Nigerian Startups That Raised the Most Funds in 2024

In 2024, Nigerian startups continued to capture global attention, securing a total of over $400 million in funding. While the funds raised remained steady compared to 2023, with notable contributions from giants like Moove and Moniepoint, Nigerian innovation is still making significant strides. 

Here’s a closer look at some of the most funded Nigerian startups this year.

Moove – $110 Million

Moove, a vehicle financing platform born in Nigeria, raised an impressive $110 million in 2024, marking a key milestone in its journey. A major portion of this funding came from a Series B round led by Uber, highlighting the mobility startup’s importance in the ride-hailing industry. 

Other investors included Mubadala, The Latest Ventures, and AfricInvest. Moove is expanding into new markets, reinforcing its presence in existing regions, and even scaling its operations in India. With plans to have more than 5,000 vehicles on its platform, Moove continues to lead the way in vehicle financing.

Moniepoint – $110 Million

Moniepoint, one of Nigeria’s largest in-person payment platforms, raised $110 million in its Series C funding round. The investment was spearheaded by Development Partners International (DPI), with backing from Google’s Africa Investment Fund and Verod Capital.

This funding is a game changer for the company, which is aiming to expand across Africa and enhance its suite of services for businesses. Moniepoint processes millions of transactions monthly, solidifying its role in improving digital and financial inclusion across the continent.

Yellow Card – $33 Million

Yellow Card, the cryptocurrency exchange platform, raised $33 million in its Series C round. With this new funding, Yellow Card now has a total of $88 million in capital. The company, which started by catering to retail customers, is now focusing more on businesses. It plans to provide them with treasury management and stablecoin transaction services. The fresh investment from Blockchain Capital marks another milestone in Yellow Card’s rise as a leader in the African crypto space.

Konexa – $18 Million

Konexa, a UK-based energy company with operations in Nigeria, secured $18 million from Climate Fund Managers and Microsoft’s Climate Innovation Fund. The company is pioneering a private renewable electricity trading platform in Nigeria. The initial project will provide 100% green energy to Nigerian Breweries facilities, helping reduce reliance on fossil fuels. The investment will also fund Konexa’s continued efforts to create sustainable energy solutions across Nigeria.

Tomato Jos – $12.2 Million

Agribusiness startup Tomato Jos raised $12.2 million in a funding round to bolster its tomato processing operations in Nigeria. The company’s mission is to reduce post-harvest losses in the tomato industry and increase local production of tomato paste. The investment will help expand production capacity and strengthen its supply chain, supporting local farmers and contributing to Nigeria’s self-sufficiency in tomato products.

Beacon Power Services – $12 Million

Beacon Power Services (BPS), a Nigerian energy tech company, raised $12 million in a Series A round. This funding will enable the company to expand its AI-powered grid management solutions, which help optimize electricity distribution across Africa. BPS’s technology is already benefiting utilities in Nigeria and Ghana, and the new capital will support further growth into Eastern and Southern Africa.

Field – $11 Million

Field, a Nigerian health tech company, raised $11 million to expand its network of over 40,000 healthcare providers across Kenya and Nigeria. The funding, led by the Bill & Melinda Gates Foundation, will support Field’s innovative route-to-market service, which aims to improve access to life-saving therapies. With a focus on maternal mortality and child health, Field’s platform is transforming the pharmaceutical supply chain in Africa.

OmniRetail – $10 Million

OmniRetail, a B2B e-commerce startup, secured $10 million in a Series A round to scale its operations. The company focuses on digitizing the trade value chain in Africa’s consumer goods distribution sector. With over 144,000 registered retailers, OmniRetail is helping simplify retail and distribution by providing digital platforms and embedded financial services.

Zone – $8.5 Million

Zone, a Nigerian payment infrastructure company, raised $8.5 million in a seed round to expand its payment network and facilitate cross-border payments across Africa. With this funding, Zone aims to connect more banks and financial service providers and enhance its platform’s capabilities for intra-African and global transactions.

Waza – $8 Million

Waza, a Y Combinator-backed B2B payment provider, secured $8 million to expand its services beyond Nigeria and Ghana. The company focuses on offering cross-border payments and trade finance solutions. With increasing demand for cross-border payments, Waza is well-positioned to tap into the global market, which is expected to exceed $250 trillion by 2027.