Startups

8 Startups in Nigeria Leading the Fund Raising Pack in 2019

A 2018 Startup Funding Report, coming from Disrupt Africa, shows that Nigerian startups grabbed a large chunk of the investment in African startups.

2019 seems, not to be short, of anything less, as more start-ups on the home front, have raised millions, in seed funding.

In 2019, below, is a list of Nigerian startups that have raised the most amount of funding, from January 2019 till date:

Andela

Credit: pulse.ng

The tech platform, Andela, invests in Africa’s most talented software engineers and developers, to assist in solving the technical talent shortage while building high-performing engineering teams.

Andela bridges that gap, solving the global tech talent’s shortage, while catalyzing the growth of tech ecosystems, on the African continent.

The company commenced operations in Nigeria in 2014.

In January 2019, Andela secured a $100 million Series D investment round, led by Generation Investment Management and with participation from other investors like Spark Capital, Google Ventures, CRE Venture Capital and Chan Zuckerberg Initiative.

In 2014, the tech-based company raised a seed round of $3 million. In 2015, it raised $14 million in Series A and $24 million Series B funding, in 2016, while it raised $40 million Series C funding, in 2017.

With the 2019 secured investment, Andela has accumulated $181 million, in total funding.

TeamApt

Credit: techeconomy

This fintech company provides digital solutions and payment infrastructure for Africa, making it, relatively, easier and faster, for users to perform and process financial transactions, deployed through its platform.

In February 2019, TeamApt, raised $5.5 million in a Series A round, led by Quantum Capital Partners.

The funds will be deployed, to the expansion of its white label digital finance products.

Farmcrowdy

Credit: techgistafrica

This first digital agriculture platform in Nigeria, empowers rural farmers, by providing them, with improved seeds, farm inputs, training on modern farming techniques and provides a market, for the sale of their farm produce.

This gives the farmers, the capacity, to farm more acres and by extension, lead to increased food production and security in Africa.

Launched in 2016 and now aggregated, as CrowdyVest, the agritech start-up, raised a seed funding of $1 million in March 2019 after, already, receiving the same amount, in 2017.

This round comes, as a follow-on, from international investors, Cox Enterprises and Techstars, along with local investors, Ajayi Solutions.

In 2018, Farmcrowdy got a grant of $325,000, from GSMA Ecosystem Accelerator.

Kudi

Credit: medium

Founded in 2016, the fintech company provides the under-banked and the unbanked in Nigeria, with access to financial services, which includes, cash withdrawal from agents, utility bills payment and money transfer.

In April 2019, Kudi secured $5 million, in Series A funding, led by Partech Partners, joined by Y Combinator Chief Executive Officer, (CEO), Michael Seibel and existing investors, Khosla Ventures and Y Combinator.

Gokada

Gokada is a bike hailing ride service, disrupting transportation with technology.

Gokada, in May 2019, raised a Series A funding of $5.3 million.

The funding was led, by Rise Capital, with participation from Adventure Capital, First MidWest Group, IC Global Partners and several local investors.

Max

Credit: naija247news

Max is another bike hailing company in the Nigerian startups ecosystem that connects users, to professional motorcycle riders, through its mobile app.

In June 2019, the Nigerian start-up, raised $6 million, from its Series A funding and also, got $1 million in grants.

The funding was led by Kenya’s venture firm, Novastar Ventures. Other investors include Japanese motorcycle maker, Yamaha, Breakthrough Energy Ventures, Zrosk Investment Management and Alitheia Capital.

Opay

Credit: weetracker

Over 60% of the people in Africa, remain unbanked and cannot access the most basic financial services, to invest in their education and businesses, which limits them, attaining their full potentials.

OPay is a one-stop mobile-based platform, for payment, transportation, food & grocery delivery, and other important services, in your everyday life.

Making opportunities accessible, by delivering on the promise of financial and social inclusion, in Africa today, to safely connect people, with places and opportunities.

Opay was launched in 2018 and in July 2019, it has raised $50 million, in funding, with investments from Source Code Capital, IDG Capital, GSR Ventures, Sequoia China, Meituan-Dianping and Opera Limited, (the Norwegian browsing company behind Opay)

Kobo360

Nigerian startups - cfamediaThe logistics start-up, since its launch in 2017, has used technology, to connect cargo owners, truck owners, drivers and cargo recipients, thus, bringing efficiency and cost reduction to bear, in the supply chain framework.

In August 2019, Kobo360 announced the completion of a $20M Series A equity round, led by Goldman Sachs, with participation from Asia Africa Investment, Consulting Pte., as well as, existing investors, including TLcom Capital, Y Combinator and the International Finance Corporation.

The logistics company, also, secured an additional $10 million, in local currency working capital financing, from Nigerian commercial banks.

There are other Nigerian startups that have secured seed funding in 2019, but the ones mentioned in this article are notable.


Featured Image: qz


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