Nigerian Startups especially the tech ecosystem have been through their ups and downs this year. Asides from that they also have a lot to be thankful for.
Data shows that the amount of money invested in Nigerian Startups in 2022 was 27.4% ($967.2 million) of the total $3.6 billion raised by African startups.
Nigerian startups that secured the most significant funding tickets include Flutterwave, Interswitch, Moore, TeamApt, and Ventures platforms.
Here are the 3 Nigerian Startups That Got The Biggest Deals In 2022
1. Flutterwave
Flutterwave was leading the table after raising over $250 million in 2022. This happened in February 2022 after it closed a $250 million series D round.
It was temporarily the largest Series D round by an African tech company. However, Kenyan-based startup Sun King overtook Flutterwave when he closed a $260 million series D round. Nonetheless, Flutterwave’s position catapulted and was valued at $ 3 billion.
2. Interswitch (Valued at N49.23 bn)
In May, Interswitch investors including Helios, Visa, and others decided to sell 15% of their total holdings in the company worth $110 million. This they sold to Leapfrog Investments and Tana Africa Capital.
Leapfrog Investments is a South African-based private equity firm founded by Andrew Kuper and Jim Roth. The reason for the selldown according to the company is to expand the investor base and not a loss of confidence by the private equity firm Helios.
3. Moove (47bn)
Moove who claims it is the world’s first mobility fintech raised 4105 million in an oversubscribed Series A2 round consisting of equity and debt. The funding was led by existing investors, Speedinvest, Left Lane Capital, and ventures with participation from new investors including AfricInvest, MUFG Innovations Partners, and Kreos Capital.
This is not the first time Flutterwave will lead the table. Co-founder and CEO, of Flutterwave, Olugbenga Agboola was awarded the fintech award. The organizers chose to look beyond just the companies/institutions but also to award the brains behind the success.
Speaking on this, the Director for the Nigerian Fintech Awards, Sola Fanawopo, said the special recognition is spread across a generation of dreamers. Not only the dreamers but the doers, and drivers of the industry in Nigeria.
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