Nigerian startups are exploring more targeted ways to secure venture capital as funding into the country\u2019s technology ecosystem rebounds but remains concentrated among a relatively small number of businesses.<\/p>\n
Against this backdrop, 26 Nigerian startups met 16 venture investors in Lagos on October 27 through an Investor Connection Drive organised by Magna Collective, which arranged 61 pre-scheduled, one-to-one meetings between founders and potential investors.<\/p>\n
According to Africa: The Big Deal, Nigerian startups raised $635 million in the first nine months of 2026, more than double the amount recorded in the corresponding period of 2025 and the highest among African countries.<\/p>\n
Despite the increase, funding remained concentrated among a relatively small number of businesses. Only 77 startups raised at least $100,000 during the period, while Moove\u2019s $250 million transaction accounted for almost 40% of the total.<\/a><\/p>\n Startups seek investors whose interests match their businesses<\/p>\n The Investor Connection Drive was designed to address the challenge of connecting founders with investors whose investment priorities align with their businesses.<\/p>\n The programme used a speed-dating format, with meetings arranged according to each investor\u2019s preferred investment stage, cheque size and sector focus.<\/p>\n Investors reviewed the proposed matches beforehand and agreed to the meetings, meaning founders did not have to make cold introductions.<\/p>\n Kelvin Umechukwu, co-founder and chief executive officer of commerce platform Bumpa, met four growth-stage investors during the programme.<\/p>\n \u201cThe fact that investors have already seen our documents and decided they want to talk to us makes the experience a lot different, more impactful, and direct,\u201d he said.<\/p>\n Lexi Novitske, general partner at Norrsken22, one of the participating investors, said the arrangement helped investors identify businesses that could fit their investment portfolios.<\/p>\n \u201cWe don\u2019t waste their time. They don\u2019t waste our time. It\u2019s quite efficient, and I think we met some incredible companies that\u2019ll fit nicely into our pipeline,\u201d she said.<\/p>\n Google, UK-Nigeria Tech Hub support investment drive<\/p>\n The participating startups operate across fintech, healthcare, artificial intelligence, logistics, energy, agriculture and education, with more than two-thirds having women in leadership positions.<\/p>\n Eleven of the businesses are alumni of Google programmes, including Google for Startups Accelerator Africa, the Black Founders Fund and the Google AI Fund, in collaboration with the National Centre for Artificial Intelligence and Robotics (NCAIR).<\/p>\n Folarin Aiyegbusi, head of startup ecosystem for Africa at Google, said access to suitable investors could help founders accelerate business growth.<\/p>\n \u201cGreat founders build faster when they can reach the right capital at the right time,\u201d he said. The programme was also supported by the UK-Nigeria Tech Hub, an initiative of the UK Government\u2019s Foreign, Commonwealth and Development Office, as part of efforts to strengthen investment links between the two countries.<\/p>\n Oyinkan Akintola-Bello, director of the UK-Nigeria Tech Hub, urged Nigerian founders to consider the UK as an alternative market for raising investment.<\/p>\n The Office for Nigerian Digital Innovation (ONDI), part of the National Information Technology Development Agency (NITDA), also backed the initiative.<\/p>\n Magna Collective said it would monitor follow-up discussions and capital commitments arising from the meetings over the next six months and publish its findings.<\/p>\n Femi Awoniyi, chief executive officer of Magna Collective, said the initiative was intended to address the disconnect between Nigerian founders and potential sources of capital.<\/p>\n The changing dynamics of startup funding in Nigeria<\/p>\n The investor connection drive comes amid broader challenges facing Nigerian startups, from gaps in growth-stage financing to changing investor expectations and a shift in funding sources.<\/p>\n
\n\u201cWe\u2019re proud to support the Connection Drive\u2019s structured approach to matching Nigerian founders with investors whose mandates fit their businesses, so more introductions turn into investment,\u201d he added.<\/p>\n