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Home Startup Nigerian Startups that Passed the $100m Funding Mark in 2021 
Startup - December 28, 2021

Nigerian Startups that Passed the $100m Funding Mark in 2021 

Nigerian startups Andela and OPay received $100 million in a single round in 2019 before 2021. Such large raises are certainly uncommon in Africa as a whole.

This year Nigerian startups received funding of over $100 million, making 2021 an impressive fundraising year for the startup ecosystem. The year has been an enormous triumph for African startups. Most of which on the continent received investments from well-known investors like Softbank, a Japanese corporation that has invested in Alibaba, Uber, and other well-known companies.

Nigerian startups like Andela and OPay received $100 million in a single round in 2019 before 2021. Such large raises are certainly uncommon in Africa as a whole.

According to The Big Deal, a startup fundraising database, the $100 million deals made by 11 African businesses were worth over $1.7 billion, and this is accounting for more than 40% of the $4.2 billion raised by African startup founders this year.

Here are four Startups in Nigeria that raised more than $100 million in 2021.

Andela

At a valuation of $1.5 billion, Andela, a worldwide tech hiring company that helps companies establish remote engineering teams, raised $200 million in Series E funding. The financing round was led by Softbank Vision Fund 2, the Japanese firm’s venture capital arm.

The organisation currently employs engineers from over 80 nations across six continents. Andela has aided thousands of developers in landing positions at well-known internet firms such as GitHub, Cloudflare, and ViacomCBS.

OPay

In a new fundraising round, OPay, a fintech startup focused on Africa, raised $400 million. According to Bloomberg, SoftBank Vision Fund 2 was in charge of the investment round, which valued the company at $2 billion.

Opay claimed to handle roughly 80% of bank transfers and 20% of non-merchant point-of-sale transactions among Nigerian mobile money providers.

TradeDepot

TradeDepot, Africa’s leading B2B eCommerce and embedded finance platform, has raised $110 million in an equity and debt financing round. This is to aid in delivering Buy-Now-Pay-Later services to 5 million small and medium-sized enterprises and grow its merchant network across the continent. The International Finance Corporation, (IFC) which is a World Bank Group member led the Series B equity investment.

The new funding will help expand the services to reach more merchants, increasing consumer good brand penetration and driving growth in one of Africa’s most important industries.

Flutterwave

In a Series C round, Flutterwave, an African payments startup, raised $170 million, valuing the company at over $1 billion. The funding round was led by New York-based Avenir Growth Capital and Tiger Global, a hedge fund and investment firm based in the United States.

Flutterwave claims that its platform is used by over 290,000 businesses to make payments in 150 currencies utilising a range of payment methods such as local and international cards, mobile wallets, bank transfers, and Flutterwave Barter.

 

READ ALSO: Startups in Africa Raised $4bn in 2021 despite COVID-19 Pandemic

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