Capital raising services in Nigeria
Nigeria attracts more venture capital than any other Sub-Saharan African market, with Lagos-headquartered companies routinely raising USD-denominated growth rounds from Ventures Platform, TLcom Capital, Norrsken22, Future Africa and a wide cross-border investor base.
Mid- to late-stage rounds raised by companies such as Moniepoint, Carbon, Bamboo and Risevest demonstrate that Nigerian founders can access growth capital across fintech, wealthtech and B2B SaaS on competitive terms.
Flow runs the full VC fundraising process for mid- to late-stage Nigerian companies - from positioning and investor outreach across our extensive VC investor network, through pitch deck and operating model preparation, to term-sheet negotiation and end-to-end process management to close.
UK
Ireland
France
Germany
Spain
Portugal
Italy
Netherlands
Belgium
Switzerland
Austria
Denmark
Sweden
Norway
Finland
Iceland
Poland
Czech Republic
Slovakia
Hungary
Romania
Greece
Croatia
Estonia
Latvia
Lithuania
Malta
US
Canada
Mexico
Brazil
Argentina
Chile
Colombia
Peru
Uruguay
Panama
Ecuador
Dominican Republic
Israel
UAE
Saudi Arabia
Qatar
Kuwait
Bahrain
South AfricaNigeria
Kenya
Egypt
Morocco
Rwanda
India
Kazakhstan
Turkey
Australia
New Zealand52
VC rounds raised in the last 12 months in Nigeria
$7.0M
Median VC valuation (across all stages) in Nigeria
33x
Median VC revenue multiple (across all stages) in Nigeria
$50M
Largest VC round raised in Nigeria in the last 12 months
Raising venture capital in Nigeria
Nigeria's VC market is the most active in Sub-Saharan Africa by capital deployed. Most material rounds at Series A and later involve an offshore holding structure (Delaware or Mauritius) for international investor familiarity, FX and exit considerations.
Documentation conventions
Most venture-backed Nigerian rounds use offshore-parent (Delaware) NVCA-aligned documentation, with Nigerian-law side documents for the operating subsidiary. Pure-Nigerian rounds adapt to Companies and Allied Matters Act (CAMA 2020) mechanics.
SAFEs and Nigerian convertibles
Y Combinator SAFEs are widely used in Nigerian seed and Series A rounds with a Delaware parent. Nigerian-law convertible instruments are used in pure-Nigerian structures.
Offshore holding structures
Most venture-backed Nigerian companies operate via an offshore holding entity (Delaware, Mauritius, UAE) over Nigerian operating subsidiaries. Provides US investor familiarity, FX hedge and cleaner exit mechanics. The structuring choice has material tax and regulatory implications.
Round structure norms
Priced rounds use 1x non-participating liquidation preference with broad-based weighted average anti-dilution. Founder vesting (4-year, 1-year cliff) is increasingly standard. Nigerian Limited Liability Company structures support venture-stage rounds with CAMA 2020 modernisations.
CBN and FX considerations
Central Bank of Nigeria FX regulations materially shape cross-border flows. FX scarcity, multiple exchange rates and reporting obligations affect every cross-border round. Standard practice is to channel capital through the offshore parent.
Closing mechanics
Closings vary by structure - offshore-parent closings follow international conventions. Nigerian-domestic closings involve CAC filings and notarial procedures. Stamp duty applies to certain transaction documents.
Largest private tech companies in Nigeria
OPay valued at $2.0B is the largest still privately-owned company in Nigeria.
See all large tech companies in Nigeria| Logo | HQ | Description | ||||
|---|---|---|---|---|---|---|
OPay | | OPay is a Lagos-headquartered mobile money platform operating in Nigeria and Egypt. The app facilitates peer-to-peer transfers, bill payments, ride-hailing, and grocery delivery backed by Opera Software. OPay issues virtual debit cards and offers microloans through its wallet, integrated with POS terminals nationwide. The service powers merchant QR payments and airtime top-ups for underserved populations. | Aug-21 | $400M Series C | $2.0B |
Startups who recently raised money in Nigeria
Largest VC round raised recently in Nigeria was a $24M Undisclosed stage of MAX in January 2026.
