7 Most Innovative Startups in Nigeria Right Now
Startups in Nigeria have been growing and buzzing with innovation and creativity in recent years, with young and aspiring entrepreneurs developing new and creative solutions to address social and economic challenges in the country and beyond.
Despite the widespread inflation and uncertainty, these startups are innovating and expanding their operations in and outside the country through raised investments, revenue growth, increase in employee headcount, amongst others.
In this article, we will explore seven of the most innovative startups currently operating in Nigeria.
Shuttlers (an Uber for thrift people)
Shuttlers allow its users an opportunity to Book, make payment and track real-time updates on the location of the buses on their chosen routes.
Shuttlers aims to solve the problem of transportation in Nigeria, where there is a shortage of reliable and affordable public transportation options, especially for people living in low-income areas. It provides a cost-effective solution for people who do not own cars or cannot afford expensive taxi services.
Since its launch in 2016, Shuttlers has experienced significant growth, expanding its operations across several cities in Nigeria. The company has raised over $1.5 million in funding which it plans to use to expand its operations across Nigeria and other African countries.
Crop2Cash is a fintech startup that aims to address the financial challenges facing smallholder farmers in Nigeria. The platform offers simple financial accounts where farmers can access credits, receive payments, make purchases and track their financial transactions.
The company was founded by Michael Ogundare, Seyi Alabi, Enem Essien in 2018 due to farmers’ lack of financial access to increase their agricultural production.
With the system running on USSD, making it accessible to farmers who don’t have a smartphone, Crop2Cash already has a network of 15,000 farmers spread across Northern and South-Western Nigeria.
So far, the startup has secured partnerships with several organizations including USAID-funded West Africa Trade and Investment Hub of $462,757 to boost the yields and incomes of smallholders farmers.
Alerzo offers a technology and services platform that transforms how informal retail stores operate. The company is considered to be an all-in-one technology partner for informal retail stores.
The retail company was founded in 2018 by Adewale Opaleye to leverage technology to empower retailers in the informal sector, so they are equipped to run profitable & sustainable business. In 2021, the company announced a $10.5 million Series A round led by London-based Nosara Capital. FJ Labs and several family offices from the U.S., Europe and Asia.
Alerzo has raised over $20 million since its official launch in 2019 including early investors the Baobab Network, an Africa-focused accelerator based in London, and Signal Hill, a Singapore-based fund manager that participated in its $5.5 million seed round in 2020.
Heyfood is a food delivery startup that connects customers with local restaurants and food vendors. Founded in 2021 by Taiwo Akinropo, the startup offers a unique selling point by allowing customers to order from multiple vendors in a single transaction, saving them time and effort.
The company is raising the standard of food delivery services in NIgeria and beyond by providing an application for online food orders and a delivery management for restaurants, hotels, quick-service restaurants (QSRs), and food vendors who need to set up and manage their food ordering and delivery businesses.
Koya is an Educator online learning marketplace for Kindergarten through 12 Grade (K-12) education in Africa. Koya was founded in 2019 with a belief that empowerment of Educators is the most effective approach to improving education.
Since its inception, the company has been working on Empowering passionate educators by equipping them with sufficient digital skills to create monetizable online courses. The goal is to help at least 1 million k-12 teachers in Africa by 2027.
Lopeer operates as a Neobank that seamlessly combines the power of cryptocurrency and traditional finance to offer comprehensive financial solutions.
The company was founded in 2021 to provide financial solutions that allow crypto exchange, cross-border payments, bills payment, foreign bank accounts, and virtual cards, all in one place. The platform allows its users easy access to send and receive money globally, pay bills with ease, save, swap crypto, and use virtual cards for online purchases.
Sendme is one of the fastest-growing food technology companies in Nigeria. Founded in 2020, the company is using social commerce and artificial intelligence to meet the animal protein demands of Nigerian households and businesses at excellent prices.
The company is one of the current innovative startups due to leveraging technology to model a seamless and effective system that ensures quality and efficiency.
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