Nigerian Startups Shine Bright Amidst Funding Drought: 10 Success Stories Raising $245 Million
While global economic headwinds have forced many startups to batten down the hatches, these 10 Nigerian companies are bucking the trend, raising a combined $245 million to fuel their growth. These remarkable achievements showcase the resilience and innovation thriving in the Nigerian startup ecosystem.
- Moove – Driving Financial Inclusion
Funds Raised: $76 Million
Moove, an African fintech company specializing in mobility, successfully raised $76 million. The funds comprise $10 million in venture debt from BlackRock-managed funds, $28 million in equity from investors led by Mubadala Investment Company, and $38 million from undisclosed sources over the past year.
Moove focuses on financing vehicles for drivers engaged with gig networks and ride-hailing services like Uber.
- Sabi – Empowering B2B E-commerce
Funds Raised: $38 Million
Lagos-based B2B e-commerce platform Sabi secured $38 million in Series B funding, valuing the company at an impressive $300 million. Sabi specializes in providing digital commerce infrastructure to Africa’s informal economy.
- LemFi – Simplifying Remittance Payments
Funds Raised: $33 Million
LemFi raised $33 million in Series A funding, aiming to streamline remittance payments for immigrants worldwide. The funding round was led by Left Lane Capital, with participation from Olive Tree, Global Founders Capital, and Y-Combinator.
- Helium Health – Revolutionizing Healthcare Solutions
Funds Raised: $30 Million
African startup Helium Health, offering software-as-a-service tools for healthcare providers, raised $30 million in Series B funding, enhancing its capacity to transform the healthcare sector.
- Nomba – Pioneering Payment Solutions
Funds Raised: $30 Million
Nomba, a Nigerian payment service company, secured $30 million in pre-Series B investment, with Base 10 Partners leading the round. The company, valued at over $150 million, provides tailored payment solutions for African businesses.
- Remedial Health – Digitizing Pharmacies for Efficiency
Funds Raised: $12 Million
Remedial Health, specializing in digitizing pharmacies to optimize the pharmaceutical value chain, raised $12 million in Series A equity-debt funding.
- FrontEdge – Empowering SMEs in Trade Financing
Funds Raised: $10 Million
FrontEdge, a Nigerian trade financing startup, secured $10 million in debt and equity funding. TLG Capital led the financing, with participation from Flexport, aiming to expand operations across Nigeria, Kenya, and other African nations.
- Traction – Revolutionizing Merchant Solutions
Funds Raised: $6 Million
Traction, a merchant solution platform based in Nigeria, announced a $6 million seed round in August. Ventures Platform and Multiply Partners led the investment, with additional participation from P1 Ventures.
- FairMoney – Series 1 Commercial Paper Issuance
Funds Raised: $5.39 Million
FairMoney Nigeria, also known as MyCredit Investments Limited, launched its Series 1 Commercial Paper (“CP”) Issuance, valued at N2.5 billion ($5.39 million). The CP program attracted substantial interest from qualified institutional investors, resulting in demand exceeding the issue size by 100%.
- OnePipe – Bridging the Gap with Unified APIs
Funds Raised: $4.8 Million
OnePipe, a platform integrating bank and fintech APIs into a standardized gateway, secured a $4.8 million credit facility from TLG Capital. The funds will be utilized for financing inventories for small businesses.
In the midst of global challenges, these ten startups exemplify Nigerian innovation and resilience, positioning themselves as beacons of success in the dynamic landscape of global entrepreneurship.
