Ten venture capital firms powering Nigeria’s tech startups

From pre-seed to growth-stage funding, Nigerian startups now have access to diverse capital sources from local, regional, and global investors.

The increased VC activity reflects Nigeria’s growing appeal as a hub for innovation and entrepreneurship in Africa. Nigeria’s tech ecosystem continues to thrive, attracting venture capital investment that fuels innovation across fintech, e-commerce, logistics, and health-tech sectors.

As local and international investors double down on Africa’s largest economy, a few venture capital firms stand out for the sheer volume of deals they’ve struck with Nigerian startups.

Here are Nigeria’s top VC powerhouses

Microtraction

Microtraction is one of Nigeria’s most prolific early-stage investors, focused on pre-seed and seed-stage ventures, which has made it a launchpad for many of the country’s most promising founders.

The Lagos-based firm backed several breakout startups, including Cowrywise, 54gene, and Wallets Africa.

Microtraction said that it had made over 70 investments in portfolio companies as of late 2024/early 2025.

Read also: Guide for startups targeting venture capital

Ventures Platform

Ventures Platform has built a strong reputation for nurturing startups from seed to scale. The firm has invested in notable Nigerian tech companies such as Paystack, ThriveAgric, and PiggyVest, reinforcing its position as one of the most influential local investors.

According to Ventures Platform, it has made approximately 120 investments (deals closed) in total. This includes over 60 active investments in its portfolio as of late 2022/early 2023, and a more recent count of 120 or 117 investments reported by PitchBook and Crunchbase, respectively, as of late 2025.

The firm has backed over 140 founders across these deals, and their portfolio includes notable companies such as PiggyVest, Paystack (acquired by Stripe), Mono, and Reliance HMO.

They primarily invest at the pre-seed and seed stages, with the ability to provide follow-on capital up to Series A. The investments are spread across various sectors, including Fintech, Healthtech, Cleantech, and Logistics.

GreenHouse Capital

GreenHouse Capital has backed some of Nigeria’s most successful startups, including Flutterwave and MAX.ng. Its focus on financial inclusion and digital transformation continues to drive growth in Nigeria’s startup ecosystem.

Pitchbook noted that, as of early 2024/late 2025 data, GreenHouse Capital had made 72 investments (deals closed). This number refers to the total count of investments/deals, rather than the number of unique portfolio companies, as the firm often participates in multiple funding rounds for the same company.

SPARK Capital

SPARK Capital has been an early supporter of several Nigerian startups across consumer and digital service categories. The firm’s active role in building companies from the ground up has made it a familiar name in the local tech community.

According to Spark Capital Advisors, the investment banking practice of Spark Capital has closed approximately 184 transactions (deals). These deals aggregate to a total value of approximately $9.6 billion.

Spark Capital operates across several key sectors, including technology services, financial services, consumer, industrials, and healthcare. They focus on mid-market clients, offering services such as private equity and M&A advisory from the Series B stage up to IPO.

In the banking, financial services, and insurance (BFSI) space, Spark Capital has completed over 50 transactions. In the technology services space, the  firm advised on 48 transactions, and in the healthcare space, it has advised on over 20 transactions.

EchoVC Partners

EchoVC Partners’ portfolio includes startups in fintech, logistics, and consumer tech, with an emphasis on scalable innovation. It has carved out a niche as one of Africa’s most active pan-African investors, with a strong Nigerian footprint.

EchoVC Partners has made approximately 95 to 100 investments (deals) in total. However, different sources provide slightly varying numbers. PitchBook reports 95 investments as of October 2025; 100 investments as of October 2025; while TeaserClub lists 68 past transactions, with Crunchbase reporting 71 investments.

These investments are in a diverse portfolio of companies, including Life360, Yatra, Frontier Car Group, and Hotels.ng. Many of these portfolio companies have had successful exits, including 4 IPOs and 34 acquisitions.

TLcom Capital

TLcom Capital has been a consistent force in growth-stage funding, backing Nigerian success stories such as Andela and Twiga Foods. The firm bridges African startups to global markets and investors.

According to Pitchbook, TLcom Capital has made a total of approximately 69 investments across various companies. Their current portfolio includes 17 startups.

TLcom Capital has been an active investor since 1999, focusing primarily on technology companies in the US, Europe, and, more recently, exclusively on Africa through its TIDE Africa funds.

The firm has had a total of nine exits from its portfolio companies, including one unicorn (Andela). TLcom Capital recently closed its second Africa-focused fund, TIDE Africa Fund II, at $154 million, which is being used to make new Seed and Series A investments.

Read also: Debt financing seen rising on slowing venture capital inflows

Future Africa

Future Africa has become one of the most founder-friendly investment collectives on the continent. The firm’s community-driven model has funded dozens of early-stage Nigerian startups.

According to Future Africa, it has invested in over 115 companies in total. As of June 2025, it had an active portfolio of 65 companies, and as of early 2023, the firm had a total portfolio count of 101 companies.

Future Africa Funds

Future Africa Fund I invested in 30 companies. Over two years ending in February 2023, Fund II made 131 investments across 85 companies.

As of early 2024, the fund reported 106 portfolio companies. The total number of deals closed is therefore likely significantly higher than 115, but this figure represents the number of unique companies in its portfolio across its history.

Ingressive Capital

Ingressive Capital has played a vital role in nurturing Nigeria’s next generation of tech innovators. Its portfolio spans fintech, edtech, and SaaS, with investments in companies such as Mono and Oze.

Tracxn, a Global Startup Data Platform, stated that Ingressive Capital had made a total of 63 deals (investments) as of October 2025.

The firm primarily focuses on pre-seed and seed-stage tech-enabled startups across Sub-Saharan Africa, with a focus on sectors such as fintech, enterprise applications, and consumer. The firm has also seen two acquisitions from its portfolio, which are Paystack and Payday.

Launch Africa Ventures

Launch Africa Ventures has participated in numerous early-stage Nigerian deals, offering cross-border support for startups expanding across the continent.

According to Launch Africa Ventures, it has closed one fund – its first fund of $36.3 million – which has been used to back over 100 startups.

The firm is currently raising its second fund to continue investing in early-stage African tech startups.

The first fund is a $36.3 million fund used to make over 100 investments in early-stage tech startups across Africa. The firm is currently raising a second fund, Seed Fund 2, which is targeting $75 million.

Alitheia Capital

Alitheia Capital, through its gender-focused Alitheia IDF fund, has been instrumental in supporting women-led and inclusive startups in Nigeria. Its impact-driven approach is reshaping access to finance in the local ecosystem.

According to Pitchbook, Alitheia Capital has invested in a total of approximately 15 to 28 companies through various funds. Its flagship gender lens fund, Alitheia IDF, has made a total of nine investments in companies such as Max.NG, OmniRetail, SparkMeter, and Complete Farmer.

Other sources indicate Alitheia Capital has a total of 15 companies in its general portfolio. Another financial data source lists a higher number of 28 investments.