nigerian startups

Despite a funding slowdown, Nigerian startups roared back in 2023, raising a collective $253.15 million through their top 10 deals. This showcase of resilience and innovation across diverse sectors like fintech, mobility, health-tech, and e-commerce proves that the Nigerian tech scene is a force to be reckoned with.

Here’s a glimpse into the powerhouses leading the charge:

  • Moove ($76 million): Revolutionizing vehicle financing for mobility entrepreneurs, Moove secured a mega-round, topping the charts with $76 million. This infusion will fuel their expansion and empower more mobility entrepreneurs.
  • Sabi ($38 million): This B2B e-commerce champion powering Africa’s informal economy raised $38 million, reaching a $300 million valuation. With this boost, Sabi will further digitize Africa’s bustling informal markets.
  • LemFi ($33 million): Transforming financial services for immigrants, LemFi secured $33 million in its Series A round, backed by Y-Combinator and Zrosk. This funding fuels their mission to empower immigrants through accessible financial solutions.
  • Helium Health ($30 million): West Africa’s leading EMR and HMI Systems provider, Helium Health, raised $30 million to scale operations and expand credit in the African healthcare sector. This investment promises a healthier future for Africans.
  • Nomba (fka Kudi, $30 million): Now valued at over $150 million, NOMBA secured $30 million in a Series B round led by Base 10 Partners. This investment will enable them to offer customized payment and operational solutions to businesses across Africa.

Beyond the top 5, Nigerian ingenuity shines through:

  • Remedial Health ($12 million): Digitizing pharmacies and streamlining the pharmaceutical supply chain, Remedial Health raised $12 million to expand its impact across West Africa and beyond.
  • FrontEdge ($10 million): Empowering cross-border trade with their fintech solutions, FrontEdge secured $10 million to fuel their expansion and connect more African businesses to the global market.
  • Shekel Mobility ($9.15 million): This B2B auto dealers marketplace raised $9.15 million to boost operations and quadruple its ARR, making it a key player in the African automotive landscape.
  • Terragon ($9 million): Nigeria’s cloud analytics and marketing platform, Terragon, raised $9 million to enhance its capabilities and embark on its Pan-African expansion, bringing data-driven marketing to more businesses.
  • Traction ($6 million): Accelerating their growth in Nigeria and beyond, Traction secured $6 million to strengthen their team and expand their fintech footprint across Africa.
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This is just the tip of the iceberg! Nigerian tech startups are proving their resilience and potential, attracting top investors and making a global impact. With their innovative solutions and unwavering spirit, they are driving Africa’s digital revolution, one groundbreaking deal at a time

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Nigel Jr.
As a tech enthusiast and expert, Nigel Jr. is dedicated to providing in-depth and insightful content on all things technology. With a background in online journalism, product reviewing, and tech creation, Nigel has become a trusted source for all things tech.

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