Nigerian Startups Secure $253.15m in Top 10 Funding Deals of 2023

In 2023, the top ten funding deals by Nigerian tech startups amounted to $253.15 million. Despite the decline in funding compared with the previous year, these 10 startups were able to raise these funds to scale their businesses.

The list includes startups across different sectors of the ecosystem, from fintech to mobility, health-tech to e-commerce.

Here is a summary of the top 10 deals announced by Nigerian startups in 2023:

1. Moove ($76 million): Leading the pack is Moove, a fintech startup revolutionizing vehicle financing for mobility entrepreneurs. Moove secured $76 million in a new funding round which includes $28 million in equity from both new and existing investors, led by Mubadala Investment Company, $10 million in venture debt from BlackRock-managed funds, and $38 million in previously undisclosed funds raised in the last twelve months.
2. Sabi ($38 million): Sabi, a Lagos-based B2B e-commerce startup providing digital commerce infrastructure to Africa’s informal economy, raised $38 million in Series B funding at a valuation of $300 million. Some of the investors in the round included German-based specialist fintech investor CommerzVentures, Stockholm-based but Africa-focused growth-stage investor Norrsken22, U.S.-based growth-stage funds Fluent Ventures and Proof VC and pan-African early-stage investors CRE Venture Capital and Janngo Capital.
3. LemFi ($33 million): LemFi, a trailblazing fintech platform dedicated to revolutionizing financial services for immigrants, successfully raised $33 million in its Series A funding round, with the lead investor being Left Lane Capital. Joining forces with LemFi on this exciting venture were prominent names like Y-Combinator, Zrosk, Global Founders Capital, and Olive Tree.
4. Helium Health ($30 million): Helium Health, the largest Electronic Medical Records (EMR) and Hospital Management Information (HMI) Systems provider in West Africa, raised $30 million in a Series B funding round led by global investment leaders, AXA IM Alts. Other participants in the funding round include Capria Ventures, Angaza Capital, U.S. based Flatworld Partners and existing investor, Tencent. Helium Health intends to use this new investment to scale up operations and expand credit in the African healthcare sector. 
5. Nomba ($30 million): NOMBA, formerly known as Kudi, raised $30 million at a valuation of over $150 million. The Series-B funding round was led by San Francisco-based Base 10 Partners. Other participants include existing investors Partech and Khosla Ventures and new investors including Helios Digital Ventures and Shopify (this is Its first investment in Africa). According to the company, the investment was to enable them to provide customized payment and operational solutions that cater to the specific needs of businesses.
6. Remedial Health ($12 million): In August, Nigerian health tech startup Remedial Health which digitizes pharmacies and brings efficiency to the pharmaceutical supply chain, announced that it raised $12 million in Series A equity-debt funding, with a mission to scale operations in the West African country, before expanding to the rest of Africa. Fintech VC firm QED Investors co-led the round, banking on embedded financial opportunities like payments, and lending in the pharmaceutical sector.
7. FrontEdge ($10 million): FrontEdge, a Nigerian fintech operating out of Lagos, successfully raised $10 million in a seed round, with over 70% contributed through debt financing. The funding aims to drive the expansion of African cross-border trade. Established in 2021 by Moni Alli, a former McKinsey consultant with a background in digital transformations for tier-one banks, FrontEdge specializes in providing SME exporters and importers with working capital and software tools for seamless cross-border and international transactions.
8. Shekel Mobility ($9.15 million): In 2023 Shekel Mobility, a B2B auto dealers marketplace, raised $9.15 million in a mix of equity and debt funding to enhance its operations and quadruple its current Annual Recurring Revenue (ARR). The funding included $3.2 million in equity, complemented by over $4 million in debt financing. It also secured a $1.95 million pre-seed investment earlier in the year, led by Ventures Platform with Y Combinator, Voltron Capital, and Zedcrest also participating.
9. Terragon ($9 million): Terragon, the Nigerian cloud analytics and marketing platform, successfully raised $9 million in a Series B round. The company said it was going to use the funds to enhance the platform’s cloud-native capabilities and kickstart its Pan-African expansion. The funding round was led by Orange Ventures, with participation from TLcom Capital, LoftyInc, Sango Capital, VestedWorld, and Western Technology Investment (WTI).
10. Traction ($6 million): Nigerian fintech startup, Traction announced a $6 million seed raise in a funding round. With the new funding, Traction said it would use the funds to accelerate its growth in Nigeria, strengthening its team, and driving expansion outside Nigeria. The investment was anchored by Pan-African investor Ventures Platform and Multiply Partners, with participation from P1 Ventures and other investors.