See all VC rounds in Nigeria| Logo | HQ | Description | Investors | |||||
|---|---|---|---|---|---|---|---|---|
Jan-26 | MAX | | MAX is a Lagos-headquartered on-demand mobility platform operating ride-hailing, motorcycle taxis, food delivery, and parcel logistics across 28 cities in Nigeria and Ghana. Launched in 2018, it partners with 25,000 drivers and 5,000 merchants, processing over 1 million rides monthly through its app available on iOS and Android. | Endeavor CatalystEquitane+1 | $24M | - | Undisclosed stage | |
Feb-26 | Terra Industries | | Terra Industries develops autonomous security systems and software platforms for monitoring and protecting physical assets, infrastructure, and environments across land, air, and maritime domains. Its offerings include unmanned vehicles, autonomous towers, and sensor-based surveillance hardware that gather data for real-time situational awareness. The integrated operating system processes inputs through artificial intelligence, enabling automated responses to threats. Operators manage fleets via a unified interface for mission planning, visualization, and control. These platforms serve perimeter security, asset tracking, and threat detection in complex settings like facilities and remote sites. | 8VCBelief Capital+10 | $22M | $100M | Seed | |
Jan-26 | Terra Industries | | Terra Industries develops autonomous security systems and software platforms for monitoring and protecting physical assets, infrastructure, and environments across land, air, and maritime domains. Its offerings include unmanned vehicles, autonomous towers, and sensor-based surveillance hardware that gather data for real-time situational awareness. The integrated operating system processes inputs through artificial intelligence, enabling automated responses to threats. Operators manage fleets via a unified interface for mission planning, visualization, and control. These platforms serve perimeter security, asset tracking, and threat detection in complex settings like facilities and remote sites. | 8VCLeblon Capital+6 | $12M | $100M | Seed | |
Apr-26 | Swoop | | Swoop is a food delivery marketplace accessible via mobile and web in Nigeria. The platform links users with restaurants for menu browsing, order placement, and delivery through third-party couriers. Revenue comes from restaurant commissions and customer service fees. | Base CapitalDune Ventures+6 | $7.3M | - | Seed | |
Mar-26 | Cybervergent | | Cybervergent is a platform enabling organizations across Africa and beyond to handle governance, security, privacy, compliance, risk, audits, and data security through AI automation. | Atlantica VenturesVentures Platform | $3.0M | - | Seed | |
Jan-26 | Cardtonic | | Cardtonic is a Nigeria-based fintech providing virtual dollar cards, gift card trading, bill payments, and a gadget marketplace across Africa. | - | $2.1M | - | Seed | |
Nov-25 | Smart Routing System | | Smart Routing System is a technology provider of advanced security solutions tailored for educational institutions. | FasterCapital | $1.5M | - | Pre-seed | |
Feb-26 | Swave Market | | Swave Market is a fintech startup transforming Africa's informal economy by digitizing markets and payment infrastructures. | FasterCapitalHesham Zreik | $1.0M | - | Pre-seed | |
Dec-25 | A | Adire Market | | - | FasterCapitalHesham Zreik | $1.0M | - | Pre-seed |
Dec-25 | M | METADATA | | METADATA is a unified platform combining social networking, messaging, and AI assistance for creators, brands, and communities through Globaltrends, GT Messenger, and ERION AI. | - | $500K | $1.0M | Seed |
Dec-25 | Bildup AI | | Bildup AI is an edtech platform delivering AI-focused education and training programs. | - | $400K | - | Angel | |
Apr-26 | Biovana | | BioVana is a health data infrastructure company transforming African health data into research-ready assets for precision medicine and global research. | Madica | $200K | - | Pre-seed | |
Jan-26 | TradePal AI | | TradePal AI is a compliance infrastructure provider offering an AI platform for tax filing, transaction monitoring, risk management, and regulatory reporting in Nigeria's financial sector. | - | $100K | - | Pre-seed | |
Dec-25 | Nexa Reserve | | Nexa Reserve is a digital banking platform offering checking accounts, international transfers, and investment services tailored for businesses, SMEs, and individuals worldwide. | - | $100K | $30M | Seed | |
Dec-25 | Planmoni | | Planmoni is a mobile application that empowers users to monitor spending patterns, manage diverse income streams, and cultivate savings discipline through intelligent financial tracking features. | - | $0 | $4.0M | Pre-seed |
Top VCs and strategic investors in Nigeria
FasterCapital, Hesham Zreik, LvlUp Ventures and Kaleo Ventures funded the most startups in Nigeria in the last 12 months.
