{"id":1536,"date":"2024-01-10T07:10:41","date_gmt":"2024-01-10T07:10:41","guid":{"rendered":"https:\/\/aqqute.com\/blog\/?p=1536"},"modified":"2024-01-10T07:10:41","modified_gmt":"2024-01-10T07:10:41","slug":"nine-nigerian-wither-after-70m-funding-spree","status":"publish","type":"post","link":"https:\/\/aqqute.com\/blog\/2024\/01\/10\/nine-nigerian-wither-after-70m-funding-spree\/","title":{"rendered":"Nine Nigerian Wither After $70M Funding Spree"},"content":{"rendered":"<p><span style=\"font-weight: 800\">Nine Nigerian Startups Die After $70M Funding Spree<\/span><\/p>\n<p><span style=\"font-weight: 500\">Nigerian Unicorns Fade to Black, Funding Freeze &amp; Due Diligence Deficit Spark a Harsh Winter<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-medium wp-image-1537\" src=\"https:\/\/aqqute.wordpress.com\/wp-content\/uploads\/2024\/03\/48977-nine-startups-kenoye-kitoye.jpg?w=300&#038;h=281\" alt=\"\" width=\"300\" height=\"281\" \/><\/p>\n<p><span style=\"font-weight: 400\">Key Points:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Nine Nigerian startups, despite raising over $70 million, shut down in 2023.<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">This was due to a combination of a funding freeze and a lack of thorough due diligence.<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Similar shutdowns across Africa highlight the need for a more balanced ecosystem.<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Investors must prioritize responsible growth and rigorous due diligence.<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Founders must focus on building sustainable businesses.<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Collaboration and a new focus on fundamentals are key to a resilient future.<\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p><b>Silicon Savanna Shrinks<\/b><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400\">For years, the <\/span><a href=\"https:\/\/www.f6s.com\/companies\/security\/nigeria\/co\"><span style=\"font-weight: 400\">Nigerian startup<\/span><\/a><span style=\"font-weight: 400\"> scene pulsed with the vibrancy of a lush savanna. Bold entrepreneurs chased dreams, fueled by a tide of investor dollars and the promise of digital revolution.\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400\">But in 2023, that savanna witnessed a harsh winter, with nine prominent startups succumbing to the combined chill of a funding freeze and a glaring deficit of <\/span><a href=\"https:\/\/hbr.org\/2019\/07\/building-a-startup-that-will-last\"><span style=\"font-weight: 400\">due diligence<\/span><\/a><span style=\"font-weight: 400\">.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400\">Over $70 million, raised amidst the exuberance of 2021 and 2022, evaporated into thin air as ventures like <\/span><a href=\"https:\/\/techcabal.com\/2023\/09\/27\/54gene-shutting-down-operations\/\"><span style=\"font-weight: 400\">54Gene <\/span><\/a><span style=\"font-weight: 400\">($45 million), <\/span><a href=\"https:\/\/pivo.africa\/#\/\"><span style=\"font-weight: 400\">Pivo Africa<\/span><\/a><span style=\"font-weight: 400\"> ($2.6 million), and <\/span><a href=\"https:\/\/docs.lazerpay.finance\/home\/\"><span style=\"font-weight: 400\">Lazerpay<\/span><\/a><span style=\"font-weight: 400\"> ($1.1 million) closed their doors. This implosion wasn&#8217;t unique to Nigeria; across Africa, similar narratives unfolded, raising profound questions about the continent&#8217;s tech ecosystem and its future.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><b>A Closer Look at the Fallen Unicorns:<\/b><\/p>\n<p>&nbsp;<\/p>\n<ul>\n<li style=\"font-weight: 400\"><b>Pivo: <\/b><span style=\"font-weight: 400\">This fintech aimed at small businesses folded despite a $2.6 million raise, allegedly due to internal conflicts.<\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<ul>\n<li style=\"font-weight: 400\"><b>Lazerpay: <\/b><span style=\"font-weight: 400\">This 19-year-old founder&#8217;s crypto dream turned sour after failing to secure follow-on funding.<\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<ul>\n<li style=\"font-weight: 400\"><b>54Gene: <\/b><span style=\"font-weight: 400\">This genomics giant, once boasting $45 million, imploded amidst leadership turmoil.<\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<ul>\n<li style=\"font-weight: 400\"><b>Bundle Africa:<\/b><span style=\"font-weight: 400\"> After a $450,000 pre-seed, this social payments app opted for restructuring, focusing on its P2P platform, Cashlink.<\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<ul>\n<li style=\"font-weight: 400\"><b>Payday:<\/b><span style=\"font-weight: 400\"> Facing accusations of founder greed and fraud, this fintech was acquired by Bitmama after a $3 million seed round.<\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<ul>\n<li style=\"font-weight: 400\"><b>Zazuu: <\/b><span style=\"font-weight: 400\">This cross-border remittance platform shut down despite a $2 million raise, unable to secure further funding.