Techpoint has put together the Q1 2018 funding universe of Nigerian startups. The total is about $9.3 million. Q2 which covers April – June would certainly do better as many companies raised money in April.
The major purpose of this report is to make valuable data available to concerned stakeholders. The report, which is meant to serve as a quarterly overview, will be a buildup to an annual report and would help understand what is happening in such a vibrant and dynamic space. We believe these reports will provide a basis for stakeholders’ analysis and decision making with respect to Nigerian startups. We will try not to bore you with just numbers. The report will look into funding by types, industries, quarter-on-quarter growth rate (which will not be in the maiden edition) and more.
During the quarter under review, 14 startups got funding, more than 60% of which were grants. The total fund that got injected into the startup space for the quarter is $9,241,196 with Equity Investment accounting for more than half of that figure.
Certainly, this is not the full picture since many companies do not publicly disclose fund-raise success. Nevertheless, you have to work with what you have.