While headlines often spotlight North American and European dominance in African startup funding, a closer look reveals a quietly significant and consistently growing contribution from the Asia Pacific (APAC) region, according to Africa: The Big Deal.
The report titled “Startup Investors Active in Africa” by HQ (2019-2024) revealed that most of the investment in African ventures comes from North America, Europe, and increasingly, the Middle East.
It said, “Since 2019, 84 percent of investors involved in deals exceeding $100,000 have hailed from these three regions. Yet, amidst this established order, APAC has consistently held its ground as the fourth-largest source of such investors, currently accounting for a respectable 8.5 percent, even briefly surpassing the Middle East in 2020.”
Max Cuvellier Giacomelli, co-founder of Africa: The Big Deal, said, “Our analysis identifies 179 APAC-based investors who have actively participated in deals of $100,000 or more since 2019, collectively engaging in around 500 transactions.”
“While the funding frenzy of 2021 and 2022 saw a peak of roughly 70 active APAC investors annually, a solid base of around 40 has remained engaged in both 2023 and 2024, demonstrating a commitment beyond fleeting hype,” he said.
The report added that Japan, Singapore, and China together account for two-thirds of the region’s investment activity in Africa since 2019. Japan leads the pack with 49 investors (27 percent), placing it ninth globally, on par with established players like the Netherlands and Saudi Arabia.
Singapore follows with 39 investors (22 percent), while China’s 33 investors (18 percent) tie it for fifteenth place with economic powerhouse Germany. Beyond these giants, India (17), Hong Kong (15), and Australia (11) also have a notable presence of investors active in the African ecosystem.
The data insight firm also revealed that the key players leading the charge are Kepple Africa Ventures, a Japanese-Nigerian fund established in late 2019. Their involvement in over 70 deals, primarily between 2020 and 2022, catapulted them into the top 10 most active investors in Africa by deal volume. Their continued commitment is evident through their new joint venture, Verod-Kepple Africa Ventures, which recently closed its inaugural $60 million fund in April 2024.
Read also: These African startups have raised the most funding in 2025
Following closely is Samurai Incubate (Japan), which participated in over 28 deals between 2020 and 2023. Uncovered Fund (Japan) also demonstrated significant activity during the same period, engaging in over 21 deals. Singaporean healthcare-focused fund AAIC stands out for its consistent engagement, having participated in at least one deal every year since 2019, including a recent investment in Gozem’s $30 million Series B in early 2025.
“Other notable APAC investors with at least 10 deals in Africa under their belt include Toyota Mobility 54 (Japan), the mobility-focused corporate venture capital arm of the automotive giant; MSA Capital (China), whose last publicly disclosed African investment was in 2022; Tencent (China), which hasn’t announced new deals on the continent since 2023; Antler (Singapore), with a focus on East Africa; and Web3-centric EMURGO (Singapore), a recent participant in MoneyHash’s $5 million+ pre-Series A round in Egypt,” it said.
Furthermore, the influence of Asian capital extends beyond direct investments, the report said. “Funds like Novastar Ventures, while not based in APAC, benefit from significant backing from Asian Limited Partners (LPs), such as Japanese shipping conglomerate Mitsui O.S.K. Lines in their new $200 million Africa People+Planet Fund. The Alibaba Foundation (China), through its Africa Netpreneur Prize and Africa’s Business Heroes initiatives, has also injected substantial capital into the African startup ecosystem through over 30 large-scale grants awarded in 2021, 2022, and early 2025.”
