Nigeria has reclaimed its position as Africa’s leading startup funding destination, with companies raising $635 million between January and September 2026, according to data from Africa: The Big Deal.
The figure represents a 157% increase from the $247 million raised during the same period in 2025. Nigeria’s total also surpassed the combined $383 million raised by startups in Kenya and South Africa, reinforcing the country’s renewed momentum in Africa’s venture capital market.
The increase was driven largely by major funding rounds involving Moove, Flutterwave, Jumia and Yellow Card, alongside dozens of other startups that attracted investment during the nine-month period.
Moove and Flutterwave lead major funding rounds
Mobility fintech Moove recorded one of the period’s biggest deals, raising $250 million in a Series C round that valued the company at $2.1 billion. The funding supports the company’s expansion as it develops its mobility and vehicle-financing business.
Flutterwave also secured a major investment, receiving $100 million from Ripple as part of a Series E round that valued the payments infrastructure company at $3.2 billion.
E-commerce company Jumia raised $50 million in equity funding to support its operations and marketplace expansion, while stablecoin infrastructure provider Yellow Card secured $40 million to scale its Global USD Accounts product and expand its international payment infrastructure.
Together, these deals accounted for a substantial share of Nigeria’s total startup funding, highlighting the influence of large transactions on the country’s overall performance.
Nigeria pulls ahead of other major African markets
Egypt ranked second, with startups raising $445 million during the first nine months of 2026, up approximately 10% from $404.5 million a year earlier.
Kenya, which had led African startup funding in recent years, experienced a significant slowdown. Startups in the country raised $201 million, down 73% from $744.4 million during the same period in 2025.
The decline was linked partly to reduced investment in energy startups, which had contributed significantly to Kenya’s funding totals in previous years.
South Africa recorded $182 million in startup funding, a 58% decrease from the $433.3 million raised during the corresponding period last year.
Combined, Nigeria, Egypt, Kenya and South Africa accounted for 85% of African startup investments, up from 83% in 2025. The concentration reflects the continued dominance of the continent’s four largest startup ecosystems.
More Nigerian startups are attracting investment
Nigeria’s performance extends beyond its biggest funding announcements.
According to the report, 77 Nigerian startups announced funding of at least $100,000 between January and September 2026, compared with 70 during the same period last year. Nigeria was the only country among Africa’s Big Four ecosystems to record growth in the number of funded startups.
Kenya recorded 45 funded startups, a 32% decline, while Egypt recorded 40, down 29%. South Africa had 34, representing a 36% year-on-year decrease.
The figures suggest that Nigeria’s funding growth coincided with an increase in the number of companies securing investment, although the size of major funding rounds remained a significant factor in its overall total.
Funding extends beyond Africa’s Big Four
Several other African markets also attracted investment during the period.
Tanzania recorded $53 million, largely driven by NALA’s $50 million debt raise. Côte d’Ivoire followed with $48 million, with GoCab accounting for $45 million.
Zambian startups raised a combined $32 million, while Morocco and Ghana attracted $30 million and $21 million, respectively.
Senegal, however, experienced a sharp contraction. Startups in the country raised just $5 million during the first nine months of 2026, compared with $153 million in the same period last year.
What Nigeria’s funding rebound means
Nigeria’s return to the top of Africa’s startup funding rankings signals renewed investor interest in its technology ecosystem. The increase in funded startups also points to activity beyond the handful of companies responsible for the largest deals.
However, total funding alone does not tell the full story. Large transactions can significantly influence annual rankings, and the sustainability of the rebound will depend on whether more startups continue to attract capital, grow their businesses and build viable revenue models.
With Nigeria leading the continent in funding through September, the next question is whether the momentum can be sustained into 2027.
