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Startup - August 28, 2023

Top 10 Nigerian Startups with Impressive Funding as of August 2023

In today’s global landscape, Nigerian startups have emerged as formidable players, continuously innovating and attracting funding from investors seeking lucrative returns. Despite economic challenges, these startups managed to secure over $1.2 billion in funding in 2022, solidifying Nigeria as a favored destination for venture capital. This funding trend not only fuels business expansion but also contributes to job creation, innovation, and foreign investment attraction. Addressing critical issues like financial inclusion, poverty, unemployment, and healthcare, Nigerian startups are making a significant impact.

Here are the top 10 Nigerian startups that have secured substantial funding as of August 2023:

Moniepoint – Raised $55.5 million

Formerly known as TeamApt, Moniepoint secured a significant raise of $50 million to expand its credit offerings. With a total funding of $57.5 million, this fintech startup is positioned for further growth.

ThriveAgric – Raised $65.4 million

A technology-driven agritech startup, ThriveAgric, secured $56.4 million in debt funding, contributing to a total funding of $65.4 million. This startup’s innovative approach to agriculture is attracting significant investment.

Konga – Raised $79.5 million

Konga, Nigeria’s pioneering e-commerce marketplace, has secured $79.5 million in funding. Acquired by Zinox in 2018, Konga’s impressive funding history includes rounds led by Naspers and Kinnevik AB.

Kuda Bank – Raised $91 million

Kuda Bank, a digital banking solution, raised a total of $91.6 million, including a $55 million Series B round and a $25 million Series A round led by Valar Ventures.

TradeDepot – Raised $123 million

TradeDepot, an e-commerce startup connecting international brands with African small businesses, secured a total of $123 million, with a significant $110 million Series B round.

Lumos Global – Raised $125 million

Nigerian Off-Grid Solar Company Lumos Global secured a total of $125 million, including a $35 million financing from U.S. International Development Finance Corporation (DFC) to expand its solar power market.

Moove – Raised $335 million

Moove, a Nigerian-born mobility fintech company, has secured a total funding of $335 million, with a recent $76 million raise led by Mubadala Investment Company. This includes equity, venture debt, and undisclosed funds.

Andela – Raised $381 million

Andela, a remote engineering team-building company, boasts a total funding of $381 million, with a valuation of $1.5 billion after a $200 million Series E round led by SoftBank’s Vision Fund 2.

Flutterwave – Raised $475 million

Flutterwave, a fintech giant, secured $475 million in funding, including a $250 million Series D round led by investors like B Capital Group and Whale Rock Capital Management. This raised the company’s valuation to over $3 billion.

OPay – Raised $570 million

OPay, a Chinese-backed and Africa-focused fintech company, raised a total of $570 million, including a $400 million funding round led by SoftBank Vision Fund 2, bringing the valuation to $2 billion.

These startups exemplify the robust growth of Nigeria’s tech ecosystem and its ability to attract significant investments, contributing to economic development and problem-solving across various sectors.

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