Nigerian startups are exploring more targeted ways to secure venture capital as funding into the country’s technology ecosystem rebounds but remains concentrated among a relatively small number of businesses.

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.

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.

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’s $250 million transaction accounted for almost 40% of the total.

Startups seek investors whose interests match their businesses

The Investor Connection Drive was designed to address the challenge of connecting founders with investors whose investment priorities align with their businesses.

The programme used a speed-dating format, with meetings arranged according to each investor’s preferred investment stage, cheque size and sector focus.

Investors reviewed the proposed matches beforehand and agreed to the meetings, meaning founders did not have to make cold introductions.

Kelvin Umechukwu, co-founder and chief executive officer of commerce platform Bumpa, met four growth-stage investors during the programme.

• “The 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,” he said.

Lexi Novitske, general partner at Norrsken22, one of the participating investors, said the arrangement helped investors identify businesses that could fit their investment portfolios.

• “We don’t waste their time. They don’t waste our time. It’s quite efficient, and I think we met some incredible companies that’ll fit nicely into our pipeline,” she said.

Google, UK-Nigeria Tech Hub support investment drive

The participating startups operate across fintech, healthcare, artificial intelligence, logistics, energy, agriculture and education, with more than two-thirds having women in leadership positions.

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).

Folarin Aiyegbusi, head of startup ecosystem for Africa at Google, said access to suitable investors could help founders accelerate business growth.

• “Great founders build faster when they can reach the right capital at the right time,” he said.
• “We’re proud to support the Connection Drive’s structured approach to matching Nigerian founders with investors whose mandates fit their businesses, so more introductions turn into investment,” he added.

The programme was also supported by the UK-Nigeria Tech Hub, an initiative of the UK Government’s Foreign, Commonwealth and Development Office, as part of efforts to strengthen investment links between the two countries.

Oyinkan Akintola-Bello, director of the UK-Nigeria Tech Hub, urged Nigerian founders to consider the UK as an alternative market for raising investment.

The Office for Nigerian Digital Innovation (ONDI), part of the National Information Technology Development Agency (NITDA), also backed the initiative.

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.

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.

The changing dynamics of startup funding in Nigeria

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.

In October 2026, Nairametrics reported that Nigerian startups face a funding gap between seed-stage investments and the larger amounts needed to scale. Temitope Runsewe, Chairman of Sage Grey Technologies, described this as a “missing middle”, where promising businesses struggle to secure patient capital as they grow.

Runsewe also told Nairametrics that investors increasingly assess businesses beyond the strength of their products, looking at customer demand, revenue, unit economics, governance and the ability to scale before committing capital.