By Kingsley Samuel
Twenty-six Nigerian startups have met 16 venture investors in a funding drive organised by Magna Collective, as early-stage founders continue to face difficulties reaching investors whose funding criteria match their businesses.
The Investor Connection Drive, held in Lagos, featured 61 pre-arranged, one-to-one meetings. It was backed by Google for Startups, the UK-Nigeria Tech Hub and the Office for Nigerian Digital Innovation, ONDI.
The event came as funding for Nigerian startups rebounded to $635 million in the first nine months of 2026, more than double the amount raised in the same period of 2025 and the highest total recorded by any African country, according to Africa: The Big Deal.
However, the funding remained concentrated at the top of the market. The report said only 77 startups raised at least $100,000, while a single $250 million deal by Moove accounted for almost 40 per cent of the total.
Magna said it arranged meetings in advance, matching investors and startups according to funding stage, cheque size and sector focus. Investors reviewed and approved the matches before the event, which used a speed-dating format for short, focused conversations.
Kelvin Umechukwu, co-founder and chief executive officer of commerce platform Bumpa, met four growth-stage investors at the event. He said the advance matching made the conversations more direct.
“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.
General partner at Norrsken22, Lexi Novitske, said the format helped investors and founders make better use of their time.
“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.
The participating startups operate in fintech, health, artificial intelligence, logistics, energy, agriculture and education. More than two-thirds have women in leadership roles, while 11 are alumni of Google programmes, including Google for Startups Accelerator Africa, the Black Founders Fund and the Google AI Fund, in collaboration with NCAIR.
Head of Startup Ecosystem for Africa at Google, Folarin Aiyegbusi, said founders could grow faster when they had access to suitable capital.
“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.”
Director of the UK-Nigeria Tech Hub, Oyinkan Akintola-Bello, said the initiative was part of efforts to strengthen investment links between Nigeria and the UK.
“The UK is a very credible market with strong capital markets, and Nigerian founders need to know it is a real alternative for raising investment,” she said.
National Coordinator of ONDI, Victoria Fabunmi, said the programme gave founders the chance to meet several investors without the pressure often associated with pitching.
“The programme gives founders the opportunity to speak to multiple investors at the same time, while allowing them to be their authentic selves without the pressure they typically experience when pitching their ideas,” she said.
Magna said it would track follow-ups and capital commitments over the next six months and publish its findings.
“Nigeria has the founders and the capital. What’s often missing is the right introduction. Our job is to close that gap,” said Femi Awoniyi, chief executive officer of Magna Collective.
The programme was delivered with POV, SALG and Tech4Dev as partners, while TechCabal was the media partner.
