Nigeria’s startup ecosystem recorded a sharp moderation in funding in September 2026, with nine startups attracting a combined $11.3 million, compared with $364.1 million raised by 20 startups in August.
The September figure represents a 96.9% month-on-month decline, reflecting the unusually large transactions that boosted August’s funding total, particularly Moove’s $250 million Series C round, Jumia’s $50 million raise and Yellow Card’s $40 million funding round.
The September funding activity shows that capital continued to flow into businesses across fintech, logistics and transport, deeptech, waste management, agriculture and food, and services.
The $11.3 million raised in September represents a decline of $352.8 million from the $364.1 million recorded in August 2026.
This divergence between deal activity and the amount raised is noteworthy. More startups received funding in September 2026 than in the corresponding month of 2025, yet the total capital mobilized was substantially lower.
Nomba and Drive45 emerged as the largest recipients of funding in September, securing $3 million each through debt financing.
Nomba, a fintech company, obtained $3 million from CardinalStone Finance, while Drive45, which operates in logistics and transport, secured a $3 million debt facility from TLG Capital.
Each transaction accounted for approximately 26.5% of the month’s total funding. Combined, they represented $6 million, or 53.1% of all capital raised during September.
Nomba’s financing supports the continued presence of fintech businesses in the funding market, while Drive45’s transaction adds to the capital raised by logistics and transport companies.
ChipMango, a deeptech startup, recorded two separate funding transactions during September.
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 recorded a separate $200,000 venture round from Madica.
Together, the two transactions amounted to $2.1 million, making ChipMango one of the largest recipients of funding during the month.
Its combined funding accounted for approximately 18.6% of September’s total.
ChipMango’s fundraising activity is particularly notable because it illustrates how a single startup can attract capital through different investment arrangements within the same reporting period.
The $1.9 million seed round was the larger of the two transactions, while the additional $200,000 venture round brought the company’s recorded September funding to $2.1 million.
Aeon, a deeptech startup, raised $1 million in a pre-seed round from Terra Industries.
The transaction accounted for approximately 8.8% of September’s total funding.
The transaction accounted for approximately 8.8% of total September funding and placed waste management among the sectors that attracted capital during the month.
Other startups that raised funds include:
September’s funding activity highlights a more selective investment environment. While the sharp decline from August’s record $364.1 million reflects the absence of mega-deals, it does not necessarily indicate weaker investor interest.
While overall funding volumes moderated, the diversity of funded startups points to continued confidence in Nigeria’s long-term innovation and entrepreneurial potential.