<\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<ul>\n<li style=\"font-weight: 400\"><b>Vibra:<\/b><span style=\"font-weight: 400\"> This blockchain startup, backed by $6 million, closed its doors in Nigeria, Kenya, and Ghana.<\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<ul>\n<li style=\"font-weight: 400\"><b>Okadabooks:<\/b><span style=\"font-weight: 400\"> This pioneer in digital publishing succumbed to harsh economic conditions after 10 years.<\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<ul>\n<li style=\"font-weight: 400\"><b>Hytch: <\/b><span style=\"font-weight: 400\">This logistics startup barely lasted nine months before failing to secure further funding.<\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<ul>\n<li style=\"font-weight: 400\"><b>Due Diligence Desert: <\/b><span style=\"font-weight: 400\">A Seed of Doubt Sprouts<\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p><b>Investors Rethink, Founders Brace Themselves<\/b><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400\">The wake of these closures has triggered soul-searching within the investor community. Eloho Omame of TLCom Capital points fingers at the &#8220;fast money, fewer questions&#8221; mentality of 2021\/2022, where due diligence took a backseat to the allure of &#8220;African unicorns.&#8221; This laxity, she argues, fueled a bubble ripe for bursting.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400\">Iyinolwa Aboyeji of Future Africa echoes this sentiment, criticizing the &#8220;imported deals&#8221; fueled by blind optimism and urging VCs to be more transparent about their evaluation criteria. He envisions a future where rigorous due diligence becomes the norm, fostering responsible, sustainable growth.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400\">For founders, the message is clear: <\/span><i><span style=\"font-weight: 400\">prepare for a new era of scrutiny. Gone are the days of quick wins and easy capital.<\/span><\/i><span style=\"font-weight: 400\"> Today, meticulous business plans, strong leadership, and a clear path to profitability will be the golden keys to unlocking investor doors.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><b>Lessons Learned and a Path Forward<\/b><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400\">While the fall of these startups undoubtedly casts a shadow, it also presents an opportunity for a more balanced, resilient ecosystem.\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400\">Here are some key takeaways:<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><b>Due diligence must reign supreme:<\/b><span style=\"font-weight: 400\"> Thorough scrutiny should be the cornerstone of every investment decision, ensuring ventures are built on solid foundations, not fleeting hype.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><b>Founders must focus on fundamentals: <\/b><span style=\"font-weight: 400\">Building sustainable businesses with clear paths to profitability, not just captivating pitches, is the key to long-term success.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><b>Investors must prioritize responsible growth: <\/b><span style=\"font-weight: 400\">A shift away from chasing &#8220;unicorns&#8221; and towards nurturing viable, impactful startups will create a more sustainable ecosystem.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><b>Collaboration is key:<\/b><span style=\"font-weight: 400\"> Fostering closer communication and cooperation between investors, founders, and ecosystem stakeholders will build a stronger, more resilient tech landscape.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400\">The Nigerian savanna may have witnessed a harsh winter, but the seeds of resilience remain. By embracing the lessons learned and nurturing a culture of responsible growth, the ecosystem can enter a new spring, where startups flourish not just under the sun of hype, but under the steady light of <\/span><a href=\"https:\/\/hbr.org\/2019\/07\/building-a-startup-that-will-last\"><span style=\"font-weight: 400\">due diligence<\/span><\/a><span style=\"font-weight: 400\"> and sustainable practices.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Nine Nigerian Startups Die After $70M Funding Spree Nigerian Unicorns Fade to Black, Funding Freeze &amp; Due Diligence Deficit Spark a Harsh Winter Key Points: Nine Nigerian startups, despite raising over $70 million, shut down in 2023. This was due to a combination of a funding freeze and a lack of thorough due diligence. Similar &hellip;<\/p>\n","protected":false},"author":1,"featured_media":1537,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5,10],"tags":[],"class_list":["post-1536","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-shutdowns","category-start-ups"],"aioseo_notices":[],"aioseo_head":"\n\t\t<!-- All in One SEO 4.9.10 - aioseo.com -->\n\t<meta name=\"description\" content=\"Nine Nigerian Startups Die After $70M Funding Spree Nigerian Unicorns Fade to Black, Funding Freeze &amp; Due Diligence Deficit Spark a Harsh Winter Key Points: Nine Nigerian startups, despite raising over $70 million, shut down in 2023. This was due to a combination of a funding freeze and a lack of thorough due diligence. 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