UPDATE: Nigerian startups raised $55.37m in Q1 2020, with over 99% from foreign sources

by | Apr 23, 2020

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

Do note that previous reports are still available on our Intelligence platform. Funding news tips can still be sent to intelligence@techpoint.africa or by filling this form.

Find out more in the report. Download it here.

Yinka Awosanya
Yinka Awosanya

Mobile & African Tech Enthusiast │ Data Analyst │ Music


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