Nigeria’s startup funding landscape in 2025 was marked by heavy capital concentration, as a small group of well-established companies attracted the overwhelming share of investor funding.
According to compiled deal data, the top 11 most funded startups raised a combined $367.2 million, accounting for 82.93% of the total $442.8 million raised by 98 startups during the year.
This sharp concentration highlights investor preference for scale-ready business models amid tighter global funding conditions.
It is also noteworthy that 12 out of the 98 startups did not disclose the amounts raised, reinforcing long-standing transparency challenges within Africa’s private capital ecosystem.
Koolboks raised capital across two deals to scale its solar-powered refrigeration solutions, targeting small businesses and cold-chain operators across Africa.
The deals include a grant of $0.2 million from Powering Renewable Energy Opportunities (PREO), and an $11 million Series A equity and debt financing raised in August 2025.
- Deal dates: July & August 2025
- Sector: Energy & Climate Tech
- Number of deals: 2
- Deal type: Grant and Series A
- Investors: The Series A equity and debt financing, led by KawiSafi Ventures and co-led by Aruwa Capital, the Lead Investor in the Seed Round, and All On, another follow-on investor.
- Debt funding was secured from FFEM and bpifrance with grants from FFEM/AFD, PREO, Efficiency for Access, and Innovate UK and results-based financing (RBF) from BGFA (Uganda), CEI Africa, and Shell Foundation.
