Top 10 rated Nigerian tech startups by funds raised in Q2 2022
Reports by Renaissance Capital show that Nigerian tech startups raised a sum of $678 million for every 107 distinct arrangements between January and April this year. The nation represented 31% of the all-out reserves raised by African tech organizations in the four months, which remained at $2.2 billion.
Albeit not so much as was kept in the first quarter, Nigerian tech startups in Q2 202 additionally rounded up a huge numbers of dollars from Venture Capitals and Angel Investors covering various phases of speculations.
Here are the best 10 tech startup bargains that made the news in Q2 2022:
Identitypass ($2.8 million)
Identitypass, a Nigerian character confirmation startup, brought $2.8 million up in seed subsidizing to extend its business. With the financing reported in June, the organization said it wanted to carry out new verticals around consistency, security, and data assortment, drive into new African nations and make fresh recruits to its 14-man group.
The startup had brought $360,000 up in pre-seed speculation last November, carrying its all-out financing to $3.1 million. The most recent subsidizing was driven by MaC Venture Capital with cooperation from different financial backers like Y Combinator, Soma Capital, True Capital Fund, and Sherwani Capital.
Established by Lanre Ogungbe, Niyi Adegboye, and Ebuka Obi, the two-year-old SaaS stage notwithstanding its APIs. The product was worked to improve Identitypass’ development scale and succeed among its rivals on the lookout.
Indicina ($3 million)
Indicina, a credit organization startup, brought $3 million up in June to drive its African development plans. The organization, which presently works in Nigeria and Kenya said it would likewise utilize the asset to construct more items for shopper credit suggestions, and support its framework.
Berlin-settled and dish European funding firm Target Global drove the round, adding to its extensive rundown of interests in Nigerian startups, including Kuda, Kippa, and Edukoya. The association’s accomplice Ricardo Schäefer will join Indicina’s board. Greycroft additionally took part in this round, as well as RV Ventures.
The financial backers pivoted their advantage in Indicina on its remarkable way to deal with taking care of Africa’s credit issue. The organization utilizes data to tackle the advanced qualification issue recently chosen by fragmented reliability appraisals.
ImaliPay ($3 million)
ImaliPay, a Nigerian fintech that prides itself as an all-in-one resource monetary administrations stage, shut a $3 million seed under water and value round in April. The fintech had raised $800,000 pre-seed round in 2020, carrying its absolute raise to $3.8 million.
The round which was driven by Leonnis Investments likewise got follow-on financial backers from VCs, for example, Ten 13, Uncovered Fund. Private backers like Keisuke Honda of KSK Angels and others from Serbia, Kenya, and Norway partook.
The organization said the speculation would go into extending its 50-man group, amping up its technology, and investigating new business sectors like Ghana and Egypt.
Kaltani ($4 million)
Kaltani, a cleaning technology plastic waste reusing organization, got $4 million in seed subsidizing in May to extend its reusing tasks across Nigeria.
Established by Obi Charles Nnanna, Kaltani plans to tackle Africa’s developing plastic waste emergency by advancing the round economy and reusing best practices. The organization’s technology uses data examination, prescient investigation, and geo-planning to guarantee straightforwardness and detectability all through the worth chain.
With the financing, the organization said it intended to open 20 new assortment and conglomeration focuses across Nigeria and increment its staff solidarity to more than 500 individuals.
OnePort 365 ($5 million)
Oneport 365, a digital cargo sending startup that makes it more straightforward to ship freight to, from, and inside Africa, brought $5 million up in seed financing in April to empower its venture into new business sectors across the mainland and push start to finish digitization of cargo the board in Africa.
Portability 54 (the Venture Capital arm of Toyota Tsusho and CFAO Group) drove the seed subsidizing round, which included SBI Investment, Samurai Incubate, Flexport, ODX, a Singaporean organization reserve, and other vital private backers.
The startup’s foundation permits dealers to interface with delivery and inland transportation sellers and deals with the whole cycle. Dealers get GPS-empowered, constant permeability of their shipments and they can see all reports connecting with the shipment through the stage, taking out the relentless course of actually recovering these records from workplaces or delivery line focuses.
Afriex ($10 million)
Afriex, another Nigerian fintech startup, likewise shut a $10 million Series A round in April to extend its blockchain cash move stage. The organization, which was esteemed at $60 million runs a cash move framework that uses blockchain to empower clients to send assets by changing over them into stablecoins, which are digital currencies upheld by hold resources.
Sent off in 2019, the startup established by Tope Alabi and John Obirije had raised a $1.3 million seed round the year before. The most recent subsidizing round was funded by Sequoia Capital China and Dragonfly Capital with support from Goldentree, Stellar Foundation, and Exceptional Capital, among others.
Leatherback ($10 million)
Leatherback, a monetary administrations supplier startup got its most memorable outside interest in April as it got a $10 million pre-seed financing from Zedcrest Capital, the main container African head trading company.
With the financing, the fintech startup, which was being bootstrapped by its pioneers, expressed piece of the asset would be sent to bring Leatherback’s profile up in the fintech space as well as broaden its ability in the numerous nations that it is authorized in and where it is going to be endorsed like South Africa, Egypt, Uganda, India, and the UAE.
ZirooPay ($11.4 million)
ZirooPay, a Lagos and Helsinki-based startup that creates mobile POS payment frameworks intended to work with mobile payments raised $11.4 million Series A round in April. The organization said the financing would work with the development of its payment foundation, speeding up development and developing its group.
The financing round was driven by Lagos-based VC store, Zrosk Investment Management, and furthermore elaborate cooperation from existing financial backers, Nordic Venture Fund. Other private and institutional assets, for example, Fedha Capital and Exotix Advisory likewise participated in the financing. Individual financial backers incorporate Petri Kivinen, the previous overseeing chief at Deutsche Bank; Morgan Stanley and Renaissance Capital; Abiodun Ajai, the chief, Sub-Saharan Africa of Bank of America; Kurt Bjorklund, overseeing accomplice at Permira; Stephane Kurgan, adventure accomplice at Index Ventures; and Jonas Dromberg, previous Bureau boss at Bloomberg.
Umba ($15 million)
Nigerian digital financial startup, Umba, in April brought $15 million up in a Series A subsidizing round, which brought its all out raising money to date to $17.5 million.
The round was driven by VC firm Costanoa Ventures and saw investment from Lux Capital, Lachy Groom, Act Venture Capital, Streamlined Ventures, Palm Drive Capital, Chandaria Capital, and Banana Capital, as well as Monzo fellow benefactor Tom Blomfield.
Umba prides itself as a client-driven, mobile-first digital bank that expands admittance to monetary devices, including current records, bill payments, credits, cashback, P2P payments, and bank transfers. With the subsidizing, the organization said it expected to send off in Egypt, Ghana, and Kenya as well as carry out new monetary items including check cards, investment accounts, and stock exchanges.
Interswitch ($110 million)
One of Africa’s biggest fintech organizations, Interswitch, handled the greatest arrangement by a Nigerian startup in Q2 2022 as it got $110 million in a joint venture from LeapFrog Investments and Tana Africa Capital to scale its digital payment administrations across Africa. The two financial backers said they would be supporting Interswitch’s next section by proceeding with item development and development across the African landmass.
The speculation got in May came very nearly a long time since Interswitch’s last unveiled financing round when Visa paid $200 million for a 20% stake in the organization. Interswitch drives a significant part of the rails for Nigeria’s web-based financial framework and is notable for its retail location terminals, online purchaser payment stages, Quickteller, and Verve, the greatest homegrown charge card conspire in Africa, giving more than 35 million dynamic cards since send off.