Nigerian Startups Secure $11.3 Million Amid Funding Drop
In September 2026, Nigerian startups raised a total of $11.3 million, a significant decline of 96.9% from the $364.1 million raised by 20 companies in August. This decrease represents a drop of $352.8 million month-on-month.
Despite this downturn, funding continued for businesses in various sectors, including fintech, mobility, semiconductor technology, and agriculture. Notable CEOs who secured funding include Yinka Adewale, CEO of Nomba, who raised $3 million through CardinalStone Finance Company Limited to expand payment infrastructure.
Oluwaseyi Adefemi, CEO of Drive45 Mobility, also raised $3 million to support expansion into several Nigerian cities. Ola Fadiran, CEO of ChipMango, raised $1.9 million in a seed round.
The funding methods included debt facilities, seed investments, and venture investments, showcasing diverse financing strategies among startups.
Plus234Feed summary based on reporting from Nairametrics. Read the original report below.
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