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.
What the data is saying
The $11.3 million raised in September represents a decline of $352.8 million from the $364.1 million recorded in August 2026.
- The number of startups receiving funding declined from 20 to nine, representing a 55% reduction.
- The largest individual financing amounts in September were the $3 million debt deals secured by Nomba and Drive45. Together, the two transactions accounted for $6 million, or 53.1% of September’s total funding.
- The September 2026 figure also fell below the corresponding period in the previous year. Startups raised $40.5 million across seven deals in September 2025, translating to a decline of $29.2 million, or 72.1%.
- However, the number of funded startups increased from seven to nine, a rise of 28.6%.
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 lead September funding with $3 million each
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 attracts $2.1 million across two transactions
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.
More Insight
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.
- Notably, the investment represents a connection between two companies operating in the broader technology ecosystem: Terra Industries, which featured among Nigeria’s largest startup fundraisers in August, participated as an investor in Aeon’s September round.
- The transaction demonstrates that companies within an ecosystem can also participate in financing other emerging businesses, alongside traditional venture capital firms and institutional investors.
- Ororo Waste also raised $1 million through a venture round backed by Rising Tide Africa.
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:
- Noma Services raises $700,000 in debt financing from the Social Enterprise Fund for Agriculture in Africa (SEFAA).
- Two startups, 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 backed by Resilience17.
What you should know
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.
- Notably, nine startups secured funding in September 2026, up from seven deals a year earlier, showing that capital continued to flow to early-stage ventures even as overall funding volumes declined.
- Debt financing also emerged as a major theme, accounting for more than half of the month’s total funding, underscoring the growing role of alternative financing options alongside traditional equity investments.
- Funding was distributed across fintech, deeptech, logistics, agriculture, waste management, and services, demonstrating broad-based investor interest. However, the lack of large-ticket transactions kept total funding well below August’s level.
While overall funding volumes moderated, the diversity of funded startups points to continued confidence in Nigeria’s long-term innovation and entrepreneurial potential.