Nigeria Tops Africa's Startup Funding with $635 Million

In the first nine months of 2026, African startups raised approximately $2.16 billion, with Nigeria reclaiming its position as the top funding market in Africa, attracting $635 million. This amount is more than double the $247 million recorded during the same period in 2025.

Nigeria's funding was significantly bolstered by Moove's $250 million funding round, followed by Flutterwave at $100 million, Jumia at $50 million, and Yellow Card at $40 million. Additionally, Nigeria had 77 startups that raised at least $100,000, the highest number on the continent.

Egypt was the only other country among Africa's Big Four to see an increase in funding, raising $445 million, a 10% rise from 2025. In contrast, Kenya's startups attracted only $201 million, a 73% decrease year on year, while South Africa recorded $182 million, marking a 58% decline.

Tanzania led markets outside the Big Four with $53 million, primarily due to NALA's $50 million debt facility.