Nigeria’s startup ecosystem saw a strong recovery in October 2025, with disclosed investments totaling $93.4 million across eight deals, along with an undisclosed round for entertainment-tech firm Nairabox.
This represents a 130.6% jump from the $40.5 million raised in September, highlighting growing investor confidence in the country’s tech sector.
Moniepoint Leads With a $90 Million Venture Raise
The month’s funding activity was largely influenced by Moniepoint (formerly TeamApt), which secured a significant $90 million venture round supported by:
- Visa
- Development Partners International (DPI)
- LeapFrog Investments
- Google for Startups Black Founders Fund
- Verod Capital Management
The investment accelerates Moniepoint’s efforts to improve financial access for SMEs across Africa and expand its digital banking and payments network.
With its massive raise, Moniepoint accounted for over 96% of October’s total funding.
Rana Energy Attracts $3 Million in Climate-Focused Funding
Clean energy startup Rana Energy also recorded substantial interest, raising $3 million through a hybrid financing structure that includes:
- $500,000 in equity from Techstars, EchoVC Eco, and angel investors such as MAX co-founders Chinedu Azodoh and Tayo Bamiduro
- $2.5 million in green debt, facilitated by Optimum Global and backed by FSDH Asset Management
The capital will bolster Rana’s AI-driven clean energy and battery storage solutions for enterprises across Nigeria.
Early-Stage Startups See Increased Activity
October also delivered a boost for early-stage innovation. Startups such as Startbutton, Cubbes, Forti Foods, and Raba secured $100,000 each from Antler and Equitable Ventures, targeting sectors like agriculture, education, and consumer services.
These smaller deals reflect rising investor interest in grassroots innovation and the continued development of Nigeria’s startup pipeline.
October Outperforms September With Broader Sector Participation
In comparison, September 2025 recorded a more restrained $40.5 million in funding across seven startups. Major deals that month included:
- Kredete – $22 million Series A
- Babban Gona – $7.5 million debt
- Mopo – $6.7 million debt
Where September’s investments were concentrated among a handful of established players, October showed a more diverse spread across sectors and funding types, including both venture and debt capital.
Rising Optimism in Nigeria’s Digital Economy
The 130.6% month-on-month growth signals a renewed sense of optimism among investors despite economic pressures.
Fintech and clean energy remain top attractions, supported by both large-scale checks and an expanding wave of early-stage deals.
With momentum building and funding widening across multiple industries, Nigeria’s startup ecosystem appears set for continued growth as 2026 approaches.
