Nigerian Startups Raise Over $224.3 Million

Within the last eight months, several Nigerian startups have managed to raise over $224.3 million in funding across various sectors. This is a relatively good indication that the technology scene in the region is improving exponentially—despite some startups not included in the select ones have also experienced staggering financial drawbacks. Funds are mainly used to develop, launch, and maintain the integrity of their services; that’s why economical constraints are often deemed as very limiting for seed-stage startups.

The ten startups originating from Nigeria are:

  • Andela, an African company that identifies and develops software developers; helping global companies overcome the severe shortage of skilled software developers and has offices in Nigeria, Kenya, Rwanda, Uganda and the United States.
  • TeamApt, a financial technology company specialized in the development, designing and selling of solutions underlining fintech.
  • OneFi, an e-commerce loan platform offering to provide short-term and affordable consumer credit to individuals who have limited access to finance.
  • Farmcrowdy, a Lagos-based company operating in digital agriculture, focusing on connecting farm sponsors with real farmers.
  • Kudi, a fintech company that claims to provide accessible and affordable financial services for all Africans.
  • MDaaS Global, working to transform health care in Africa by bringing high-end medical diagnostics to low-income communities.
  • Gokada, an on-demand transportation company or motorbike hailing service headquartered in Lagos, Nigeria.
  • Arnergy, an energy company claimed to offer reliable and affordable solar energy solutions to homes and businesses.
  • MAX, an on-demand motorcycle taxi service that offers a safe, fast and affordable way to get around and commute every day.
  • OPay, a seamless mobile money service presenting favourable freedom and security in e-commerce transactions.
  • 54gene, a health-tech company aiming to unlock the African genome by building the world’s first and largest pan-African biobank.
  • Kobo360, a logistics company that aggregates end-to-end haulage operations; helping cargo owners, truck owners, drivers, and cargo recipients to achieve an efficient supply chain framework.
  • TechAdvance, a payment application development company with a strategic focus in developing and deploying niche payment companies to serve the needs of large public and private sector organizations in emerging markets.


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