Nigerian startups secured over $400 million in funding in 2024, according to a new report by Africa: The Big Deal, a firm that tracks startup funding across the continent.
With only two major deals – Moove’s $110 million funding and Moniepoint’s $110 million Series C round – Nigeria’s startup funding for 2024 remained steady at approximately $410 million, the same as in 2023.
Nigeria remains a key player in Africa’s startup funding landscape, with Kenya, Nigeria, Egypt, and South Africa known as the ‘Big Four’ accounting for 84% of the continent’s total startup funding in 2024, continuing their dominance since 2019.
East Africa led the pack, attracting $725 million (33% of Africa’s total), with Kenya contributing $638 million, primarily driven by climate tech investments. West Africa came second with $587 million (27% of total funding), a 3% drop from 2023. Nigeria led the region with over $400 million, while Ghana, Benin, Côte d’Ivoire, and Senegal also secured significant investments.
North Africa saw a sharp 35% decline, raising $478 million, with Egypt’s funding dropping by 37% to account for 84% of the region’s total. Southern Africa suffered a 36% drop, recording $397 million in total funding, with South Africa contributing 99.4% of the region’s total.
Nigeria’s top 10 startup fundraisers
10. Waza – $8 million
Waza, a Y Combinator-backed B2B payment and liquidity provider, secured $8 million in equity and debt funding to expand beyond its operations in Ghana and Nigeria and introduce new trade finance solutions.
This investment comes amid increasing demand for cross-border payments, with the Bank of England projecting the global market to exceed $250 trillion by 2027.
The funding includes a $3 million seed equity round from investors such as Y Combinator, Byld Ventures, Norrsken Africa, Heirloom VC, Plug and Play Tech Center, and Olive Tree Capital, along with $5 million in debt financing from Timon Capital to support trade finance for large enterprise clients.
Founded by Maxwell Obi and Emmanuel Igbodudu, Waza operates as a money services business-registered entity in the U.S. and a licensed virtual asset service provider. It launched in stealth mode in January 2023 as part of Y Combinator’s Winter 23 batch.
9. Zone – $8.5 million
Zone, a Nigerian payment infrastructure company, secured $8.5 million in an oversubscribed seed funding round in March 2024 to expand its domestic network and support cross-border payments across Africa.
The round was led by Flourish Ventures and TLcom Capital, with participation from Digital Currency Group (DCG), VKAV (Verod-Kepple Africa Ventures), and Alter Global.
According to Zone, the fresh capital will be deployed to extend its network coverage, connect more banks and financial service providers, and conduct a comprehensive pilot program for its cross-border payment capabilities in 2025.
The company also noted that a major focus will be expanding its footprint across Africa to facilitate seamless intra-African and global transactions, bringing it closer to its vision of becoming a leading global payment network.
8. OmniRetail -$10 million
Lagos-based B2B e-commerce startup OmniRetail, founded in 2019 by Deepankar Rustagi, secured $10 million in commitments from Goodwell VC and several development finance institutions (DFIs).
This funding is part of a Series A round, which is expected to increase OmniRetail’s valuation by 50% compared to its previous round. According to PitchBook data, the company was last valued at $65 million.
OmniRetail specializes in digitizing the trade value chain within Africa’s consumer goods distribution sector. Its mission is to simplify retail and distribution by providing digital platforms and embedded financial services.
As of August 2022, the company reported over 10,000 daily active retailers and an annual Gross Merchandise Volume (GMV) of $130 million. Currently, it hosts over 144,000 registered retailers, generating an annual Net Merchandise Volume (NMV) of $124 million.
7. Field -$11 million
Field, a Nigerian health tech company, raised $11 million investment from the Bill & Melinda Gates Foundation and leverages Field’s proprietary technology, distribution network, and financing services.
The funding would be used on its recently introduced route-to-market service aimed at expanding access to life-saving therapies for maternal mortality, newborn and child health, and nutrition in September 2024.
Field’s platform currently powers a network of over 40,000 private and public healthcare providers in both rural and urban areas of Kenya and Nigeria.
Founded in 2015 by Michael Moreland and Justin Lorenzo, Field operates as a pharmaceutical supply chain provider in Nigeria and Kenya, working to reshape the pharma value chain.
6. Beacon Power Services- $12 million
Beacon Power Services (BPS), an energy technology company focused on optimizing electricity distribution in Africa, has raised $12 million in a Series A funding round.
