Global investors seeking early stage companies that are viable commercially recently turned to Nigeria as the market to be.
Nigerian technology startups have in the
process become the brides sought after. Especially the viable one with
quick profit returns in the emerging markets.
process become the brides sought after. Especially the viable one with
quick profit returns in the emerging markets.
Some of these firms like Mines, Tizeti and Paga have attracted millions of dollars in investments into the country.
In early August, Nigerian Fintech
startup, Mines closed a Series A round of $13 million to continue growth
in Africa, expand to South America and South-East Asia.
startup, Mines closed a Series A round of $13 million to continue growth
in Africa, expand to South America and South-East Asia.
The Series A funding round was led by The Rise Fund, a global fund managed by TPG Growth.
TPG Growth partnered with Mines to drive
financial access across the world. Mines, the fintech startup
re-inventing credit in emerging markets also plans to use part of the
investment for talent acquisition.
financial access across the world. Mines, the fintech startup
re-inventing credit in emerging markets also plans to use part of the
investment for talent acquisition.
A fortnight ago, Paystack, another
Nigerian payments startup raised $8 million series A from a couple of
new and existing investors.
Nigerian payments startup raised $8 million series A from a couple of
new and existing investors.
The funding has come from China’s
Tencent, Stripe (which Paystack is cloning), VISA as well as Y
Combinator. Both Tencent and YC are some of the existing investors in
the startup. This investment brings Paystack’s total investment
raised to date to at least $10 million. Last week, two key
announcements took place.
Tencent, Stripe (which Paystack is cloning), VISA as well as Y
Combinator. Both Tencent and YC are some of the existing investors in
the startup. This investment brings Paystack’s total investment
raised to date to at least $10 million. Last week, two key
announcements took place.
Tizeti, a Nigerian internet service
provider (ISP) start-up closed a Series A round investment of $3 million
which would be used to build more solar-powered towers in Nigeria as
well as expand unlimited internet services to Ghana.
provider (ISP) start-up closed a Series A round investment of $3 million
which would be used to build more solar-powered towers in Nigeria as
well as expand unlimited internet services to Ghana.
The company which operates widely as a
“Comcast for Africa”, builds and operates solar-powered towers in
Nigeria, while also providing residences, businesses, events and
conferences with unlimited high speed broadband internet
access, covering over 70 per cent of Lagos.
“Comcast for Africa”, builds and operates solar-powered towers in
Nigeria, while also providing residences, businesses, events and
conferences with unlimited high speed broadband internet
access, covering over 70 per cent of Lagos.
The new capital injection was led by 4DX
Ventures with participation from existing investors Y Combinator
Continuity, Lynett Capital, Social Capital, Western Technology
Investment, Friale and Golden Palm Investments.
Ventures with participation from existing investors Y Combinator
Continuity, Lynett Capital, Social Capital, Western Technology
Investment, Friale and Golden Palm Investments.
This follows on from the company’s seed investment of $2.1 million in 2017.
Tizeti will use this
investment to expand operations outside of Nigeria, and will launch a
new consumer-facing brand Wifi.Africa later this year, starting with
neighbouring West African country,
Ghana.
investment to expand operations outside of Nigeria, and will launch a
new consumer-facing brand Wifi.Africa later this year, starting with
neighbouring West African country,
Ghana.
The company will also make additional
investments in operations, product development and overall customer
experience, with a view toward growing profitability exponentially.
investments in operations, product development and overall customer
experience, with a view toward growing profitability exponentially.
This was followed by Paga, a Nigeria
based mobile payment company, who announced a $10 million Series B2.
Paga is looking to channel the funding towards global expansion with
Ethiopia, Mexico, and the Philippines is on top of
the radar.
based mobile payment company, who announced a $10 million Series B2.
Paga is looking to channel the funding towards global expansion with
Ethiopia, Mexico, and the Philippines is on top of
the radar.
Additionally, they are looking to continue with product development.
The round was led by Global Innovation
Partners – which will take a board seat – with participation from
Unreasonable Capital as well as existing investors; Goodwell
Investments, Adlevo Capital and Omidyar Network.
Partners – which will take a board seat – with participation from
Unreasonable Capital as well as existing investors; Goodwell
Investments, Adlevo Capital and Omidyar Network.
Founded in 2009 by Tayo Oviosu (CEO) and
Jay Alabraba (Director Business Development), Paga has over nine million
customers and 17,000 agents across Nigeria.
Jay Alabraba (Director Business Development), Paga has over nine million
customers and 17,000 agents across Nigeria.
This recent round brings Paga’s total
amount of funding raised to date to at least $35 million. In October
2015, the company closed a $15 million Series B in a round led by Adlevo
Capital, with participation from Goodwell Investments,
Omidyar Network and Capricon Investment group.
amount of funding raised to date to at least $35 million. In October
2015, the company closed a $15 million Series B in a round led by Adlevo
Capital, with participation from Goodwell Investments,
Omidyar Network and Capricon Investment group.
In May, Nigerian based Lidya in May 2018 received a Series A $6.9 million funding from Omidyar Network.
The Africa-focused fintech platform working to ease access to finance for SMEs across Africa.
Also, in May, Cellulant which operates in
Kenya and Nigeria raised a total of $54.5 million in funding over 3
rounds. Earlier in February, SureRemit, a Nigerian blockchain startup,
raised $7 million to develop its non-cash remittance
platform.
Kenya and Nigeria raised a total of $54.5 million in funding over 3
rounds. Earlier in February, SureRemit, a Nigerian blockchain startup,
raised $7 million to develop its non-cash remittance
platform.
The company was founded in 2014 by Adeoye
Ojo primarily as an ecosystem for global non-cash remittances, with
headquarters in San Francisco Bay.
Ojo primarily as an ecosystem for global non-cash remittances, with
headquarters in San Francisco Bay.
