Approximately $73.7 million was pumped into the Nigerian startup sector both the local and foreign investors in the last three months. During that period, FinTech companies received 75% of the total funding. The most significant share of funding worth $47,500,000 went to Cellulant, an African payment platform. O-Mobile multimedia limited obtained a grant valued at $10,000,000 and in May PiggyBank received $1,100,000 making it the third highest funded startup within that period.
In April 2018 TradeDepot got $3,000,000 while in June 2018 Kobo360 got $1,200,000. The two are logistic startups. A total of 21 deals were given out within that period, and investor’s grant had the highest number of deals getting ten deals. Each Seed and Series funding got three deals, pre-seed, Series C Funding round and equity investment funding each recorded one deal.
Series C round of funding got 64% of the total funding during the Q2 2018. Furthermore, ten startups received a total of $10.3 million in the form of grants. Pre-seed financing got $10.27 million, Seed funding received $1.15 million, Equity investment received $50,000, Series A and Series C received $13.5 million and $47.5 million in that order. The report also states that a total of 20 foreign investors channeled their cash to Nigerian startups compared to local investors who stood at 7 in number. Techpoint is the body responsible with the publication of the Nigerian Startup Funding Report. It does that each and every quarter of the year. The reports avail data to stakeholders of interest while giving people a clear picture of the current trends within the tech ecosystem.
Moreover, according to the 2017 African startup Funding Report in earlier 2018, it showed that 2017 was a successful year for African tech startups where they raised more money $195 million compared to any other year. The report also stated that Ghana, Nigeria, and Kenya received more than 60% of agritech market in Africa.