Nigerian startups raised over $400 million in 2024, maintaining the same funding levels as in 2023. According to Africa: The Big Deal, a funding tracker, this figure was driven mainly by two major deals: Moove’s $110 million and Moniepoint’s $110 million Series C round.
Nigeria remains a dominant player in Africa’s startup ecosystem, alongside Kenya, Egypt, and South Africa—the “Big Four” nations that collectively secured 84% of Africa’s total funding in 2024. However, East Africa led in overall investment, attracting $725 million (33% of the continent’s total), with Kenya alone contributing $638 million, largely due to climate tech investments.
West Africa followed with $587 million, a 3% decline from 2023, with Nigeria leading at $400 million. Meanwhile, North Africa saw a 35% drop in funding, raising $478 million, while Southern Africa experienced a 36% decline, securing $397 million, with South Africa accounting for nearly all of it.
Here are Nigeria’s top 10 startup fundraisers of 2024:
- Waza – $8 million
Waza, a B2B payments and liquidity provider backed by Y Combinator, secured $8 million in equity and debt financing. The funding aims to expand its operations beyond Nigeria and Ghana while introducing new trade finance solutions.
The company raised $3 million in seed equity from investors like Byld Ventures, Norrsken Africa, and Plug and Play Tech Center. Additionally, it secured $5 million in debt financing from Timon Capital to support trade finance for enterprise clients.
Founded by Maxwell Obi and Emmanuel Igbodudu, Waza operates as a money services business in the U.S. and a licensed virtual asset service provider.
- Zone – $8.5 million
Zone, a Nigerian payment infrastructure company, raised $8.5 million in an oversubscribed seed funding round led by Flourish Ventures and TLcom Capital. The funds will be used to expand its domestic payment network and support cross-border transactions across Africa.
The company plans to connect more financial service providers and conduct a pilot program for cross-border payments in 2025 as part of its vision to become a global payment leader.
- OmniRetail – $10 million
OmniRetail, a B2B e-commerce startup digitizing Africa’s consumer goods supply chain, secured $10 million from Goodwell VC and development finance institutions (DFIs).
Founded in 2019 by Deepankar Rustagi, the Lagos-based company simplifies retail and distribution with digital platforms and embedded financial services. OmniRetail has over 144,000 registered retailers, generating an annual net merchandise volume (NMV) of $124 million.
- Field – $11 million
Health tech startup Field raised $11 million from the Bill & Melinda Gates Foundation to improve pharmaceutical supply chains in Nigeria and Kenya.
Field’s technology and distribution network support over 40,000 healthcare providers across rural and urban areas. The funding will help expand its maternal and child health initiatives, enhancing access to life-saving therapies.
Founded in 2015 by Michael Moreland and Justin Lorenzo, Field aims to revolutionize pharma distribution in Africa.
- Beacon Power Services – $12 million
Beacon Power Services (BPS), an energy tech company, raised $12 million in a Series A round led by Partech, Finnfund, and Proparco.
Founded by Bimbola Adisa, BPS specializes in AI-powered grid management, optimizing electricity distribution and reducing outages. The funding will help expand operations into Eastern and Southern Africa while improving power management technology.
- Tomato Jos – $12.2 million
Tomato Jos, a Nigerian agribusiness startup, raised $12.2 million to expand its tomato processing operations. The company aims to increase local tomato production and reduce Nigeria’s reliance on imported tomato paste.
Founded in 2014 by Mira Mehta, Tomato Jos works with smallholder farmers, providing training, improved seeds, and market access. The investment will enhance production capacity and strengthen its supply chain.
- Konexa – $18 million
Konexa, a UK-based renewable energy firm, secured $18 million from Climate Fund Managers and Microsoft’s Climate Innovation Fund to develop Nigeria’s first private renewable electricity trading platform.
The project will transition Nigerian Breweries facilities to 100% green energy, sourcing power from the 30MW Gurara Hydro Power Plant in Kaduna State.
Konexa received a private energy trading license from Nigeria’s regulatory body in 2022, enabling it to distribute renewable energy through the national grid.
- Yellow Card – $33 million
Yellow Card, Africa’s most-funded cryptocurrency exchange, raised $33 million in a Series C round led by Blockchain Capital, bringing its total funding to $88 million.
Initially focused on retail customers, Yellow Card has shifted towards business-focused services, offering treasury management and stablecoin transactions.
With investments from firms backing Coinbase, Kraken, and OpenSea, the startup is positioned to expand its digital asset offerings across Africa.
- Moniepoint – $110 million
Moniepoint, Nigeria’s largest merchant payment platform, raised $110 million in a Series C round led by Development Partners International (DPI), Google’s Africa Investment Fund, and Verod Capital.
The funding will drive Moniepoint’s expansion across Africa, offering businesses a full suite of financial services, including digital payments, cross-border transactions, and credit.
Processing over 800 million transactions monthly (worth $17 billion), Moniepoint is a leader in financial inclusion, targeting Africa’s 83% informal sector employment.
- Moove – $110 million
Moove, a vehicle financing startup, raised $110 million, including a $100 million Series B round led by Uber and $10 million in debt from Stride Ventures.
Founded in 2020, Moove helps drivers access vehicle financing and has expanded into India, the UAE, and additional African markets. The company plans to grow its fleet to over 5,000 vehicles and enter Delhi, Pune, and Kolkata .
Moove’s partnership with Mubadala has shifted its headquarters to the UAE, strengthening its global position. Uber’s investment highlights Moove’s role in ensuring a steady supply of drivers for its platform, reinforcing its business model.
Conclusion
Despite a slight decline in overall West African startup funding, Nigeria maintained a strong presence, securing over $400 million in 2024. The fintech, energy, and e-commerce sectors attracted the most investment, with Moove and Moniepoint leading the pack at $110 million each.
As Nigeria continues to be a key player in Africa’s tech ecosystem, these funding rounds highlight the country’s resilience and innovation, positioning its startups for further expansion and impact across the continent.