As a prolonged funding winter and biting economic headwinds reshape Nigeria’s tech landscape, the cast of its most active investors is being completely redrawn. The era of mega-rounds led by global crossover funds has receded, making way for a new cohort of backers: Development Finance Institutions (DFIs), specialised impact funds, and resilient local VCs.

Analysis of 2025 funding data reveals that the investors writing the most cheques are those with deep regional ties, specific sector mandates, and a greater appetite for long-term impact over short-term, growth-at-all-costs metrics.

The Most Active Investors in Nigeria

A frequency analysis of deals in 2025 reveals a clear shift in the Nigerian tech funding landscape. The most active players are not the traditional, global venture capital giants but a mix of impact investors, DFIs, and locally-focused funds.

Most Active by Deal Count:

• All On (5 deals): The most active investor by a significant margin. A Nigerian impact investor backed by Shell, its investments are exclusively focused on the cleantech and renewable energy sector. Its recent activity is particularly timely as the removal of national fuel subsidies causes energy costs to soar, making sustainable solutions critical. 
  Investments: Arnergy, Salpha Energy, Rivy, Koolboks, enee.io.
• British International Investment (BII) (3 deals): The UK’s DFI is a major player, providing significant capital to companies in energy and agritech, showcasing a mandate that blends financial return with developmental impact.
  Investments: Arnergy, Odyssey Energy Solutions, Babban Gona.

Highly Active Investors in 2025 (with at least two deals so far) include:

• Norfund: The Norwegian DFI, with significant investments in both cleantech and B2B commerce.
• Ventures Platform: A prominent Nigerian early-stage fund, continuing to back local founders.
• Aruwa Capital Management: A Nigerian growth equity fund with a gender-lens focus, backing B2B commerce and cleantech.
• Partech: A global venture capital firm with a strong African presence, active in the fintech space.
• Y Combinator: The renowned US accelerator continues to participate in funding rounds for its Nigerian alumni.
• Seedstars: The Swiss-based investment holding group is active at the pre-seed and seed stages.
• Nubia Capital: A highly active, locally-focused firm investing across a diverse range of early-stage startups, from fintech and healthtech to legal tech.

Key Trend Observations: Decoding the Shift

The data points to several fundamental changes in how capital is being deployed in Africa’s largest tech ecosystem in 2025.

Dominance of DFIs and Impact Capital

The list is heavily populated by entities like All On, BII, and Norfund. Their patient capital and focus on sectors like cleantech, agritech, and energy access are filling a crucial gap. These DFIs, with their dual mandate of generating financial returns and achieving developmental goals, are uniquely positioned to thrive in the current climate. Their long-term view is a lifeline for startups in capital-intensive sectors that traditional VCs, pressured for quick returns, might currently avoid.

Resilience of Local Funds

While international development capital makes its mark, local and Africa-focused funds are showing unwavering conviction. Nigerian firms like Ventures Platform and Aruwa Capital Management demonstrate deep-seated local belief, continuing to write cheques while much of the foreign “tourist” capital recedes. Their continued activity sends a strong signal that investors with on-the-ground knowledge are still finding and funding valuable opportunities.

The Rise of Strategic Corporate Investment

Another significant trend is the increasing role of corporate investors. With venture capital scarce, startups are turning to industry players for capital that comes with market access and synergistic benefits. Notable examples from this year include:

• Flour Mills of Nigeria, one of the country’s largest food and agro-allied groups, investing in B2B commerce platform OmniRetail to bolster its distribution network.
• Payments giants Visa and Mastercard making strategic investments in fintech behemoth Moniepoint and identity verification company Smile ID, respectively.
• Local banks like Zenith Bank and Alternative Bank directly backing early-stage tech companies.

For startups, this shift means a change in priorities. The focus is moving from the growth-at-all-costs mindset of 2021 to a more measured approach centered on sustainable unit economics, clear paths to profitability, and tangible impact — metrics that align perfectly with the investment theses of today’s most active backers. In Nigeria’s reset tech landscape, the capital is still flowing, but it’s coming from different, and perhaps more sustainable but very exclusive sources.