See all VCs in Nigeria| Logo | HQ | Description | Key portfolio | |||
|---|---|---|---|---|---|---|
FasterCapital | | FasterCapital is an online incubator and accelerator connecting startups worldwide with angel investors, VCs, and micro-VCs through equity-for-services models in technical development and business growth. The platform offers mentorship, pitch deck reviews, and funding matchmaking for over 10,000 entrepreneurs annually. FasterCapital facilitates deals in sectors like fintech, healthtech, and edtech from its global network. | Swave MarketAdire MarketSmart Routing System+2 | 18 | Pre-seed | |
Hesham Zreik | | - | Swave MarketAdire MarketPayskul+2 | 5 | Pre-seed | |
Kaleo Ventures | | Kaleo Ventures is a Nairobi-based venture capital firm investing in pre-seed stage startups across Africa. The fund targets early opportunities in fintech, agritech, and healthtech sectors from Kenya to Nigeria. Kaleo Ventures provides capital alongside mentorship for founders building scalable tech solutions in emerging markets. | PowerLabsChowdeckBeacon Power Services+1 | 4 | Pre-seed | |
LvlUp Ventures | | LvlUp Ventures is a global venture capital firm headquartered in San Francisco, accelerating startups from seed to public stages across 20 hubs including Silicon Valley and Singapore. It reviews 5,000+ applications yearly, investing in 100 companies with a 1,500-member network. Programs have backed unicorns valued at trillions collectively, per Forbes 2024. Founded in 2015, LvlUp pioneered bespoke acceleration scaling 50 firms annually at under 5% failure. | Tagdev Technologies LimitedFoodbridgeNearpays+2 | 3 | Seed | |
Equitable Ventures |  | Equitable Ventures is a Cape Town-headquartered early-stage venture capital firm investing in African fintech startups promoting financial inclusion. It backs companies like TymeBank and Stitch, providing seed and Series A funding for digital banking, payments, and lending platforms operating in South Africa, Nigeria, and Kenya. | CubbesRabaCrop2Cash+2 | 3 | Seed | |
Silent Ventures | | Silent Ventures is an early-stage venture capital firm investing in aerospace, defense, and national security startups such as Hadrian, Saronic, Anduril, Axiom Space, and Voyager Space. The fund supports exceptional founders through seed and growth capital in high-impact technologies. | Terra IndustriesArmadaFurientis+2 | 2 | Seed | |
Lux Capital | | Lux Capital is a New York City-headquartered venture capital firm investing in deep tech sectors including biotechnology, materials science, and artificial intelligence. The fund backs early-stage companies developing quantum computing hardware, gene editing tools, and advanced robotics. With offices in Silicon Valley and Boston, Lux supports portfolio firms through technical expertise and industry networks. | Terra IndustriesArmadaApplied Compute+2 | 2 | Seed | |
Valor Equity Partners | | Valor Equity Partners is a Chicago-headquartered growth equity firm investing in technology-enabled services, industrials, and healthcare companies. It has deployed over $5 billion across funds, partnering with firms like AECON Truck Lines and Eton Institute. The firm applies operational expertise to scale businesses from $50 million to $500 million in revenue. | Terra IndustriesDecartJudgment Labs+2 | 2 | Seed | |
