9 Nigerian Start-ups that have raised over $10 million in funding

Technology and innovation has helped create multimillion-dollar start-ups with greater potential in Nigeria and Africa as a whole. These start-ups have attracted both local and international investors resulting in hundreds of millions of dollars raised every year.

The most recent Nigerian start-up funding was announced on January 21 by fintech company, Flutterwave with $35 million from their Series B round, bringing their total funds raised to $55.4M.

Flutterwave is just one of the nine Nigerian start-ups to have raised above $10 million in funding. See the rest below

Andela – $181M

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Andela launched operations in Nigeria in 2014, to help global companies overcome the severe shortage of skilled software developers and has offices in Nigeria, Kenya, Rwanda, Uganda and the United States.

Andela is funded by 39 investors. Social Impact Capital and TLcom Capital Partners are the most recent investors. The company has raised a total of $181M in funding over 7 rounds. Their latest funding was raised on Jan 23, 2019 from a Series D round.

OPay – $170M

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OPay is a mobile-based platform launched by Opera software company for payment, transportation, food & grocery delivery, and other services. OPay has raised a total of $170M in funding over 2 rounds. Their latest funding was raised on Nov 18, 2019 from a Series B round.

Paga – $34.7M

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Paga is a mobile payment platform founded in 2009 that allows its users to transfer money electronically and make payments through their mobile devices. Paga has raised a total of $34.7M in funding over 4 rounds. Their latest funding was raised on Sep 6, 2018 from a Series B round.

iROKOtv – $30M

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iROKOtv is a web-based platform that provides free and paid-for Nigerian films on-demand. iROKOtv has raised a total of $30M in funding over 3 rounds. Their latest funding was raised on Jan 25, 2016 from a Series E round.

Kobo360 – $37.3M

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Kobo360 is a tech-enabled digital logistics platform that aggregates end-to-end haulage operations. Kobo360 is funded by 12 investors including Goldman Sachs and the most recent, TLcom Capital Partners and Asia Africa Investment & Consulting. The startup has raised a total of $37.3M in funding over 6 rounds. Their latest funding was raised on Aug 14, 2019 from a Series A round.

Flutterwave – $55.4M

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Flutterwave is a fintech company, founded in 2016 and headquartered in San Francisco, California that provides a payment service for global merchants and payment service providers. The company helps merchants accept payments both online and at the point-of-sale through a host of methods, including cards, mobile money and bank transfers. Flutterwave has raised a total of $55.4M in funding over 10 rounds. Their latest funding was raised on Jan 21, 2020 from a Series B round.

Boomplay Music – $25.5M

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Boomplay Music is a media streaming and download service developed by Transsnet Music Limited and launched in Nigeria in 2015 by TECNO Mobile, Transsion Holdings. Boomplay has raised a total of $25.5M in funding over 2 rounds. Their latest funding was raised on Apr 8, 2019 from a Series A round.

Migo – $37.2M

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Migo, formerly known as Mines is a cloud-based platform that allows customers to use loans, make purchases, and withdraw cash without the need for plastic cards. Migo has raised a total of $37.2M in funding over 5 rounds. Their latest funding was raised on Dec 3, 2019 from a Series B round.

Paystack – $11.7M

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Paystack is a fin-tech startup that provides online payment facilities to merchants and others. Their most recent funding was came on Aug 28, 2018 from a Series A round, bringing their total raised funds to a total of $11.7M after 5 rounds

Written by Emeka Nweze

Content writer and contributor.

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