UPDATE: A last-minute verification proves that one of the startups with the largest funding deal was inaccurate. This affected the total amount raised and the report has been updated to reflect this.
Over the last three years, Techpoint has consistently released a series of reports — both quarterly and annually — that captured the funding activities of the Nigerian startup space with insights and analysis.
In the spirit of consistency, we present the Q1 2020 funding report — the first quarterly edition in the build-up to the 2020 annual report.
In Q1 2020, Nigerian startups raised $55.37 million which is higher than the amounts raised in Q1 2018 and Q1 2019 combined.
As with previous reports, the data used for this report was collected in real-time as well as from anonymous tips; we also reached out to investors. Below are some of the highlights of the report:
- Fintech startups accounted for 82.2% of the total funding
- Less than 1% of the total amount raised is attributed to local fund providers
- Year-on-year breakdown and analysis
- Contact details of startups that are still open to funding
- And more
Find out more in the report. Download it here.
NEW REPORT: Nigerian startups raised $28.35m in Q2 2020; only about 4.5% of that came from local investors. Find out more in the full report.
Introducing the Built in Africa podcast, which spotlights African startups, innovators and everything that makes them tick. Listen and subscribe here.
Techpoint Build 2020 is holding virtually in August. Register free now to attend.