Antler |  | Antler is a Singapore-headquartered global venture capital firm founded in 2017 that invests in early-stage tech companies. It operates day-zero programs in 27 cities, backing 1,000+ startups with $100 million deployed annually across AI, fintech, and sustainability. Portfolio includes unicorns like Hold One and Tiqets, with a network of 3,000 mentors and 700+ investors for follow-ons. | CubbesRabaAlcolase+2 | 2 | Seed | |
8 | 8VC | | 8VC is an Austin-headquartered venture capital firm specializing in technology and life sciences investments. It backs founders developing enterprise software, healthcare innovations, and logistics platforms, with portfolio companies including Illumio in cybersecurity and Synthego in gene editing. Established in 2015, the firm manages multiple funds targeting Series A and later-stage opportunities across North America. 8VC emphasizes partnerships that drive scalable technologies addressing enterprise and societal challenges. | Terra IndustriesLitevisionAlva Energy+1 | 2 | Seed |
What if not VC? Non-equity funding in Nigeria
Nigeria's non-dilutive funding stack is moderate but accessible - between BOI, Pioneer Status, sector-specific funds and a deep angel network, Nigerian startups have multiple paths to extend runway without taking equity dilution.
Pioneer Status incentive
3-year corporate tax holiday (extendable by 2 years) for qualifying companies in pioneer industries including software and ICT. The single most generous tax-based non-dilutive incentive for Nigerian tech.
Bank of Industry
BOI provides subsidised lending and equity participation for Nigerian SMEs. Often used alongside private VC for working capital and growth.
NSIA Direct Investment
NSIA operates direct investment programmes alongside its sovereign-wealth-fund role. Material participation in select Nigerian growth-stage transactions.
Lagos angel ecosystem
Flutterwave, Paystack, Andela, Kuda and other Nigerian tech alumni anchor the largest angel scene in Sub-Saharan Africa. Lagos Angel Network and dedicated networks coordinate structured angel investment.
Sector-specific funds
Bank of Agriculture, NIRSAL, Industrial Training Fund (ITF) and various sector-specific public-private vehicles provide additional capital. Worth checking sector eligibility.
Cross-border venture debt
Lendable, Cauris, Partners for Growth and other Africa-focused venture debt providers operate in Nigeria. Typically deployed against ARR or contracted revenue from Series A onwards.
Why Flow Partners as your capital raising advisor?
Kraft KPI-driven narrative
High-growth companies require thorough understanding to accurately capture their value potential. We build compelling, data-driven equity stories that resonate with investors and minimize due diligence intensity.
Move fast and cut the BS
We have a strong appreciation for the power of speed and efficiency when fundraising. Expect a rigorously efficient deal process with minimized management distraction. Founders run the business, we pick up the heavy lifting.
Access relevant investors
Our close relationships with leading late-stage VC and growth equity investors as well as non-traditional capital providers, like family offices and sovereign wealth funds, enable us to find best-fit partners for a given scenario.
Valuation is only one part of the equation
When it comes to growth capital, valuation is only one side of the medal. We help to bridge incentive gaps between founders and investors and make sure you raise money on best possible terms.
We provide capital raising services across Nigeria and beyond
Sector expertise
Explore our VC fundraising offering across a variety of tech sectors in Nigeria.
