Antler expects to invest in 15 to 20 Nigerian startups in 2026, BusinessDay reported, as Partech data show a 21% decline in technology equity funding last year.
Antler founder and CEO Magnus Grimeland gave the forecast in an interview published Oct. 30, 2026. He also told the outlet that Antler expects to back at least 100 companies across Africa over the next five years.
Grimeland said political cycles do not define venture capital’s investment horizon. He described the approach as “10-year bets” and said investors who sit out a funding vintage risk missing companies that become outliers, BusinessDay reported.
Partech’s 2025 Africa Tech Venture Capital Report put Nigeria’s tech equity funding at $412 million across 83 rounds. Compared with 2024, funding fell 21%, while the number of rounds declined 19%. Partech’s dataset covers venture capital equity and debt deals worth at least $200,000, leaving smaller transactions outside its figures.
Partech said fewer large rounds shaped Nigeria’s 2025 totals and described the decline as normalization after earlier peaks driven by megadeals. Nigeria remained among Africa’s leading markets by deal activity in the report.
Antler’s Nigeria program is based in Lagos and accepts founders from across Africa who are willing to relocate for its in-person program, according to the firm. Teams that pass its Investment Committee receive $100,000 for 10% equity, with up to $150,000 in pre-committed matching capital for a subsequent venture capital-led round.
The program gives participating founders access to initial and potential follow-on capital; the initial investment takes a 10% equity stake. The Independent National Electoral Commission’s current calendar schedules presidential and National Assembly elections for Jan. 16, 2027, followed by governorship and State House of Assembly elections on Feb. 6, 2027.
