Startups get $2.5b funding in five years

Startups get $2.5b funding in five years

Startups in Nigeria have raised about $2.5 billion in the last five years, according to various data explored by our correspondence

The amount represented aggregate funding, which startups received between 2017 and  last year.

For instance last year, startups operating across several sectors raised $1.37 billion. This was out of about $4 billion funding that startups in Africa received.

Read:  Billionaires list: Dangote, Adenuga, Rabiu’s wealth rises by $5.7bn

One of the biggest success stories was Chipper Cash, which raised a total of $250 million. On the whole, Nigeria boasts of over 200 deals for the year.

According to analysts, financial technology services contributed 73.5 percent as Nigerian startups raised $1.09 billion. In 2020, Nigerian startups raise $117,481,508.

The key companies, which benefited from funding included Flutterwave,54 Gene, Helium health,Kuda bank,TradeDepot,Field Intelligence, Medsaf, Autochek and Rensource.

Read:  Flour Milling association to establish procurement centres in 15 states

In 2019, Nigerian tech startups got $663.24 million out of the  $1.34 billion raised in funding in Africa, according to the Decoding Venture Investments. Foremost among them were Interswitch, OPay, Andela and Palmpay, which accounted for most of the top venture deals on the continent.

Read:  Consolidated Hallmark pays N216.8m dividend

In 2018, startups raised $ $178.3 million. That year,   Google gave out $2million in grants to 12 Nigerian companies in the inaugural African edition of the Google Impact Challenge.


Related posts

Zenith Bank’s gross earnings rise by 10%, hit N756bn


BUA chairman seeks public-private partnership with Nigeria, Africa


CBN releases guidelines, framework for Mobile Money Services


MTN Launches new brand identity with simplified, innovative logo


Forex Restriction: Manufacturers now have more access to local raw materials


UBA’s LEO continues to evolve, remains smartest banking chatbot


Leave a Comment