Top 10 Most Funded Startups in Nigeria

Nigerian startups have become attractive to investors from around the globe. Their innovative ideas and services have made Nigeria a top choice for investment in Africa. This article explores Nigerian startups, their appeal, and their financial success.

Strong despite economic challenges

Despite global economic difficulties, Nigerian startups have shown remarkable resilience. In 2022, they secured over $1.2 billion in funding, proving their strength and attractiveness.

Leaders in Innovation

Among Nigerian startups, a few have gained global attention:

1. Moniepoint: Changing Payments Moniepoint, a leader in point-of-sale (PoS) businesses, secured $55.5 million in funding. This will help them expand credit services in Africa.
2. ThriveAgric: Growing Prosperity ThriveAgric, focused on agriculture, received $65.4 million in funding, including $56.4 million in debt financing. This shows their impressive growth.
3. Konga: E-commerce Success Konga, an e-commerce company, has a funding history of around $79.5 million, including a significant $41 million Series C round.
4. Kuda Bank: Modern Banking Kuda Bank received $91 million in funding. This digital bank's success includes a $55 million Series B round in August 2021.
5. TradeDepot: Connecting Commerce TradeDepot connects international brands and African businesses through e-commerce. They secured $123 million in funding, with an extra $110 million in a Series B round in December 2021.
6. Lumos Global: Solar Power Lumos Global specializes in off-grid solar solutions and has received $125 million in funding, including $25 million from the US International Development Finance Corporation.
7. Moove: Innovating Mobility Moove, in the mobility sector, raised about $183.3 million in 2022 across five funding rounds.
8. Andela: Excellence in Tech Andela, founded in 2014, secured $381 million, reaching a valuation of about $1.5 billion.
9. Flutterwave: Simplifying Payments Flutterwave, a major player in payments, raised $475 million, including a $250 million Series D round led by B Capital Group.
10. OPay: Funding Success OPay secured $400 million in August 2021, leading to a $2 billion valuation. They also received significant funding in 2019.

These Nigerian startups are shining examples of success in the business world, attracting investments and contributing to the country's growth.

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