Nigerian startups attracted $11.3 million in funding in September 2026, a sharp drop of 96.9 per cent from the $364.1 million recorded in August, as the absence of major financing deals dragged down investment volumes.
Only nine startups secured funding during the month, compared with 20 in August, when large transactions involving transport technology company Moove, e-commerce firm Jumia and cryptocurrency infrastructure provider Yellow Card significantly boosted the total.
The figures highlight the uneven pace of investment in Nigeria’s startup ecosystem, where a handful of large transactions can substantially influence monthly funding statistics. Brandspur Banking News Desk reports that despite the decline in total capital raised, funding continued to reach businesses operating across fintech, logistics, deep technology, agriculture, waste management and other services.
September’s performance was also weaker than the corresponding period in 2025, when seven startups raised a combined $40.5 million. The latest figure represents a 72.1 per cent year-on-year decline, although the number of funded companies increased by 28.6 per cent.
Fintech company Nomba and logistics operator Drive45 secured the largest individual deals during the month, raising $3 million each through debt financing.
Nomba obtained its facility from CardinalStone Finance, while TLG Capital provided the debt financing to Drive45. Together, the transactions accounted for $6 million, representing approximately 53.1 per cent of all funding recorded in September.
Deeptech startup ChipMango followed with a combined $2.1 million from two transactions. The company raised $1.9 million in a seed round involving Atlantica Ventures, DFS Lab, Madica, Kaleo Ventures, Trilinear Technologies and other investors. It also secured a separate $200,000 venture round from Madica.
Two other companies attracted $1 million each. Deeptech startup Aeon received pre-seed funding from Terra Industries, while Ororo Waste raised capital through a venture round backed by Rising Tide Africa.
Other deals were smaller. Noma Services secured $700,000 in debt financing from the Social Enterprise Fund for Agriculture in Africa, while Trade Lenda and AirSmat each raised $200,000 through venture rounds backed by Village Capital. Pewbeam, a services-sector startup, recorded a $100,000 venture round supported by Resilience17.
The composition of September’s deals points to the continued importance of debt financing in the startup funding market. Nomba and Drive45 alone accounted for more than half of the month’s total, illustrating how a small number of transactions can shape the overall figures.
August’s exceptional performance had been driven partly by Moove’s $250 million Series C round, Jumia’s $50 million raise and Yellow Card’s $40 million funding round. Their absence from September’s funding activity contributed to the steep month-on-month decline.
For emerging Nigerian businesses, the latest figures show that access to investment capital continued during the month, even as the total amount available through recorded deals fell considerably. However, the gap between the number of funded startups and the volume of money raised underscores the difference between securing a financing deal and attracting substantial investment.
