These startups in Nigeria raised more Funds in 2023

Startup funding is important as it provides the essential resources needed for a new business to take flight. This financial support helps to cover operational costs, product development, hiring talent, marketing, and infrastructure.

Recently, there has been news of startups closing down and a number of them have held onto "inadequate funding" as the main reason for their decision. This indicates that there has been a decrease in funding this year. However, even while it seems like the funds are nowhere, a couple of other startups are getting the funding they need even in huge amounts.

Usually, these funds come from sources such as angel investors, venture capitalists, crowdfunding, or loans, and it's pivotal for sustaining growth, validating ideas, and navigating the early stages of a business.

In Nigeria today, quite a number of startups have been able to raise good money which has kept their business moving for a while. If you need to know about these remarkable businesses, we created a list in no particular order.

Sabi 

Sabi is a fintech company that helps business owners grow their businesses by creating products that support and encourage e-commerce. Sabi secured $38 million in series B funding in May 2023, boosting the company's worth to $300 million. According to the startup, the goal of this investment is to support numerous African SMEs by offering them technology, tools, and opportunities to access various products and services.

Nomba 

Nomba started off in 2016 as KUDI, a chatbot that responds to people who have issues with their finances. Fast forward to a few years later, it has now morphed into a financial startup that raised $30 million in pre-Series B funding primarily from Base 10 Partners, with additional investments from Helios Digital Ventures, Shopify, Partech, and Khosla Ventures.

Helium Health

Helium Health is a health tech company with the idea to provide digital tools and facilitate financing that will contribute positively to the healthcare industry. The startup swiftly digitizes hospitals and clinics using its primary Electronic Medical Records/Hospital Management Information System (EMR/HMIS) product, which is extensively utilized across West Africa.

In June 2023 the Nigerian e-health startup Helium Health secured $30 million in Series B funding to support the expansion of its fintech offering, HeliumCredit as decided by Adegoke Olubisi, Dimeji Sofowora, and Tito Ovia, co-founders of Helium Health. 

ThriveAgric

ThriveAgric was founded in 2017 by Ayodeji Arikawe and Uka Eje. The idea was to help farmers in Africa gain access to finances and markets that can help their businesses thrive. The agri-tech company specializes in food production, agricultural technology, sustainable agriculture, food security, and more. The agri-tech recently secured $56.4 million in funding from banks and investors. This increased the total money they have to about $65.4 million after they previously raised $9 million from other investors.

Moniepoint

Moniepoint is a fintech company in Nigeria that offers the opportunity of free banking service to its several customers, also providing them with access to a debit card amongst other available benefits which include money transfer, airtime top-up, and bill settlement. The startup was formerly known as TeamApt and in 2022, it raised about $50m to improve its credit services. And recently, there has been a $5.5m series A funding, making a total of $57.5m from launch till now. 

Flutterwave

Flutterwave is a tech startup, yet a popular payment platform that many people, business owners especially, use to accept payment online and offline. Presently, Flutterwave is worth over $3billion and has raised about $ 475 million in funds. Also, it has conducted transactions close to $2 billion and processed 25 million payments, spanning operations in 33 African countries.

Opay 

Opay has about 35 million users and this number is huge because a lot of people find the app useful and seamless to use, especially when they have to send or receive money.  The fintech app gathered $570 million across three rounds of funding, with its most recent being in August 2021, securing $400 million led by SoftBank Vision Fund 2. This investment increased the company's valuation to $2 billion. 

Moove

Moove has raised $335 million in total funding, sourced from a $38 million fund acquired gradually. Their latest funding round in August involved $28 million in equity and $10 million in venture debt. Also, in July 2023, Absa Corporate and Investment Banking (CIB) invested an extra $8 million to expand Moove's Suzuki S-Presso vehicle fleet in Ghana. 

The goal of this startup is to make sure that their customers get good access to vehicle financing and the ability to start their own business right away which means that if you love driving, Moove can help you turn your passion into income. 

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