Top 10 most funded Nigerian startups as of August 2023

Across the globe, Nigerian startups have become a force to reckon with as they continue to churn out innovative solutions that attract the attention of investors who are seeking high returns.

And with each investment yielding as much as expected returns, doors are being opened for more funding for both the old and new innovators coming out of the country.

This was why even amidst the global economic headwinds that saw several big tech companies laying off workers in 2022, Nigerian startups still attracted over $1.2 billion in funding in the year.

Although this was slightly lower than the $1.5 billion recorded in 2021, the country still remained the preferred destination for global venture capital and angel investors seeking to invest in Africa.

From pre-series to series D, many Nigerian startups have crossed through all stages of fundraising and are now also investing in other startups.

Yet, the need for more funding keeps rising as more tech-savvy Nigerians keep coming up with innovations that require injection of funds to scale.

As of today, while several startups are still bootstrapping and hoping to land their first paycheque in the near future, many innovative companies are counting millions in funding and are still hoping for more to expand their businesses.

The surge in funding for Nigerian startups is, no doubt, having several positive impacts on the Nigerian economy. It creates jobs, drives innovation, and helps to attract foreign investment. Nigerian startups are also playing an increasingly important role in solving some of Nigeria’s most pressing problems, such as financial inclusion, poverty, unemployment, and healthcare.

Despite the slowdown this year, Nigerian startups are still raising funds. Looking at those who had raised in the past and even those who raised funds as recently as this month, Nairametrics looked at the top 10 most funded startups in Nigeria based on the amount they have raised so far:

10. Moniepoint ($55.5 million)

Just about a year ago, fintech startup, Moniepoint, which was formerly TeamApt, announced its biggest raise of $50 million plus to expand its credit offerings. While the company did not assign any letter to the round to determine its stage, industry watchers said it could be classified as a pre-Series C round because the company was still looking to raise a Series C in 2023.

The latest round, which was co-led by QED Investors and Novastar Ventures, brought the company’s total funding to $57.5 million, having raised $5.5 million raised $5.5 million in capital in a Series A round led by Quantum Capital Partners in February 2019. The company was reported to have bootstrapped its way to Series A.

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