Tech Startups in Nigeria Raise Over N281 Billion in Four Months, Report Says

Tech Startups in Nigeria Raise Over N281 Billion in Four Months, Report Says

  • Tech startups in Nigeria are leading other African startups in raising funds across the continent to keep their operations going
  • A total of N281.270 billion in funding was secured by tech startups in Nigeria between January and April 2022 in 107 separate deals
  • A total of $2.2 billion was raised by tech startups in Africa, according to a report by Renaissance Capital

Between January and April 2022, tech startups in Nigeria have raised a total of N281.370 billion.

These funds were raised in 107 separate deals announced in the same period this year, a report by Africa and Fintech report by Renaissance Capital said.

Startups in Nigeria, African Startups, Renaissance Capital
Startups in Nigeria raised massive funds for operations Credit: Jonathan Erasmus
Source: Getty Images

Nigeria leads African tech startups in fundraising

According to Nairametrics, it shows a 137 per cent increase in funds secured in comparison with $286 million secured in the same period under review last year.

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The report also indicates that Nigeria accounted for 31 per cent of the total funds raised by startups in Africa by tech companies in the four months.

About $2.2 billion was raised across Africa in the same period under review.

African tech startups busy in 2022

Renaissance Capital noted that there is a decline in funding across Africa. It, however, said the first quarter of this year has been a busy one for African startups but has started seeing a downshift.

The company stated that in December 2021, fundraising in the African tech ecosystem went down as startups secured about $237 million across 57 deals, which is down by 39 per cent month-on-month but still a 139 per cent increase year-on-year.

Pharmaceutical company, Africure secures N6.2 billion funding for pan-African expansion

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Meanwhile, has reported that Pharmaceutical products makers and distributors, Africure has secured N6.2 billion in seed funding to grow its African market.

The firm secured the funds from BluePeak Private Capital’s $200 million targeted impact fund.

The new funding is meant to provide an important growth to the company and support its plan to strengthen its operational capital and boost demands for its pharmaceutical goods across 10 markets in Africa, reports by Nairametrics indicate.


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