Startups

Nigerian startups raised $178m in 2018. Find out how they did

February 11, 2019 · 1 min read
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Last year, Techpoint Africa kickstarted the Nigerian Startup Funding Report — a quarterly breakdown of funding activities in the Internet space, in the build-up to the annual report which is powered by Intelpoint.

The main purpose of the report is to make valuable data available to concerned stakeholders while also ensuring that funding activities in the space are well curated.

We are glad to present you the annual version of the report which, unlike the three quarterly reports that were published in 2018, has industry analysis as well as details on recent trends in the Nigerian startup space. It also contains information about featured companies.

At the recent Techpoint Build 2019, we announced our readiness to release the report, calling on people to pre-order it. The positive responses and the number of pre-orders we got proved that people believed in what we are doing.

What to expect

The Nigerian Startup Funding Report 2018 not only covers publicly announced funding activities; we also reached out to investors as well as startups for undisclosed funding rounds and a good number of them responded positively.

Both Nigerian and foreign institutions participated in the Nigerian startup space. This can be considered as proof that there’s a huge potential for budding companies in the country. The report examines this and many more.

Worthy mentions

Towards the end of the year, Google gave out $2m in grants to 12 Nigerian companies in the inaugural African edition of the Google Impact Challenge. However, because the challenge focuses on non-profit initiatives, both the investor and the companies were not considered in this report.

In compiling the report, we only considered startups that were originally founded in Nigeria, which is the main reason why the likes of Branch and Mines did not get featured. It is also for this same reason that Asoko Insights, which was featured in the second edition of the quarterly report, is not included in this report.

Highlights of the report

  • More than 90 investors (individuals and institutions) participated in the investment landscape in Nigeria
  • 148 startups raised funding in various rounds in the year
  • A financial service provider got the highest funding for the year
  • Fintechs got the lion’s share of the total funding for the year
  • 15 startups raised over a million dollars
  • Top fundings for the year
  • Details of featured companies
  • Trends

Find out more in the report. The annual report is available for free here.

Yinka Awosanya

Yinka Awosanya

Author

Mobile & African Tech Enthusiast │ Data Analyst │ Music

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