Technology platforms across Africa have been publishing total funds raised by startups in Africa. Techpoint is the first to narrow it down to Nigeria. It has already shared some quarterly numbers within 2018. For the whole of 2018, it noted that Nigerian startups raised $178 million. Certainly, 2019 will do far better as Andela in January 2019 raised $100 million to begin the New Year. Depending on the outcome of the general election in Q1 2019, we may hit $300 million on total raise this year for Nigeria.
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….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.