2018 has been an impressive year for African startups generally. Last year, African startups collectively raised $195 million according to Disrupt Africa. However this year, three startups alone have raised $224 million. They are Webuycars ($94m), Zola Electric ($75m), and Jumo ($55m).
This impressive trend is evident even in Nigeria. Since the start of the year, Nigerian startups have continued to raise more money than anytime over the last few years. So without further ado, here are 10 most impressive Nigerian startup funding rounds of 2018.
10. Kobo360 – $1.2m
Kobo360, a logistics startup, has had a fantastic 2018. In July, the startup sealed an impressive $1.2 million funding round led by Western Technology Limited and Nigerian based Future Limited. Kobo360 also secured a place in the YCombinator Summer ’18 cohort and in the process got another $120,000 worth of funding. This is one of the most significant Nigerian startup funding rounds for 2018.
9. Tizeti – $3m
Wireless internet service provider, Tizeti, closed a $3 million funding round in September as it aims to provide high speed internet services across the continent. Launched only in 2017, the startup has laced its services to cover Lagos and now offers public WI-FI to about 150,000 users in the country.
8. TradeDepot – $3m
Three year old TradeDepot is an integrated platform for trade, providing valuable information and services for retailers, manufacturers, and distributors. The startup secured an impressive $3 million funding from Partech Ventures in April 2018.
7. Lidya – $6.9m
Another impressive Nigerian startup funding round came by the way of Lidya. The Nigerian fintech platform secured $6.9 million from a group of investors led by Omidyar Network in May 2018. The Nigerian platform says the new funding will be used to scale up its services as well as expand to other African countries.
6. SureRemit – $7m
Way back in January 2018, SureRemit raised $7 million in Initial Coin Offering (ICO) to scale its remittance. Using blockchain technology, the startup aims to disrupt the $601 billion remittance industry dominated by Western Union and MoneyGram. By using blockchain, SureRemit seeks to reduce transaction cost on remittance payments.
5. O-Mobile Multimedia – $10m
Tech company, O-Mobile Multimedia Ltd, received a huge $10 million grant from Swiss So.Sui.Ben Foundation to help integrate small businesses into the digital economy.
4. Flutterwave – $10m
Flutterwave, one of Nigeria’s leading fintech companies, secured $10 million funding from key players in the finance industry. MasterCard and former Visa CEO, Joseph Saunders participated in the round. This affords the fintech access to resources and insider knowledge from two of the world’s largest fintech companies.
3. Paga – $10m
Longtime fintech industry leader, Paga has witnessed a superb year in nearly every aspect. The company secured an important $10 million funding from Global Innovation Fund (GIF). The startup also grew its customer base by at least 2 million since the start of the year.
2. Paystack – $10.2m
PayStack began its African expansion plans recently after raising $10.2 million. US companies, Stripe and Visa, alongside China’s Tencent led the latest funding round, bringing the company’s total around $11.3 million. It subsequently announced it was opening shop in Accra, Ghana.
1. Mines.IO – $13m
Data analytics firm, Mines.IO, raised the most sum of money (so far) in 2018. In August, the four year old startup raised $13 million from investors led by TPG’s The Rise Fund. Many other investors participated in the round. They include Velocity Capital, Western Technology Investments, First Ally Capital, X/Seed Capital, NYCA Partners, Persistent Capital, Singularity Investments, Trans Sahara Investments, and the Bank of Industry. This brought its total funding to $17 million so far.