Nigerian Startups Fundraised a Record $364 Million in August as Moove Raised $250 Million

Nigerian startups had one of their best months in terms of fundraising in August 2026, raising a record $364.1 million in twenty deals.

This amount compares to just $4.9 million raised in July and shows an improvement in the appetite of investors for Nigerian tech despite the difficult economic climate.

The largest deal in August was a $250 million series C round raised by mobility and logistics company Moove.

The round was led by Mubadala Investment Company, Woven Capital and Ion Pacific. It valued the company at $2.1 billion and was one of the largest single deals raised by a Nigerian-based company.

Three Major Deals Closed in August

Besides the deal led by Moove, two other large deals closed in August.

Jumia , an e-commerce platform listed on the Nigerian Stock Exchange raised $50 million in a venture round with participation from the International Finance Corporation and Axian Telecom.

The fintech and digital assets company Yellow Card raised $40 million from SC Ventures, Sony Innovation Fund, Polychain Capital and Blockchain Capital.

These three large deals made up the majority of the $364.1 million raised by Nigerian startups in August.

The remaining seventeen deals raised a combined amount below the largest three but still represent a deep end to the Nigerian tech ecosystem.

Funding Trackers See August as a Turning Point

Those following the Nigerian tech sector from the sidelines noted that the August deals represent a change in the outlook of investors.

Back in May and June, conversations in deal flow trackers who follow the Nigerian tech sector suggested that there was a pause in fundraising as investors waited for clearer economic and political signals.

The renewed appetite for Nigerian tech is seen as a result of investors seeking out companies that have proven product-market fit and have already scaled to new markets.

It is also the result of Moove’s large series C round, which signals that investors are open to looking past the fintech sector to fund other areas that involve technology-enabled disruption.

While the increased number of large deals is good news for morale, it does not solve the immediate problems of day-to-day operations for Nigerian tech founders.

There is still a large stress on naira-denominated costs and revenue, with many companies finding it difficult to access dollars.

Analysts note that one month of increased fundraising should not be seen as a trend, and that capital providers around the world are still focusing on quality over quantity.

But for those following the Nigerian tech sector, the deals announced in August are proof that big money is still looking to invest in Nigeria’s innovative ecosystem.

The question now is if the August deals are a sign of a sustainable increase in fundraising or if it was caused by just a few large rounds.