The Tech Startups in Nigeria is without a doubt the envy of its rivals in the continent as a result of the huge success of tech firms there. These startups attracted up to 35% of the funding for African startups in the previous year.
The nation has reached a previously unheard-of milestone in its technological ecosystem as young people with a passion for technology continue to develop goods and services or businesses that deal with the numerous issues that do not affect only Nigeria but the entire African continent.
What is a Tech Startup?
Tech startups are young companies in the technology ecosystem utilizing IT products to create value for its customers.
As young people with a passion for technology continue to create products and services that address the various difficulties that not only Nigeria faces but the entire African continent confront, a new startup tends to spring up from it. The country has reached a previously unheard-of milestone in its technological ecosystem.
There is no denying that Nigeria is rapidly developing into a significant tech hotspot in terms of startup generation, making it a popular site for investors and entrepreneurs to make investments and introduce new ventures.
The first quarter of this year saw close to $1 billion accumulated by entrepreneurs nationwide. With the most unicorns in Africa, Fintech accounts for 90% of startup funding in Nigeria.
Top 5 Leading Nigerian Tech Startups For The First Quarter Of 2022
The leading technological startups for the first quarter of 2022 according to reports are:
- Flutterwave
- Moove
- Thrive Agric
- Reliance Health
- Credpal
1. Flutterwave ($250 Million)
The largest startup firm in Africa at the moment is flutterwave, a fintech company that offers payment infrastructure to international retailers and payment service providers throughout the continent.
The financial business has handled more than 200 million transactions totaling more than $16 billion across 34 African nations. The business raised $170 million in a Series C investment last year.
It targeted mergers and acquisitions with a rapidly expanding existing client base early this year, raising another $250 million in February in its best funding round to date, increasing its valuation to almost $3 billion.
2. Moove (105 Million Dollars)
Moove, a global mobility fintech company that offers vehicle financing based on revenue to mobility entrepreneurs worldwide, raised $105 million in a series A2 investment that was oversubscribed to scale to seven new regions throughout Asia and Europe over the following six months.
The business, which made its credit scoring system debut in 2020, is constantly searching for methods to provide revenue-based funding to mobility entrepreneurs in markets with little access to credit.
Since its launch, Moove has rapidly increased its presence throughout the Middle East, Asia, Europe, and other countries in Africa like Ghana, Kenya, Uganda, and South Africa.
3. Thrive Agric ($56.4 Million)
Thrive Agric, a business in agricultural technology that offers smallholder farmers access to capital, premium markets, and data-driven advice, has in March of this year obtained $56.4 million in debt funding from commercial banks and institutional investors.
Additionally, West Africa Trade and Investment, which is funded by USAID, awarded the startup company a $1.75 million co-investment grant.
With this new funding, the company will be able to reach new markets in Africa and increase its base of 200,000 farmers. Also, the company wants to create the biggest network of successful African farmers.
4. Reliance Health ($40 Million)
Reliance Health, a startup company that leverages technology to improve access and affordability of healthcare, makes use of these crucial ideas so that customers can subscribe to an integrated suite of healthcare products.
General Atlantic, a renowned worldwide growth equity investor, led a $40 million Series B fundraising round for the new firm in February of 2022.
5. Credpal ($15 Million)
Credpal is a financial technology startup that gives customers quick access to credit at the point of purchase, enabling them to buy anything and pay for it over time in installments from both online and offline shops.
To grow its consumer credit solutions across Africa, the company, which is thought to be among the first innovators of “buy now, pay later” services in Nigeria, concluded a bridge round of $15 million in stock and debt in March of this year.
According to research, 383 Nigerian digital firms raised a total of $2 billion in funding between January 2015 and August 2022, more than any other nation in Africa during that time.
The Nigerian Startup Ecosystem Report 2022 by Disrupt Africa, a research portal that covers news on African digital startups, recently made this information public.
Using data gleaned from a list of 481 Nigerian digital firms, the report tracks the expansion and growth of the country’s startup ecosystem from 2015 through August 2022.
Based on the survey, South Africa, Egypt, Kenya, and Nigeria make up the “big four” startup ecosystems in Africa.
According to the study, 383 tech startups raised $2,068,709,445 in total between 2015 and 2022, which is more than any other nation.
