for payment platforms and logistics firms that manage large float and payouts.
- Regional expansion remains a fundraising thesis — startups raising in Ghana frequently cite markets like Nigeria and Kenya as next steps.
What to Watch Next
- Follow-on rounds for Kofa and Affinity Africa — whether they convert to full Series A and who leads them.
- Any increase in Ghanaian LP participation — local funds or family offices writing larger cheques would be a structural positive.
- More deal transparency — press releases or investor announcements that name lead investors and terms will help validate ecosystem figures.
Learn more about other African tech startups on Labari Insights, our data repository for tech in Africa: insights.techlabari.com
