Nigeria Leads Africa’s Startup Funding With $635 Million Raised in Nine Months

Nigeria has reclaimed its position as Africa’s largest startup funding destination, attracting $635 million between January and September 2026, according to investment tracker Africa: The Big Deal.

The total represents a 157% increase from the $247 million raised during the same period in 2025, giving Nigeria its strongest first-nine-month funding performance since 2022.

Large transactions involving established technology companies accounted for much of the increase, particularly in mobility, payments and e-commerce.

Mobility financing company Moove led the funding tally with $250 million, followed by payments firm Flutterwave, which raised $100 million. E-commerce platform Jumia secured $50 million, while digital asset infrastructure provider Yellow Card attracted $40 million.

Together, the four companies raised $440 million, accounting for approximately 69% of Nigeria’s total startup funding during the period.

More Nigerian Startups Secure Investment

Funding activity extended beyond the largest deals. A total of 77 Nigerian startups raised at least $100,000 in the first nine months of 2026, up from 70 during the corresponding period last year.

Nigeria’s total placed it ahead of Egypt, which attracted $445 million, Kenya with $201 million and South Africa with $182 million.

Across Africa, startups raised approximately $2.16 billion between January and September, slightly below the total recorded during the same period in 2025.

Transport Funding Moves Ahead of Fintech

Transport and logistics companies attracted more startup investment than fintech businesses during the nine-month period. Transport-focused startups raised $780 million, compared with $760 million for fintech.

Electric mobility company Spiro secured $345 million, while Moove raised $250 million, making the two companies major contributors to transport-sector funding.

Fintech nevertheless retained the lead in the number of funded businesses. Eighty fintech startups raised at least $100,000 each during the period, demonstrating that investment activity in the sector extends beyond its largest transactions.

Nigeria’s $635 million total was heavily influenced by its four largest recipients, which collectively secured $440 million. The remaining $195 million was distributed across the country’s other funded startups.