Top 10 Nigerian Tech Startup Fundraisers in Q1 2022

On the African continent today, Nigeria is the beacon in terms of start-ups and the development of innovative products to meet the challenges of the continent. From fintech to edtech, the country’s young innovators are innovating.

It is therefore not surprising that Nigerian start-ups attract more foreign investors than their counterparts from other African countries. Last year alone, start-ups are estimated to have attracted more than $150 billion, or 35% of total investment in Africa in 2021.

Funds flowed in again this year. From pre-seed to Series D funding, Nigerian startups raised nearly $1 billion in the first quarter of this year. Here are the top ten deals that made the news in the first quarter of 2022:

South Africa ($3.7 million)

In March, Sudo Africa, a fintech that provides a card issuance API for developers and businesses in Nigeria, raised $3.7 million in pre-seed funding. San Francisco-based Global Founders Capital (GFC) led the round. Participating VCs include Picus Capital, LoftyInc Capital, Rallycap Ventures, Kepple Africa, Berrywood Capital, ZedCrest and Suya Ventures.

Several African fintech founders such as Olugbenga ‘GB’ Agboola, Ham Serunjogi and Odun Eweniyi are also investors in the company.

Casava ($4 million)

Nigeria’s self-proclaimed first all-digital insurance company, Casava also raised a $4 million pre-seed round in February. This was the biggest pre-seed for an African insurtech company.

Berlin-based Target Global led the pre-seed round, with participation from overseas VCs and angel investors such as Entree Capital, Oliver Jung, Tom Blomfield, Ed Robinson and Brandon Krieg.

DrugStoc ($4.4 million)

A Nigerian start-up distributing e-health pharmaceuticals, DrugStoc secured $4.4 million in a Series A funding round in January. The funding was led by Africa HealthCare Master Fund, Chicago-based venture capital firm Vested World and the German Development Bank (DEG), among others. The e-health drug procurement platform spun out of a hospital management company IntegraHealth, founded by Chibuzo Opara and Adham Yehia in 2015.

According to Opara, the platform’s monthly revenue has increased by more than 1,500% over the past three years, a demand brought on by the quality assurance that comes with DrugStoc’s platform and they earn a commission for every sale made.

SeamlessHR ($10 million)

During the same month of January, SeamlessHR, a startup that develops world-class cloud solutions to help organizations manage most HR processes on a single platform, raised $10 million in its funding round. Series A that will allow it to expand to new frontiers in Southern and Eastern Africa. This funding round was led by TLcom Capital, with significant contributions from Capria Ventures, Lateral Capital, Enza Capital, Ingressive Capital and select private investors.

The new fund arrived about a year after the announcement of a funding round. The new capital is expected to further strengthen the company’s position as Africa’s leading HR and payroll cloud platform. Speaking on the matter, the CEO of the company, Dr. Emmanuel Okeleji, said, “We are passionate about our customers’ success, and this funding will allow us to invest in continuously optimizing the customer experience across all touchpoints, adding new features and functionality to further empower our customers.

Bamboo ($15 million)

In January, fintech company Bamboo, a brokerage app that allows Africans to buy and trade US stocks in real time. The startup raised US$15 million in Series A funding to accelerate its growth, enter new markets and launch more products.

The US$15 million Series A round was led by Greycroft and Tiger Global with participation from Motley Fool Ventures, Saison Capital, Chrysalis Capital and Y-Combinator’s Michael Seibel, among others. With the capital, Bamboo plans to further accelerate its growth, double its efforts to unlock new markets and launch more products.

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.

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.

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.

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.

Flutterwave ($250 million)

Recognized as one of the most valuable startups in Nigeria, 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 execute on our plans to deliver the best experience to our merchants and customers around the world.”

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