Nigeria, Feb. 11 -- Nigeria and other African entrepreneurs are off to a promising start, with funding into the ecosystem increasing by 240 percent yearly to $289 million in January 2025, compared to the same month in 2024.

African businesses raised $85 million in January 2024. However, according to funding tracker "Africa: The Big Deal," this January 2024 performance made it the second-best January for startup funding since at least 2019, trailing only the January 2022 period during the height of the fundraising boom.

However, according to the funding tracker, equity financing dominated the fundraising scene, contributing more than 90% of the $262 million total raised-a significant increase over the amount in January 2024.

January equ...