Nigerian Startups Raise $364M in August 2026 Funding

In August 2026, Nigeria's startup ecosystem experienced a remarkable rebound, with 20 startups collectively raising $364.1 million, a significant increase from the $4.9 million raised by six startups in July. This funding surge was largely attributed to a $250 million Series C funding round secured by Moove, a mobility and logistics technology company, which accounted for nearly 69 percent of the total funds raised.

Moove's funding round was backed by Mubadala Investment Company, Woven Capital, and Ion Pacific, valuing the company at approximately $2.1 billion. The total startup funding in August represented an increase of $359.2 million, or 7,330.6 percent, compared to July.

Additionally, Jumia and Yellow Card contributed to the funding landscape, with the three companies together accounting for over 93 percent of the total funding. Terra Industries, a Nigerian defense technology startup, also raised an additional $18 million, bringing its total seed funding to $52 million.