Nigeria’s 10 Biggest Tech Firms by Venture Capital Funding

Nigeria’s 10 Biggest Tech Firms by Venture Capital Funding

  • Nigerian tech startups have been blazing the trail in funding across the ecosystem in Africa, raising millions in funding
  • Nigeria remains the biggest tech hub in Africa, followed by Kenya and South Africa, and, therefore, has seen a lot of funding coming to tech firms in the country
  • Ten of the biggest tech firms in Nigeria attracted over $2 billion funds in 2022 alone, accounting for 31 per cent of the total funding in Africa

Nigeria continues to lead the tech ecosystem in Nigeria concerning the number of innovative companies coming up in the country by the day.

The tech firms are also attracting massive amounts of funding from venture capital firms, pouring funds into the ecosystem across the continent.

Tech firms in Nigeria
Nigeria’s 10 Biggest Tech Firms by Venture Capital Funding Credit: Issarawat Tattong
Source: Getty Images

Nigerian tech firms lead ecosystem in Africa

A Renaissance Capitals report on Africa Tech and Fintech says that Nigerian-based tech startups raised 678 million in 107 deals between January and April 2022. Nigeria accounted for 31 per cent of the total funds raised by African tech firms in the first four months of this year, bringing total funding for 2022 alone to $2.2 billion.

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Although less than what was recorded in the previous quarter, Nigerian tech startups raked millions of dollars from venture capitalists and other investors, covering different stages of investments in 2022, report says.

The top 10 tech firms and the amount raised include:

  • Identitypass - $2.8 million. This Nigerian identity verification startup raised the fund to drive its expansion programme.
  • Identitypass was founded by Lanre Ogungbe, Niyi Adegboye and Ebuka Obi
  • ImaliPay - $3 million. This financial services firm raised the money to expand its 50-man team and ramp up its technology to seek out new offices in Ghana and Egypt.
  • Kaltani-$4 million
  • OnePort 365 $5 million
  • Afriex - $10 million
  • ZirooPay $11.4 million
  • Leatherback-$10 million
  • Umba - $15 million
  • Interswitch - $110 million

7 Nigerian start-ups in the tech space raised combined cash of over N142bn in the First 3 months of 2022

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The Nation reports that seven Nigerian start-ups in the tech space raised combined cash of $343 million in the first three months of this year.

2021 was extraordinary as the startup raised about $5 billion, surpassing the record of $4.3 billion in 2020.


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