Nigeria Reclaims Africa's Startup Funding Lead at $635M for January to September 2026

Nigerian startups raised $635 million between January and September 2026, 2.6 times the $247 million of the same period in 2025, which puts Nigeria back at the top of Africa's startup funding table. The figures come from the Africa: The Big Deal tracker and were published on 20th October and 21st October. It is Nigeria's strongest first nine months since 2022.

How Nigeria Compares With Egypt, Kenya and South Africa

Nigeria's $635 million is ahead of the other three big markets, and two of them fell sharply.

• Nigeria: $635 million, up from $247 million.

• Egypt: $445 million, up 10%.

• Kenya: $201 million, down 73%.

• South Africa: $182 million, down 58%.

Kenya's drop is partly down to Spiro being reclassified as a pan-African venture in the database, but its total still fell. Nigeria held 37% of funding for country-specific startups, its highest share since 2021.

The Four Deals Behind the Number

Most of the total comes from a handful of large rounds.

• Moove: $250 million.

• Flutterwave: $100 million.

• Jumia: $50 million.

• Yellow Card: $40 million.

Together they come to $440 million, about 69% of the $635 million. Moove's round was a Series C raised in August, the same deal that made August the biggest month of the year and left September's $11.3 million looking far smaller. Moove has since announced plans to exit Nigeria.

More Deals, Not Only Bigger Ones

Nigeria had 77 startups raising at least $100,000, up from 70 a year earlier and more than any other African market. Egypt had 40, Kenya 45 and South Africa 34, and the counts for Kenya and South Africa were their lowest for a first-nine-months period since the tracker began covering such deals in 2021.

What This Means for the Full Year

Nigeria raised about $400 million in 2024 and $442.8 million in 2025, so $635 million in nine months already passes last year's full total. Kenya had topped the table in 2023 with about $800 million. Across Africa, logistics and transport funding of $780 million edged fintech's $760 million, with Spiro and Moove making up about 76% of the logistics total.

The caution is the same one that applies to any funding year. A few very large rounds carry the figure, so the total shows where big capital went rather than how many smaller startups are being funded. The deal count is the better check on that, and it also rose.

Frequently Asked Questions

How Much Did Nigerian Startups Raise in January to September 2026?

$635 million, up from $247 million in the same period of 2025.

Which Nigerian Startups Raised the Most?

Moove raised $250 million, Flutterwave $100 million, Jumia $50 million and Yellow Card $40 million.

How Does Nigeria Compare With Egypt, Kenya and South Africa?

Egypt raised $445 million, Kenya $201 million and South Africa $182 million over the same period.

Where Does the Funding Data Come From?

From Africa: The Big Deal, a tracker of African startups that raise at least $100,000.