- At the end of the first quarter of this year, it was gathered that $219 million was raised by Nigerian tech startups
- Notable names that raised the funds are Flutterwave, Kuda, Bankly, Kwik Delivery and Afriex
- Majority of the $219 million was raised by one tech startup, while others shared the remaining investment in Q1 2021
Nigerian tech startups raised $219 million in the first quarter of this year, as the impact of the COVID-19 pandemic wears off on the Nigerian tech space. The industry had been silent in 2020 due to the virus outbreak.
It was gathered that majority of the funds raised between January to March was secured by Nigeria's first unicorn company, Flutterwave. Notable names also contributed to the Q1 capital.
According to report by Techuncode, majority (90%) of the funds obtained by Nigerian startups were secured late minutes of the first quarter, which is the last month of the period under review.
In a Series-C funding, Flutterwave raised $170 million from Avenir Growth Capital, Tiger Global and other top venture capitalists that have found Nigerian tech market profitable to invest in.
Kuda Bank also participated in fundraising in Q1 2021, securing $25 million to improve its competitiveness in the digital financial market in Nigeria where deposit money banks are now entering.
Another Nigerian startup that marked its presence in the investment map for Africa's largest economy is Bankly. The nascent Fintech, in a seed funding round, secured $2 million from investors.
French-owned Kwik Delivery raised $1.7 million during the same period of first quarter 2021. It was joined by Termii Network, which recorded $1.4 million. It was also gathered that $1.2 million was invested into Afriex.
The increase in fare had occurred after some drivers protested against the previous fare, which they said wasn't enough due to the rise in inflation and fuel price in Nigeria.
However, the decision hasn't gone down well with riders who spoke to Legit.ng. They criticised the hike in fare and ask government intervention.