Software
Vertical and horizontal SaaS, AI-native software products, infrastructure SaaS, cybersecurity
AI & ML
Foundation models, AI applications, AI infrastructure, semiconductors, AI consulting
Fintech
Neobanking, online payments, fintech infrastructure, lending platforms, wealth tech, online brokerage, vertical FS software
Consumer internet
Consumer software subscription platforms, edutech, online content, social networks, online dating
Digital media
Streaming platforms, mobile and console gaming, content distribution, digital publishing, VR & AR
E-commerce & marketplaces
Consumer and B2B marketplaces, inventory-based e-commerce, classifieds, lead generation platforms
Consumer products
Direct-to-consumer (D2C) brands, consumer electronics, smart home devices, lifestyle products
Mobility
Ridesharing, micromobility, food delivery, logistics tech, autonomous tech, EV charging infrastructure
Digital health
Digital therapeutics, telemedicine, mental health solutions, EHR and practice management, vertical healthcare SaaS
Industrial technology
Industry 4.0 solutions, 3D printing, climate tech, industrial IoT, robotics, smart manufacturing
Digital infrastructure
Data centers, cloud infrastructure, edge computing, network security, vertical infrastructure SaaS
IT services
Software development and testing, digital transformation, cloud services, advertising agencies, IT support services
Selected case studies
We've advised companies from series A to series D and beyond.
Our capital raising experience spans across various tech sectors and geographies.
We advised Elysian Fields on its investment into Orka, a Reykjavik-based portfolio of online consumer lending platforms, supporting deal structuring and growth-capital deployment in the Icelandic fintech market.
Recently completed VC fundraising projects
Selected capital-raising mandates and prior investment experience.
Got questions?
Schedule a call ordrop us an email to learn more about our CFO-as-a-service, capital raising and M&A advisory offering.
More services
We're with you before and after raising VC money: we help you organise your FP&A as fractional CFOs, and coordinate your M&A process.
Fractional CFO in Nigeria
We integrate into your workflows to help with financial modelling, build out FP&A tech stack, and ultimately provide guidance towards an M&A or raising venture capital.
Learn moreM&A in Nigeria
We advise winning tech companies on M&A exits, and over the years successfully executed numerous transactions with both financial and strategic buyers.
Learn moreTalk to us
Schedule a call to get a health check on your business and see how we could help.
Fractional CFO
- Fractional CFO for Software
- Fractional CFO for AI & ML
- Fractional CFO for Fintech
- Fractional CFO for Consumer internet
- Fractional CFO for Digital media
- Fractional CFO for E-commerce & marketplaces
- Fractional CFO for Consumer products
- Fractional CFO for Mobility
- Fractional CFO for Digital health
- Fractional CFO for Industrial technology
- Fractional CFO for Digital infrastructure
- Fractional CFO for IT services
Stages
Countries
- UK Fractional CFO
- Ireland Fractional CFO
- France Fractional CFO
- Germany Fractional CFO
- Spain Fractional CFO
- Portugal Fractional CFO
- Italy Fractional CFO
- Netherlands Fractional CFO
- Belgium Fractional CFO
- Switzerland Fractional CFO
- Austria Fractional CFO
- Denmark Fractional CFO
- Sweden Fractional CFO
- Norway Fractional CFO
- Finland Fractional CFO
- Poland Fractional CFO
- Estonia Fractional CFO
- US Fractional CFO
- Canada Fractional CFO
- Mexico Fractional CFO
- Brazil Fractional CFO
- UAE Fractional CFO
- Australia Fractional CFO
Cities
- London Fractional CFO
- Dublin Fractional CFO
- Paris Fractional CFO
- Berlin Fractional CFO
- Madrid Fractional CFO
- Lisbon Fractional CFO
- Milan Fractional CFO
- Amsterdam Fractional CFO
- Brussels Fractional CFO
- Zurich Fractional CFO
- Vienna Fractional CFO
- Copenhagen Fractional CFO
- Stockholm Fractional CFO
- Oslo Fractional CFO
- Helsinki Fractional CFO
- Warsaw Fractional CFO
- Tallinn Fractional CFO
- New York Fractional CFO
- Toronto Fractional CFO
- Mexico City Fractional CFO
- São Paulo Fractional CFO
- Dubai Fractional CFO
- Sydney Fractional CFO