Here Are the Most Venture Funded Startups in Nigeria

    Digest Africa Research Briefs
    The Funding Brief
    Venture Capital

The success of the most venture-funded startups in Nigeria can greatly be attributed to their ability to capture the market base of both the Nigerian population and that of other African countries. Nigeria is the most populous country in Africa and the largest economy with a population of more than 200 million. The country’s population, which accounts for 51% of the West African population, combined with an estimated GDP of $400 billion, makes it one of the largest markets in Africa with a vibrant technology ecosystem open to investment.

The dawn of the technology era has helped create multimillion-dollar companies in the West African nation. In return, the country has also attracted investment from both within and out of the country spiralling it into one of the continent’s leading destinations for startup investors. 

Per Digest Africa data, over 100 Nigerian startups have over the years managed to secure significant funding (starting from Seed) in the various sectors. Andela, with a total of $181 million raised, is the country’s most funded (excluding those that exited). 

Other notable companies that have raised a significant amount in funding include Opera-founded Opay ($50M) as well as Paga ($32M) - both of which featured in Africa’s list of the 10 Most Funded Fintech Startups. In total, these startups have raised over $480M in venture funding over the past ten years.

Company TOTAL VENTURE CAPITAL NUMBER OF VENTURE FUNDING ROUNDS
Andela $181,000,000 5
OPay $50,000,000 1
Paga $32,700,000 4
iROKOtv $30,000,000 3
Kobo360 $27,200,000 4
Flutterwave $20,250,000 4
Boomplay Music $20,000,000 1
Mines $16,138,000 3
Gokada $5,637,300 2
Paystack $11,600,000 3
Arnergy $9,000,000 1
Lidya $8,186,000 2
Asoko Insight $8,000,000 4
Max.ng $7,100,000 4
TeamApt $5,500,000 1
Kudi $5,120,000 3
Tizeti $5,100,000 2
Cars45 $5,000,000 1
Terragon Group $5,000,000 1
54gene $4,650,000 2
Africa Courier Express $3,315,000 2
Trade Depot $3,000,000 1
Farmcrowdy $2,100,000 3
Travelbeta $2,000,000 1
Kudabank $1,617,000 2
Medsaf $1,500,000 3
PropertyPro Nigeria $1,440,000 2
Student Accommod8 $1,300,000 1
Mdaas Global $1,280,000 3
Buycoins $1,235,000 3
Spacepointe $1,200,000 1
PiggyVest $1,150,000 2
Rensource $1,000,000 1
S&T Media $1,000,000 1
Digest Africa

CONTACT

info@digestafrica.com

Digest Africa Technologies Ltd
Ntinda Complex,
Block B, Level 3 Ntinda,
Kampala, Uganda

© Digest Africa Technologies Ltd 2019.
All Rights Reserved.