Nigerian startups saw funding crash by 96 percent in July 2026, raising a combined $4.9 million across six disclosed deals, one of the country's weakest monthly funding performances in recent memory.
The collapse followed a strong June, when Nigerian startups raised $115.2 million across 18 deals, powered largely by Flutterwave's roughly $100 million Series E round from Ripple, which pushed the fintech unicorn's valuation to $3.2 billion. June funding also included climate and clean energy investments totalling $4.5 million from Lagos's Cascador Pitch Day.
July's funding was spread thinly across Education & Jobs, Agriculture & Food, and Deeptech startups, with investors largely backing early-stage ventures. Education technology startup Codar led the month with a $1.5 million seed round, matched by agritech startup Biochar Industrial Group's pre-seed raise of the same size. Compared to July 2025, when Nigerian startups raised $7.9 million, this year's figure still marks a year-on-year decline.