Report: Nigerian startups raised $219 m in Q1 2021, higher than the figures of the last three Q1s combined

by | May 4, 2021

In the first quarter of 2018, Techpoint Africa embarked on a journey to curate the funding activities of the Nigerian startup space with insights and analysis. Eleven of those reports have since been released, including the West African Startup Funding Report that looked into millionaire startups in the West African region.

In the build-up for the 2021 annual edition of the Nigerian Startup Funding Report, we present the Q1 2021 funding report.

Nigerian tech startups raised $219 million, an amount that is almost triple the combined figures of Q1 2018, Q1 2019, and Q1 2020. The amount raised in the last quarter is also higher than the figures for 2020.

As usual, the data used for this report was collected in real-time and from anonymous tips; we also reached out to investors and entrepreneurs. Below are some of the highlights of the report:

  • Fintech startups accounted for more than 90% of the funding
  • Two startups contributed almost 90% of the amount raised
  • Year-on-year breakdown and analysis
  • Contact details of startups that are still open to funding
  • And more

Do note that previous reports — free and paid — 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.

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