Investors pumped $73.7 million into Nigerian startups within three months and fintech received a 75% share of it

Cellulant, Africa's payment platform received the larger share of the funding with the sum of $47.5 million.

  • Local and foreign investors pumped about $73.7 million in value to the Nigerian Startups segment in the second quarter.

Local and foreign investors pumped about $73.7 million in value to the Nigerian Startups segment in the last three months and 75% of the total funding went to FinTech firms during the period.

Cellulant, Africa's payment platform received the larger share of the funding with the sum of $47,500,000 followed by a service firm, O-Mobile multimedia limited with a grant of $10,000,000 and PiggyBank with $1.100,000 in the month of May. Logistics startups, TradeDepot received $3,000,000 in April while Kobo360 received $1.200,000 in the month of June 2018.

This was the details of the Q2 2018 Nigerian Startup Funding Report released by Techpoint on Monday, July 9, 2018.

Within the period, in a total of 21 deals, investors' grants recorded the highest number with 10 deals. Series A and Seed funding recorded 3 deals each, Series C Funding round, equity investment and pre-seed funding round recorded 1 deal each.

Series C funding round made up of 64% of the total funding in value during the quarter under review.

Further analysis of the report shows that a total of $10.3 million was given to 10 startups in form of grants.

Pre-seed received $10.27 million, Seed funding got $1.15 million, Equity investment $50,000, Series C and Series A got $47.5 million and $13.5 million respectively.

In the last three months, a total of 20 foreign investors dropped their cash on Nigerian startups compared to 7 local investors.

The Nigerian Startup Funding report is a quarterly publication of Techpoint. The report makes data available to concerned stakeholders while giving people a grasp of the latest happening within the tech space.

Earlier in 2018, Disrupt Africa also released the 2017 African Startup Funding Report. The report revealed that African tech startups raised more money in 2017 ($195 million) than in any year before that (since tracking began).

The report also revealed that Kenya, Nigeria and Ghana account for over 60% of Africa’s agri-tech market.

Tom Jackson, Co-founder, Disrupt Africa, told Business Insider that the African tech startup scene will not see hockey stick growth, but rather slow and steady development as the quality of companies improves, more investors come to the party.

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