Other Tech Startups in Nigeria
Below is a list of some of the other top Startups in Nigeria
| Startup | FoundedYear | Overview | Last Round | No of Employee | Total Raised |
| JumiaLagos | 2012 | The Jumia Group is an online marketplace that offers customers useful, practical, and cost-effective products and services. | Corporate | 1001-5000 | $805,345,200.00 |
| IHS TowersLagos | 2001 | IHS is a supplier of mobile communications infrastructure. | Private Equity | 10001+ | $652,000,000.00 |
| AndelaLagos | 2014 | Andela is an engineering-as-a-service company that assists businesses in swiftly and affordably establishing remote teams. | Series E | 1,001-5,000 | $381,000,000.00 |
| Zola ElectricLagos | 2011 | A Silicon Valley start-up named ZOLA Electric democratizes access to sustainable energy and offers intelligent power storage solutions. | Venture | 1,001-5,000 | $306,100,000.00 |
| LumosLagos | 2012 | The African market is being revolutionized by Lumos, a leader in the supply of premium solar home systems that uses clean energy. | Debt Financing | 201-500 | $212,000,000.00 |
| PalmPayLagos | 2019 | A straightforward and secure payment app, PalmPay offers incentives. | Series A | 51-200 | $140,000,000.00 |
| TradeDepotLagos | 2015 | Manufacturers and significant distributors can maintain brand availability on millions of African retail store shelves thanks to TradeDepot. | Debt Financing | 51-200 |
| InterswitchLagos | 2002 | Interswitch is an integrated digital payments and commerce organization with a focus on Africa. | Private Equity | 501-1000 | $120,500,000.00 |
| MainOneLagos | 2007 | A telecommunications start-up named MainOne seeks to advance the digital economy in West Africa. | Venture | 201-500 | $100,000,000.00 |
| Kuda BankLagos | 2018 | Kuda Bank is made for smartphones, is cost-free, and works wonders at assisting you in creating a budget, making wise financial decisions, and saving more money. | Series B | 11-51 | $91,600,000.00 |
| Daystar PowerLagos | 2017 | Energy-efficient and solar power options for businesses | Debt Financing | 51-100 | $88,546,000.00 |
| BeloxxiOgun | 1994 | Beloxxi is a Nigerian distributor and importer of branded biscuits from an international source. | Private Equity | 101-250 | $80,000,000.00 |
| KongaLagos | 2012 | Nigerian internet retailer Konga Online Shopping offers a variety of products including books, mobile phones, food, and household appliances. | Series C | 1001-5000 | $79,500,000.00 |
| Hygeia HMOLagos | 1984 | In West Africa, comprehensive healthcare is offered by Hygeia HMO. | Venture | 51-100 | $66,800,000.00 |
MAX.NGLagos | 2015 | The goal of MAX (Metro Africa Express) is to solve Africa’s infamous last-mile delivery and online shopping issues. | Venture | 11-50 | $64,200,000.00 |
| Sigma PensionsFederal Capital Territory | 2004 | Sigma Pensions is a platform for managing pension funds. | Venture | 201-500 | $62,000,000.00 |
Top 7 Tech Companies in Nigeria to Work For
There are several tech startups to work for and smile home at the end of the day and they are:
- Andela
- Paystack
- Interswitch
- Jumia
- Tek Experts Nigeria
- Flutterwave wave
- Softcom
1. Andela
Andela is an African business that provides engineering as a service (EAAS). It identifies, nurtures, educates, and connects the engineering teams of international organizations with African engineering talent.
2. Paystack
They debuts on the index as one of the best companies to work for in Nigeria. Paystack has built technology that will help Africa’s best businesses grow and scale. They keep solving payment problems for ambitious businesses in Nigeria and Africa. Their mission is to help businesses in Africa become profitable, and loved.
3. Interswitch
Interswitch, the soon-to-be first tech unicorn in Africa, is now listed as one of Nigeria’s top best firms to work for.
Their commitment to entrepreneurship has helped them co-create an ecosystem using FinTech to scale startups and match company’s agents towards solving the startups problems and world’s needs.
4. Jumia
The leading e-commerce company in Nigeria is rated as one of the greatest places to work in the nation.
Jumia is a leading pan-African e-commerce platform that is active across 11 countries in the world. Their platform consists of a marketplace connecting buyers and sellers of different products in the world.
5. Tek Experts Nigeria
Leading international provider of business and IT support services is Tek Experts. They offer global support and deliver tech talent solutions for companies. This helps drive value through exceptional customer experiences for different businesses.
6. Flutterwave
In Nigeria, Flutterwave is regarded as a very good tech company to work for. Flutterwave is a Nigerian financial technology company that renders a payment infrastructure/platform for global merchants and other payment service providers across the globe.
7. Softcom
The parent company of the mobile money service Eyowo, Softcom, is ranked as one of the best companies to work for in Nigeria.
The 12-year-old engineering firm also boasts a stunning workstation that some have even dubbed one of Nigeria’s best built.
Categories of the Top 7 Tech Startups
The 7 top Startups falls into the following categories:
- One international engineering-outsourcing firm (Andela),
- Three fintech companies (Paystack, Interswitch, and Flutterwave),
- One e-commerce company (Jumia),
- One IT support company with its headquarters in Bulgaria (Tek Experts), and
- One indigenous technology company (Softcom).
Conclusion
A tech startup in Nigeria is a company or young enterprise whose purpose is to bring technology products or services to the Nigerian, African or global market.
These companies deliver new technology products daily to solve people’s needs and also create value in return for money.
Click here to see the rankings of Startups in Nigeria.
Frequently Asked Questions
How many IT startups are there in Nigeria?
As of August 2022, there are at least 481 startups operating nationwide.
What kind of business is a tech company?
A technology firm, sometimes known as a tech company, is an electronics-based technological business that engages in activities including digital electronics, software development, and internet-related services like e-commerce.
