In 2023, Nigerian tech startups secured a total of $253.15 million across the top ten funding deals, showcasing resilience despite a decline in funding compared to the previous year. These 10 startups, spanning various sectors from fintech to e-commerce, successfully raised capital to fuel their growth.
Summary of Top 10 Funding Deals by Nigerian Startups in 2023:
- Moove ($76 million): Leading the pack is Moove, a fintech startup revolutionizing vehicle financing for mobility entrepreneurs. Moove secured $76 million in a new funding round, including $28 million in equity from both new and existing investors, led by Mubadala Investment Company, $10 million in venture debt from BlackRock-managed funds, and $38 million in previously undisclosed funds raised in the last twelve months.
- Sabi ($38 million): Lagos-based B2B e-commerce startup Sabi raised $38 million in Series B funding, valuing the company at $300 million. Investors included CommerzVentures, Norrsken22, Fluent Ventures, Proof VC, CRE Venture Capital, and Janngo Capital.
- LemFi ($33 million): Trailblazing fintech platform LemFi, dedicated to revolutionizing financial services for immigrants, successfully raised $33 million in its Series A funding round, led by Left Lane Capital, with participation from Y-Combinator, Zrosk, Global Founders Capital, and Olive Tree.
- Helium Health ($30 million): West Africa’s largest Electronic Medical Records (EMR) provider, Helium Health, raised $30 million in a Series B funding round led by AXA IM Alts. Other participants include Capria Ventures, Angaza Capital, Flatworld Partners, and Tencent.
- Nomba ($30 million): Formerly known as Kudi, Nomba raised $30 million at a valuation of over $150 million in a Series-B funding round led by Base 10 Partners. Investors included Partech, Khosla Ventures, Helios Digital Ventures, and Shopify, marking Shopify’s first investment in Africa.
- Remedial Health ($12 million): Nigerian health tech startup Remedial Health, digitizing pharmacies and improving the pharmaceutical supply chain, raised $12 million in Series A equity-debt funding. Fintech VC firm QED Investors co-led the round, focusing on embedded financial opportunities in the pharmaceutical sector.
- FrontEdge ($10 million): Nigerian fintech FrontEdge successfully raised $10 million in a seed round, with over 70% contributed through debt financing. The funding aims to drive the expansion of African cross-border trade.
- Shekel Mobility ($9.15 million): In 2023, B2B auto dealers marketplace Shekel Mobility raised $9.15 million in a mix of equity and debt funding to enhance operations and quadruple its current Annual Recurring Revenue (ARR). Ventures Platform, Y Combinator, Voltron Capital, and Zedcrest participated.
- Terragon ($9 million): Nigerian cloud analytics and marketing platform Terragon successfully raised $9 million in a Series B round led by Orange Ventures, with participation from TLcom Capital, LoftyInc, Sango Capital, VestedWorld, and Western Technology Investment (WTI). The funds will enhance the platform’s cloud-native capabilities and kickstart its Pan-African expansion.
- Traction ($6 million): Nigerian fintech startup Traction announced a $6 million seed raise in a funding round anchored by Pan-African investor Ventures Platform and Multiply Partners, with participation from P1 Ventures and other investors. The new funds will accelerate Traction’s growth in Nigeria, strengthen its team, and drive expansion outside the country.
Source: Innovation Village