Nigeria’s startup ecosystem entered 2026 under tighter funding conditions after a difficult 2025 that saw investors become more cautious across global venture markets.
Other News
Rising interest rates, slower venture capital deployment, and growing pressure on startups to prioritise profitability over rapid expansion all combined to reshape the investment landscape.
The impact has been visible in Nigeria, Africa’s largest startup market.
According to data compiled by the Nairametrics Research team, Nigerian startups raised $78.6 million across 15 disclosed deals in the first quarter of 2026, representing a 28% year-on-year decline compared to Q1 2025.
The slowdown became even more evident at the start of the year. In January 2026 alone, startups raised $45.9 million across eight disclosed deals, down 43.47% from the $81.2 million recorded during the same period in 2025, despite a slight increase in the number of deals completed.
Yet beneath the slower pace, investor appetite has not disappeared. Instead, capital is becoming more concentrated around startups operating in sectors investors consider critical or scalable, particularly fintech, deeptech, logistics, energy, healthcare, and education.
The structure of funding rounds is also changing. More startups are combining venture funding with debt financing as founders seek less dilutive ways to scale operations while managing capital costs in a tougher fundraising environment.
So far in 2026, a handful of startups have stood out, attracting the bulk of disclosed capital raised within Nigeria’s ecosystem.
Below are the top 10 Nigerian startups with the biggest funding deals so far in 2026.
Beacon Power Services – $2 million
Energy technology company Beacon Power Services secured $2 million in debt financing to support electricity and water infrastructure solutions.
The newly secured debt financing is primarily aimed at purchasing and deploying smart meters for grid assets, such as transformers and substations.
This infrastructure helps BPS better analyze data, enhance grid visibility, and prevent frequent and extended power outages.
Cardtonic – $2.1 million
In January, fintech company Cardtonic raised $2.1 million in seed funding as investor appetite for digital finance startups remained resilient.
According to the company, the fund would be deployed to build Pil, a virtual dollar card platform specifically designed for effective business spending.
With the funding, Cardtonic is shifting from consumer-facing products into enterprise financial infrastructure as it evolved from a bootstrapped retail fintech into a provider of essential financial tools for African businesses.
Tuteria – $2.6 million
Edtech platform Tuteria secured $2.6 million in venture funding backed by Enza Capital and Chui Ventures.
The platform connects students with verified tutors for over 450 subjects, ranging from core sciences to photography.
According to the startup, the funding is to scale its online marketplace, strengthen its tutor verification processes, and expand the reach of its one-on-one lesson bookings to more students across the region.
Cybervergent – $3 million
Deeptech startup Cybervergent raised $3 million in seed funding backed by Ventures Platform and Atlantica Ventures.
The new capital follows a $2.95 million equity round in 2024 led by Capria Ventures, with backing from Angaza Capital, GreenHouse Capital, Launch Africa, Modus Africa, and Axian CVC.
The investment further signals growing investor appetite for Nigerian startups operating beyond traditional fintech, especially businesses focused on advanced technologies and enterprise infrastructure solutions.
OneDosh – $3 million
Fintech startup OneDosh closed a $3 million pre-seed round in January this year to build a stablecoin-powered payment infrastructure aimed at solving global payment friction for businesses and individuals.
Founded in February 2025 by Jackson Ukuevo (CEO), Godwin Okoye, and Babatunde Osinowo, OneDosh plans to use the funds to expand corridors, deepen liquidity partnerships, and scale senior hires, positioning itself at the intersection of stablecoins, global spending, and real-world payments.
Bfree – $3.1 million
Credit management startup Bfree raised $3.1 million from undisclosed investors to expand its artificial intelligence-powered platform for recovering and restructuring defaulted digital loans across Africa.
The deal accounted for more than 75% of all startup funding disclosed during the month, underlining the increasing concentration of available capital around a small number of startups with scalable financial services models.
Nairagram – $6 million
Fintech startup Nairagram raised $6 million through a commercial paper issuance, fully subscribed within 48 hours, as the company seeks to strengthen its capital base and scale operations across the continent.
The short-term debt program received final approval from the Central Bank of Nigeria. Following market preparations, the issuance was launched on February 3 and fully subscribed by February 4, with the transaction completed on February 5, reflecting strong institutional investor demand.
Checker – $8 million
Digital asset infrastructure startup Checker raised $8 million in May 2026 to accelerate stablecoin-powered financial services across Africa and other emerging markets.
The funding round was led by Al Mada Ventures, the Moroccan sovereign-backed investment firm and parent company of Attijariwafa Bank, alongside Galaxy Ventures and Framework Ventures.
Several prominent African tech ecosystem players also participated in the round, including Iyin Aboyeji, former Onafriq Vice President Gwera Kiwana, and Juicyway co-founder Justin Ziegler.
MAX – $24 million
Mobility and logistics company MAX secured a total of $24 million through two separate funding deals.
The startup raised $12 million in venture financing backed by Equitane, Novastar Ventures, Endeavor and angel investors. It also secured another $12 million debt facility supported by Energy Entrepreneurs Growth Fund and other investors.
MAX’s funding structure reflects a growing trend among African startups toward combining equity and debt financing, especially for asset-heavy businesses with predictable revenue streams.
Terra Industries – $33.8 million
Deeptech startup Terra Industries emerged as Nigeria’s biggest fundraiser so far in 2026 after securing a combined $33.8 million across two funding rounds.
The company first raised $11.8 million in seed funding in January, backed by investors including 8VC, Valor Equity Partners, Lux Capital, SV Angel, Leblon Capital, Silent Ventures, Nova Global and several angel investors.
It later secured an additional $22 million venture round in February, supported by Lux Capital, 8VC, Nova Global, Silent Ventures, Belief Capital, Tofino Capital, Resilience17 and angel investors.
Founded in 2024 by 22-year-old Nwachukwu and 24-year-old Maxwell Maduka, the company builds long and mid-range drones, autonomous sentry towers, and unmanned ground vehicles designed to secure high-value assets.
