Nigeria’s startup ecosystem in 2025 experienced a pronounced concentration of capital, with investor funding flowing overwhelmingly to a small group of established companies.
Compiled deal data shows that 11 startups raised a combined $367.2 million, representing 82.93% of the $442.8 million secured by 98 startups throughout the year. The trend reflects a cautious global investment climate, where capital was deployed selectively toward businesses with proven traction, defensible market positions, and clearer routes to profitability.
Although overall funding volumes remained subdued compared to previous boom years, startups operating in payments, financial infrastructure, logistics, and essential services continued to command investor attention.
Sector Allocation Highlights
Funding activity in 2025 revealed a strong sectoral imbalance:
- Fintech: Six companies accounted for $211 million, or 47.65% of the capital raised by the top 11
- Logistics and Transportation: $100 million, representing 22.58%
- Energy and Climate Tech: $46.2 million
- Enterprise Services: $10 million
This pattern illustrates a sustained risk-averse investment strategy, with investors backing scalable, infrastructure-driven models that offer recurring revenues.
In addition, 12 startups did not disclose their funding amounts, pointing to ongoing transparency limitations within Africa’s private investment landscape.
Nigeria’s Most Funded Startups in 2025
Payaza – $10 Million
Payments infrastructure provider Payaza Africa completed early repayment of its ₦14.97 billion ($10 million) commercial paper issuance, well ahead of its June 2025 maturity.
The deal underscores growing confidence in debt financing as a viable, non-dilutive option for cash-flow-positive fintech firms.
- Deal date: June 2025
- Sector: Fintech
- Deal structure: Debt
- Investors: Undisclosed
Mansa – $10 Million
Mansa executed two transactions combining equity and debt to strengthen its payment and liquidity infrastructure. The company raised $3 million in equity, led by Tether, alongside $7 million in liquidity financing.
- Deal dates: February 2025
- Sector: Fintech
- Deal structure: Seed and debt
- Investors: Tether, Faculty Group, Octerra Capital, Polymorphic Capital, Trive Digital
Raenest – $11 Million
Raenest secured $11 million in Series A funding to expand its cross-border banking and financial tools tailored for African businesses and freelancers.
- Deal date: February 2025
- Sector: Fintech
- Deal stage: Series A
- Investors: QED Investors, Norrsken22, Ventures Platform, P1 Ventures, Seedstars
Koolboks – $11.2 Million
Energy startup Koolboks raised capital through a mix of grants and equity-debt financing to scale its solar-powered refrigeration solutions across Africa.
- Grant: $0.2 million (PREO)
- Series A: $11 million
- Deal dates: July & August 2025
- Sector: Energy & Climate Tech
- Investors: KawiSafi Ventures, Aruwa Capital, All On, FFEM, bpifrance, Shell Foundation, Innovate UK
Arnergy – $15 Million
Arnergy raised $15 million as an extension of its Series B, bringing the round’s total to $18 million. The funding reflects sustained interest in off-grid solar solutions amid Nigeria’s unreliable power supply.
- Deal date: April 2025
- Sector: Energy & Climate Tech
- Deal stage: Series B
- Investors: CardinalStone Capital Advisers, Breakthrough Energy Ventures, BII, Norfund, EDFI MC, All On
Mopo – $15 Million+
Mopo stood out for its multi-layered funding approach, closing four separate deals involving debt, grants, and an undisclosed Series A round.
- Deal dates: January, June, July & September 2025
- Sector: Fintech / Energy-linked finance
- Backers: British International Investment, Octopus Energy Group, UK DESNZ, Norfund
Omnibiz – $20 Million
Omnibiz was the only retail-focused startup among the top recipients, raising $20 million in Series A funding to digitise informal retail distribution networks.
- Deal date: April 2025
- Sector: Retail
- Deal stage: Series A
- Investors: Norfund, Timon Capital, Ventures Platform, Aruwa Capital, Goodwell Investments, Flour Mills of Nigeria
Kredete – $22 Million
Kredete closed a $22 million Series A round, reflecting growing investor interest in embedded finance and business-focused credit infrastructure.
- Deal date: September 2025
- Sector: Fintech
- Deal stage: Series A
- Investors: AfricInvest (CAIF & FIVE), Partech Africa, Polymorphic Capital
LemFi – $53 Million
LemFi raised $53 million in Series B funding, reinforcing confidence in cross-border payments and diaspora remittance platforms linking Africa with Europe and North America.
- Deal date: January 2025
- Sector: Fintech
- Deal stage: Series B
- Investors: Highland Europe, Left Lane Capital, Palm Drive Capital, Y Combinator, Endeavour
Lagride – $100 Million
Lagride secured a $100 million strategic investment from United Bank for Africa, ranking among the largest single investments in Nigeria’s startup ecosystem in 2025.
- Deal date: December 2025
- Sector: Logistics & Transportation
- Deal type: Strategic investment
- Investor: United Bank for Africa (UBA)
Moniepoint – $100 Million
Moniepoint emerged as the largest funding recipient of the year, raising $100 million across two venture rounds. The company continues to dominate merchant payments, agency banking, and SME financial services.
- Deal dates: January & October 2025
- Sector: Fintech
- Deal type: Venture rounds
- Investors: Visa, Development Partners International, LeapFrog Investments, Google for Startups Black Founders Fund, Verod Capital
What This Means for Nigeria’s Startup Ecosystem
With nearly 83% of all funding concentrated among just 11 companies, 2025 highlighted a decisive investor shift toward scale, defensibility, and predictable revenue models.
While this trend signals strong confidence in market leaders, it also underscores the fundraising challenges facing early-stage startups, particularly those without proven traction. Undisclosed deal values further suggest that actual funding levels may be higher, though unevenly distributed.
Overall, Nigeria’s startup ecosystem in 2025 remained resilient but increasingly selective, rewarding companies that could demonstrate durability, infrastructure relevance, and a credible path to profitability in a constrained capital environment.
