By Abbas Badmus
Nigeria has taken an unprecedented step in start-ups and innovative product development to meet the challenges of the African continent. From fintech to edtech to proptech, the country’s young innovators are innovating.
It is therefore not shocking that Nigerian start-ups attract more foreign investors than their counterparts from other African countries.
Last year alone, Tech Digest reports that start-ups attracted more than $150 billion, or 35% of the total investment that entered Africa in 2021.
Read also: When tech giants provide digital literacy and skills in Nigeria, by Zeenat O. Sambo
This year, Nigerian startups have racked up nearly $1 billion in the first quarter.
The Tech Digest, a publication of Image Merchants Promotion, features the top five performing startups that made the news in Q1 2022:
Flutterwave ($250 million)
Recognized as one of Nigeria’s most valuable startups, Flutterwave became Africa’s fourth unicorn last year after raising $170 million in a Series C round. In February this year, the company put the icing on its cake by raising $250 million in its biggest funding round yet, valuing the startup at more than $3 billion as it targets mergers and acquisitions and a growing existing customer base.
The latest Series D funding round was led by investors including Facebook Inc co-founder Eduardo Saverin’s venture capital firm B Capital Group and Boston-based hedge fund Whale Rock Capital Management. According to the company’s CEO, Olugbenga Agboola, “The funding gives Flutterwave the much-needed support to realize our plans to deliver the best experience to our merchants and customers around the world.”
Moove ($105 million)
In March, Nigeria-based mobility fintech startup Moove raised $105m in an oversubscribed Series A2 round to expand into seven new markets in Asia, MENA and Europe over the past few months. next six months.
Founded in 2019 by British-born Nigerians Ladi Delano and Jide Odunsi, Moove is democratizing vehicle ownership in Africa by providing revenue-based vehicle financing to mobility entrepreneurs.
ThriveAgric ($56.4 million)
ThriveAgric, a technology-focused agriculture company, also secured $56.4 million in debt financing from commercial banks and institutional investors in March this year. Additionally, the company received a $1.75 million co-investment grant from West Africa Trade & Investment, which is funded by USAID.
With this new investment, the company will be able to expand its base of over 200,000 farmers and enter new markets in Africa, including Ghana, Zambia and Kenya.
Reliance Health ($40 million)
In February this year, Reliance Health, an emerging markets-focused digital healthcare provider, completed a $40 million Series B funding round led by General Atlantic, a premier global growth equity investor. plan, with participation from Partech, Picus Capital, Tencent Exploration, AAIC (Asia Africa Investment and Consulting), P1 Ventures, Laerdal Million Lives Fund, M3, Inc. and Arvanitis Social Foundation.
Based in Lagos, Nigeria and Austin, Texas, Reliance Health began operations in Nigeria in 2015 as a telemedicine-focused startup, Kangpe, founded by Femi Kuti, Opeyemi Olumekun and Matthew Mayaki, and later expanded into a single-fee health care provider to better meet the complex and evolving needs of patients.
Credpal ($15 million)
CredPal, an early pioneer of ‘buy now, pay later’ services in Nigeria, also closed a $15 million equity and debt round in March this year to expand its credit offerings. for consumption across Africa.
According to a statement shared by the company, the investment will support its expansion into other African markets, primarily Kenya, Egypt, Ghana and Cameroon.