Moove, Sabi, Other Top Nigerian Startups With Highest Funding in 2023
Legit.ng journalist Zainab Iwayemi has over three years of experience covering the Economy, Technology, and Capital Market.
For Nigerians who have had to navigate through the hardship, the year 2023 could be described as one full of ups and downs.
Despite enormous economic issues, 10 Nigerian startups, including Moove, Sabi, and FairMoney, have proven that they are unshaken by the storm by raising $245 million to expand their operations.
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In this article, Legit.ng spotlights some of the startups with the highest funds raised in 2023:
1. Moove ($76 million)
Moove, an African fintech company focused on mobility that finances cars for drivers employed by gig networks and ride-hailing services such as Uber, secured a fresh fundraising round of $76 million in August.
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The sum consists $10 million in venture debt from BlackRock-managed funds and accounts, $28 million in equity from new and existing investors led by Mubadala Investment Company, and $38 million in previously undisclosed money raised over the preceding 12 months.
2. Sabi ($38 million)
At a $300 million valuation, Sabi, a B2B e-commerce business based in Lagos that offers digital commerce infrastructure to Africa's informal economy, has raised $38 million in Series B funding.
3. LemFi ($33 million)
LemFi raised $33 million in Series A funding to make remittance payments easier for immigrants worldwide. Leading the round was Left Lane Capital. Zrosk, Olive Tree, Global Founders Capital, and Y-Combinator were among the other investors. With its $33 million Series A financing round, LemFi has raised just under $34 million since its founding in 2019.
4. Helium Health - ($30 million)
Helium Health is an African startup that offers healthcare providers and public health organisations software-as-a-service tools, financing, and information.
The startup raised Series B funding totalling $30 million.
The announcement came three years after the health tech company's headquarters in Lagos obtained a $10 million Series A and eighteen months after a unique Africa-GCC agreement, including the UAE-based Meddy platform, which facilitates patient-provider interaction.
5. Nomba - ($30 million)
Nigerian payment service company Nomba raised $30 million in a pre-Series B investment to facilitate the provision of customised payment solutions for African businesses.
Base 10 Partners, a San Francisco-based venture capital firm, led the round, which values the company at over $150 million based on YCombinator's statistics on its most valuable startups.
6. Remedial Health - ($12 million)
Remedial Health, a Nigerian startup digitising pharmacies and bringing efficiency to the pharmaceutical value chain, raised $12 million in Series A equity-debt funding to scale operations in West Africa.
QED Investors, a fintech venture capital firm, co-led the funding round, leveraging embedded financial opportunities such as loans and payments in the pharmaceutical industry.
7. FrontEdge - $10 million
To expand operations throughout Nigeria, Kenya, and other African nations, trade financing startup FrontEdge, based in Nigeria, raised $10 million in debt and equity funding. FrontEdge assists African SMEs in transnational trade.
TLG Capital led the financing, which also included Flexport. To diversify its revenue streams beyond lending, the business intends to use its money to hire more personnel, expand its financing product throughout Nigeria, Ghana, the Ivory Coast, and Kenya, and introduce new products.
8. Traction - ($6 million)
A $6 million seed round was announced by Traction, a merchant solution platform based in Nigeria in August. Ventures Platform, a pan-African investor, and Multiply Partners led the investment, with additional participation from P1 Ventures.
9. FairMoney - ($5.39 million)
MyCredit Investments Limited, doing business as FairMoney Nigeria, announced the triumphant launch of its Series 1 Commercial Paper ("CP") Issuance, valued at N2.5 billion ($5.39 million). Qualified institutional investors showed great interest in the CP program; the total demand was about 100% more than the issue size.
10. OnePipe - ($4.8 million)
OnePipe obtained a US$4.8 million credit facility from TLG Capital, which it will use to finance inventories for small businesses.
OnePipe, introduced in August 2019, combines bank and fintech APIs into a standardised gateway that is simple to integrate and facilitates collaborations. In November 2021, the firm raised US$3.5 million in early funding.
Legit.ng nominated for StartupSouth's startup awards 2023
Meanwhile, Legit.ng has been announced as a nominee for the #StartupSouth 2023 Startup Awards.
The foremost media outlet in Nigeria was included in the list of nominees for Best Startup Coverage (Non-Technology New Media Platform) - Regional.
The nomination proves the media company's outstanding dedication, creativity, and influence in the startup ecosystem and other relevant sectors.
Through numerous reports on startups in Nigeria and beyond, the media is renowned for contributing to the expansion and development of Nigeria's startup ecosystem.
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Source: Legit.ng
