Nigeria emerged as the dominant destination for African startup capital in August, as the continent’s funding value rose 325.8 percent month-on-month despite a decline in deal activity.
Startups across Africa raised $435.2 million in August, with Nigerian companies accounting for $364.1 million, or 83.66 percent of the total, according to The Big Deal.
The most populous African country captured more than four-fifths of the continent’s disclosed startup funding in August, widening its lead over other technology investment destinations on the continent.
Nigerian startups attracted $364.1 million across 20 deals, equivalent to 83.66 percent of the $435.2 million raised during the month. The concentration extended across the continent, with the top 10 deals accounting for $428 million, or 98.35 percent of total funding.
The scale of Nigeria’s lead was largely determined by Moove’s landmark $250 million Series C round, which alone represented 57.4 percent of the continent’s total startup funding for August.
The mobility company, valued at $2.1 billion following the transaction, secured the round from Mubadala Investment Company, Woven Capital, Toyota’s Growth Fund and Ion Pacific.
Moove plans to use the capital to expand its autonomous mobility business, including autonomous fleet ownership and robotics-focused “Nests” where autonomous vehicles can be charged, serviced, maintained and managed.
The company also intends to use the funds to support new market launches globally.
Other major Nigerian transactions reinforced the country’s position.
Jumia Technologies raised $50 million in fresh equity from the International Finance Corporation (IFC), its largest shareholder Axian Telecom and other investors, as the e-commerce company continues its drive towards profitability.
Stablecoin infrastructure provider Yellow Card secured $40 million from strategic investors including SC Ventures, Sony Innovation Fund, Polychain Capital and Blockchain Capital.
Terra Industries, a Nigerian defence technology company, raised $18 million, while agricultural trading platform ThriveAgric raised $3.9 million through its first commercial paper issuance.
The transactions cut across mobility, e-commerce, fintech, defence technology and agriculture, suggesting that Nigeria’s funding strength was not confined to a single technology segment.
The August numbers reveal a major change in the structure of African startup financing.
Compared with August 2025, disclosed funding jumped 291 percent from $111.3 million to $435.2 million. However, deal volume declined from 44 transactions last year to 32 this August. At the same time, funding concentration intensified dramatically.
The top 10 startups accounted for $84.8 million, or 76.19 percent of total funding, in August 2025. A year later, the top 10 controlled 98.35 percent of the funding pool.
Logistics overtakes fintech
The sector distribution also provides a different picture from the conventional narrative of fintech dominance in African startup funding.
Logistics and transport attracted $263 million from only two deals, representing 60.43 percent of total August funding.
Moove accounted for almost all of the sector’s capital with its $250 million Series C.
Fintech followed with $87.7 million across eight deals, or 20.15 percent, while retail attracted $51 million from two transactions.
Deeptech raised $19.5 million across three deals, while Education & Jobs recorded 12 transactions but attracted only $9.6 million.
The contrast is striking: Education & Jobs generated six times as many deals as logistics and transport but attracted only a fraction of the capital.
Agriculture and food received $3.8 million, while services attracted $500,000 and healthcare just $100,000.
Nigeria widens lead over other markets
Egypt ranked a distant second, attracting $36.2 million across four deals, representing 8.32 percent of total funding.
South Africa followed with $31.6 million from four deals, accounting for 7.26 percent.
Côte d’Ivoire attracted $1.5 million across two deals, while Kenya recorded $1 million and Uganda $800,000.
Western Africa consequently accounted for $365.6 million, or 84.01 percent of continental funding, across 21 deals, with Nigeria responsible for virtually the entire regional total.
Northern Africa attracted $36.2 million, while Southern Africa recorded $31.6 million. Eastern Africa accounted for just $1.8 million across three deals.
Scale-up funding dominates
The structure of financing further confirms investors’ preference for larger and more mature businesses.
Series C transactions generated $250 million, or 57.43 percent of total funding, driven entirely by Moove.
Venture rounds accounted for $124.2 million across seven deals, while Series A funding contributed $30.5 million from two transactions.
Corporate bonds generated $20.7 million, debt transactions $6.2 million and pre-seed funding only $2 million.
Grants produced $1.2 million despite accounting for 12 deals.
Meanwhile, Egypt-based fintech Tanweely was involved in a $95 million acquisition by e-Finance. The transaction was excluded from the $435.2 million funding figure because it represents an M&A transaction rather than fresh capital entering the startup ecosystem.
