Nigeria’s Startup Funding Geography: Foreign, Grants, Fintech, and AgTech

Nigeria’s Startup Funding Geography: Foreign, Grants, Fintech, and AgTech

Nigerian startups are doing just fine in raising capital. Financial services technology (fintech) and agriculture technology (agtech) sectors are where the funds are going. The big cheques remain foreign while grants top the funding type (see plots below). Can you see FCMB funding security startups? Diamond Bank puts money in Beat Drone.

If you sum the whole money, the total raise was $73.6 million in Q2 2018, about 700 percent jump from Q1 2018.

Let me say this: everyone keeps missing the Tony Elumelu Entrepreneurship Fund which makes it data readily available online for anyone to pick the ones going to Nigerian startups. I think that should be captured as part of the funding volume. It is $10 million per year in Africa, and Nigeria gets at least 20-40% of that pile yearly.

Startup Funding Nigeria

Techpoint put this together and you can read the full report here (PDF).


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2 thoughts on “Nigeria’s Startup Funding Geography: Foreign, Grants, Fintech, and AgTech

  1. I read your contributions in Linkedin and I must say they are incisive. I am interested in funding/ patnerships. Right now I have an eCommerce store [ Pepple – http://www.pepple.com.ng] and a blog. Growth and traffic are the problem. I am currently looking at poultry feed formulation and plastic [bottles and satchets] recycling. How can I attract funding and or grants. For the estore, I need to invest in softwares and in advertisements, and these require money. Was thinking of patnerships/ franchising with known foreign ecommerce giants. What do you think can be possible. Regards.

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