Nigerian startups raised over $224.3 million in funding across various sectors in the last eight months according to the data curated by Maxime Bayen. This represents 24.1 per cent of the over $1 million raised across Africa.
These reports comprised of 44 startups from nine African countries.
Although, the majority of the startups in Africa are struggling to remain afloat due to financial constraints, 10 Nigerian startups were able to make the list. This is because startups depend on sourcing for funds to launch their product and services.
Meanwhile, South Africa took 33.3 per cent. Startups from South Africa, Nigeria, and Kenya dominated the list, recording 15, 10 and eight respectively. Uganda got three, Ghana and Egypt got two, while Mauritius, Zimbabwe and Zambia had one each.
From Nigeria, Andela led the startups, followed by TeamApt, OneFi, Farmcrowdy, Kudi, mDaas, Gokada, Arnergy, Max, Opay, 54gene, Kobo360, TechAdvance. These were in the education, fintech, agriculture, healthcare and the logistics and travels sector.
Out of the top five in Africa, Andela, which led others, raised $100million, follow by OPay, which raised $50 million, and Kobo360 raised $30 million.
Dominating the list are fintechs. The increase in investment in fintechs is a reflection of the growing financial services industry and the need to deepen inclusion.
They accounted for 34 per cent at $156.4million, followed by the logistics and transport that took 13 per cent at $94.9 million, then energy for 11.1 per cent at $72 million; healthtech 11.1 per cent at $24.5 million; jobs ($4 million), and agritech ($8 million) at 5.6 per cent both, among others.
Also, eight of the African startups were founded or managed by women including Andela (Nigeria), PayItUp, InstaDeep (Tunisia), BitPesa (Kenya), SweepSouth (South Africa), Neopenda (Uganda), Framcrowdy (Nigeria) and MdaaS Global (Nigeria).
