Raising money remains one of the biggest challenges facing Nigerian startups, even as the country’s technology ecosystem attracts renewed investor interest. For many founders, building a promising product is only one part of the journey; finding investors willing to finance the next stage of growth is another.
According to data from Africa: The Big Deal, Nigerian startups raised $635 million in the first nine months of 2026, more than double the amount recorded during the same period in 2025. While the figure points to renewed funding activity, the money has not been distributed evenly across the ecosystem.
Only 77 Nigerian startups raised at least $100,000 during the period, while Moove’s $250 million transaction accounted for almost 40 per cent of the total. This concentration highlights the difficulty smaller and early-stage businesses may face when competing for investor attention.
In an effort to improve access to funding, 26 Nigerian startups met with 16 venture capital investors in Lagos on October 27 through an Investor Connection Drive organised by Magna Collective. The initiative arranged 61 one-on-one meetings, matching founders with investors based on their preferred sectors, investment stages and cheque sizes.
The development reflects a growing need for more structured connections between startups and potential investors. As funding opportunities evolve, Nigerian founders may need to look beyond traditional local networks and build relationships with investors whose interests align with their businesses. Access to suitable capital could make an important difference in helping promising startups move from building products to expanding their operations.