The round was led by Partech, with participation from Finnfund, Gaia Impact Fund, Proparco, Kaleo Ventures, Seedstars Africa Ventures, Clermount, Global Brain Corporation, JGC MIRAI Innovation Fund, and OnCapital.
The investment will support BPS’s expansion into Eastern and Southern Africa while enhancing its AI-powered grid management solutions that help utilities improve power distribution, reduce outages, and optimize operations.
Founded by Bimbola Adisa, a Nigerian entrepreneur, with a presence in Nigeria and Ghana. While the company is headquartered in the U.S., it primarily operates in Africa.
5. Tomato Jos – $12.2 million
Agribusiness startup Tomato Jos, a Nigeria-based company specializing in tomato processing and value chain development, secured $12.2 million in a later-stage VC funding round on March 22, 2024.
While the investors remain undisclosed, the funding is expected to support the company’s expansion, enhance production capacity, and strengthen its supply chain
Tomato Jos focuses on boosting local tomato farming, reducing post-harvest losses, and increasing Nigeria’s self-sufficiency in tomato paste production. The company works closely with smallholder farmers, providing them with improved seeds, training, and access to markets.
Founded in 2014 by Mira Mehta, Tomato Jos has built a vertically integrated model that spans farming, processing, and distribution.
4. Konexa – $18 million
UK-based energy firm Konexa has secured an $18 million investment from Climate Fund Managers (CFM) and Microsoft’s Climate Innovation Fund to establish a private renewable electricity trading platform in Nigeria.
The project will supply 100% green energy to two Nigerian Breweries facilities, transitioning them from fossil fuels to renewable hydroelectric power.
Konexa received a private energy trading license from the Nigerian Energy Regulatory Commission (NERC) in 2022, to source power from independent producers and transport it across the national grid. The inaugural project will transmit renewable energy from the 30MW Gurara Hydro Power Plant in Kaduna State, operated by North South Power Company Limited.
3. Yellow Card – $33 million
Yellow Card, Africa’s most-funded cryptocurrency exchange, has raised $33 million in a Series C round led by Blockchain Capital, bringing its total funding to $88 million.
The funding was raised in Series C investment led by decade-old venture firm Blockchain Capital, whose bets include Coinbase, Kraken, OpenSea, and, more recently, Worldcoin. This brings Yellow Card’s total funding to at least $88 million.
The Nigeria-launched platform, which initially focused on retail customers, has now shifted its strategy towards serving businesses, offering them treasury management and stablecoin transactions.
2. Moniepoint – $110 million raised in 2024
Moniepoint, Nigeria’s largest merchant acquirer and in-person payments platform raised $110 million in a Series C funding round led by Development Partners International (DPI), with participation from Google’s Africa Investment Fund, Verod Capital, and Lightrock.
The funding will drive Moniepoint’s expansion across Africa, enhancing its platform to offer businesses a suite of financial services, including digital payments, banking, cross-border transactions, credit, and business management tools. The company processes over 800 million transactions monthly, surpassing $17 billion in value.
Moniepoint also aims to extend its services to the informal sector, which accounts for more than 83% of employment across Africa. The investment highlights its strong financial performance, with a compound annual growth rate (CAGR) exceeding 150% in recent years, reinforcing its role in advancing digital and financial inclusion across the continent.
1. Moove – $110 million raised in 2024
Moove, the Nigerian-born vehicle financing startup founded in 2020, secured $110 million in 2024, including a $100 million Series B round led by Uber. This funding will support Moove’s expansion into new markets, reinforcing its presence in existing regions and scaling its operations.
Other investors in the round include Mubadala, The Latest Ventures, AfricInvest, Palm Drive Capital, Triatlum Advisors, and Future Africa
The mobility startup also raised $10 million in debt funding from Stride Ventures, supporting its growing presence in India, where it operates in Bengaluru, Mumbai, and Hyderabad. With plans to expand to Delhi, Pune, and Kolkata, Moove aims to increase the number of vehicles on its platform to over 5,000.
Moove’s partnership with Mubadala has led to its headquarters shifting to the UAE, further strengthening its global positioning. Uber’s investment in Moove marks a significant endorsement, reinforcing the startup’s business model and its role in ensuring a steady supply of drivers for the ride-hailing giant.
