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.
Techpoint put this together and you can read the full report here (PDF).
---Visit our Store for my books, cases, frameworks and more. Now, enjoy our consolidated subscription for all contents (past, present and future).
-- We offer Advisory Services (tech, strategy & Africa).