Nigeria’s startup ecosystem recorded $11.3 million in funding across nine startups in September 2026, a sharp decline from the $364.1 million raised by 20 startups in August, as the market returned to more modest deal sizes following several major transactions.

The September total represents a 96.9% month-on-month drop, equivalent to $352.8 million less than the previous month. August’s figure was boosted by large transactions, including Moove’s $250 million Series C round, Jumia’s $50 million raise and Yellow Card’s $40 million funding round.

Despite the decline in total capital raised, funding continued to reach businesses operating across fintech, deep technology, logistics, agriculture, waste management and other services.

Nomba and Drive45 Lead September Deals

Fintech company Nomba and logistics business Drive45 emerged as the largest recipients of funding during the month, securing $3 million each through debt financing.

Nomba obtained its $3 million facility from CardinalStone Finance, while Drive45 secured an equivalent amount from TLG Capital.

Together, the two transactions accounted for $6 million, or 53.1% of September’s total funding, highlighting the significant contribution of debt financing to the month’s activity.

ChipMango Raises $2.1 Million

Deeptech startup ChipMango recorded $2.1 million across two 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. Madica subsequently participated in a separate $200,000 venture round.

Combined, the transactions represented approximately 18.6% of the month’s total startup funding, making ChipMango one of September’s largest recipients.

Deeptech and Waste Management Attract Capital

Another deeptech startup, Aeon, raised $1 million in a pre-seed round from Terra Industries, accounting for approximately 8.8% of September’s total.

Waste management company Ororo Waste also secured $1 million through a venture round backed by Rising Tide Africa, bringing additional capital into a sector focused on waste recovery and management.

Other funding transactions included:

  • Noma Services: $700,000 in debt financing from the Social Enterprise Fund for Agriculture in Africa (SEFAA).
  • Trade Lenda: $200,000 in venture funding backed by Village Capital.
  • AirSmat: $200,000 in venture funding backed by Village Capital.
  • Pewbeam: $100,000 in venture funding backed by Resilience17.

These transactions demonstrate that capital continued to reach startups across different sectors, even as the overall funding pool contracted sharply.

September Funding Falls Below 2025 Levels

September’s funding performance was also weaker than the corresponding period in 2025, when Nigerian startups raised $40.5 million across seven deals.

The latest figure represents a 72.1% year-on-year decline in total funding. However, the number of funded startups increased from seven to nine, a rise of 28.6%.

The contrast suggests that more startups received capital in September 2026 than a year earlier, but the amounts raised were substantially smaller.

What the Numbers Mean for Nigeria’s Startup Ecosystem

The September figures highlight the impact that a small number of large transactions can have on monthly startup funding totals. Without the mega-deals recorded in August, the ecosystem’s aggregate funding returned to a much lower level.

Debt financing also featured prominently, with Nomba and Drive45 alone accounting for more than half of September’s capital. This underscores the role of alternative financing structures alongside traditional equity investment.

For founders, the figures reinforce the importance of understanding different funding options as investors assess businesses across fintech, logistics, deeptech, agriculture and other sectors.

Although the decline in funding volume signals a slower month, the participation of nine startups indicates that financing activity continued. The longer-term outlook will depend on whether Nigerian businesses can attract larger investments, scale operations and demonstrate sustainable growth amid a more selective funding environment.