7 Nigerian Start-Ups in the Tech Space Raised Combined Cash of Over N142bn in the First 3 Months Of 2022
- Nigeria startups continue to receive massive backing from foreign investors to scale their business and ideas
- A new report has shown that in the first three months of 2022, tech startups raised a whopping N142bn
- In 2021, Nigeria happens to be the biggest beneficiary of seed rounds and other venture capital secured in Africa
Nigerian startups are starting the year 2022, at the same pace, it ended in 2021, as more foreign investors back their ideas and dreams with billions of Naira.
The Nation reports that seven Nigerian start-ups in the tech space raised combined cash of $343 million in the first three months of this year.
2021 was extraordinary as the startup raised about $5 billion, surpassing the record of $4.3 billion in 2020.
Source: Getty Images
How the money was raised
In late January, a Nigerian tech start-up with an investment platform that allows Nigerians to trade in United States (U.S.) stocks in real-time from their mobile phones or computers, Bamboo, raised $15 million in a Series A funding round led by American venture capital firms Greycroft and Tiger Global.
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Motley Fool Ventures, Saison Capital, Chrysalis Capital, and Y-Combinator’s Michael Seibel also participated in the round, the company had said.
In January, the Lagos- based start-up revealed that it raised $5.3million to expand within the Nigerian market. It is currently eyeing the Federal Capital Territory and the Southern city of Port Harcourt. 500 Global and Unicorn Growth Capital co-led the seed round.
February investment
In February, a payments technology processor, Flutterwave secured $250 million in Series D funding.
The round was led by B Capital Group, with participation from Alta Park Capital, Whale Rock Capital, Lux Capital, and a number of other investors.
Another Nigerian tech startup, SeamlessHR, raised $10million to expand its human resource and payroll solutions across Africa.
On February 7, the startup announced raising a $40million Series B round, the largest in African health tech. It was led by General Atlantic
Another Nigerian tech startup, SeamlessHR, raised $10million to expand its human resource and payroll solutions across Africa.
Casava, a Nigerian digital insurance platform founded by Bode Pedro early February 2022 also raised $4million to make insurance affordable and accessible to Nigerians.
Three Nigerians, Ikenna, Chidi, Oghenetega get N197.7m
Meanwhile, three young Nigerians recently won nearly half a million dollars from Chinese billionaire, Jack Ma.
Legit.ng reported that the funds were given to startups across Africa that set out to solve major problems within their countries.
Among the 10 finalists listed, Nigeria's Ikenna Nzewi came 2nd as Jack Ma foundation disclosed over 12,000 applications were submitted.
Source: Legit.ng
