There are indeed 2 sides to a coin.
Despite the global economic downturn that has forced many startups to cut down operations, lay off workers and even shut down completely , these 10 Nigerian startups have stayed afloat and even raised a total of $245 million to expand their operations.
Moove ($76 million)
Moove isan African fintech company focused on mobility .
They finance cars for drivers employed by gig networks and ride-hailing services such as Uber.
Moove secured a fund raising round of $76 million.
The sum consists
- $10 million in venture debt from BlackRock-managed funds and accounts,
- $28 million in equity from new and existing investors led by Mubadala Investment Company, and
- $38 million in previously undisclosed money raised over the preceding 12 months.
2. Sabi ($38 million)
A Lagos based B2B e-commerce business that offers digital commerce infrastructure to Africa’s informal economy.
The startup raised $38 million in Series B funding.
Sabi is valued at $300 million
3. LemFi ($33 million)
LemFi raised $33 million in Series A funding to make remittance payments easier for immigrants worldwide.
Left Lane Capital. Zrosk led the round.
Other investors were Olive Tree, Global Founders Capital, and Y-Combinator.
4. Helium Health ($30 million)
Helium Health is an African startup that provides software-as-a-service tools, financing, and information for healthcare providers and public health organizations
The startup raised a Series B funding . A sum of $30 million.
5. Nomba ($30 million)
A Nigerian payment service company, Nomba provides customized payment solutions for African businesses.
The startup raised $30 million in a pre-Series B investment
Base 10 Partners, a San Francisco-based venture capital firm, led the round.
The company is now valued at over $150 million according to YCombinator’s statistics .
6. Remedial Health ($12 million)
Remedial Health, digitizies pharmacies and brings efficiency to the pharmaceutical value chain.
The startup raised $12 million in Series A equity-debt funding .
7. FrontEdge – ($10 million)
FrontEdge is a Nigeria based trade financing startup. It assists African SMEs in transactional trade.
The startup raised $10 million in debt and equity funding.
The Finds is to help expand operations throughout Nigeria, Kenya, and other African nations.
TLG Capital led the financing, and included Flexport.
8. Traction – ($6 million)
Traction is a merchant solution platform based in Nigeria
The startup announced a $6 million seed round in August.
Ventures Platform, a pan-African investor, and Multiply Partners led the investment, with additional participation from P1 Ventures.
9. FairMoney – ($5.39 million)
FairMoney Nigeria, ( MyCredit Investments Limited) announced the launch of its Series 1 Commercial Paper (“CP”) Issuance.
It was valued at N2.5 billion ($5.39 million).
Qualified institutional investors showed great interest in the CP program; resulting in the total demand about 100% more than the issue size .
10. OnePipe – ($4.8 million)
OnePipe combines bank and fintech APIs into a standardized gateway that is simple to integrate and facilitates collaborations.
The company obtained a US$4.8 million credit facility from TLG Capital.
The fund is for financing inventories for small businesses.
