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Top 5 Most Funded Nigerian Startups in 2023

By
Ojukwu Emmanuel
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Despite the slowdown in funding for startups across Africa in 2023, some Nigerian startups were still able to receive a significant amount of funding.

Among the top five most-funded startups in Nigeria for the year 2023, two are fintechs, which is an indication that investors are still keeping tabs on the country’s Fintech ecosystem that has continued to receive a significant portion of funding for startups.

Other startups on the list include one health tech startup, one e-commerce startup, and a mobility fintech company. In total, the top five startups for the year 2023, raised a total of $207 million in funding.

Check Out The List of The Top Five (5) Most Funded Startups in Nigeria For 2023

5.) Nomba ($30 Million)

Occupying the fifth position is Nomba, a Nigerian Fintech startup that raised $30 million in a pre-Series B investment.

The round was led by San Francisco-based Base10 Partners (investors in Nubank, Plaid, and Brex), with participation from Helios Digital Ventures, Shopify, Partech, and Khosla Ventures.

The startup disclosed that it would deliver payment solutions that have been designed for the specific services that businesses provide.

Formerly known as Kudi, Nomba was founded in 2016 by Yinka Adewale and Pelumi Aboluwarin as a chatbot designed to simplify payments.

4.) Helium Health ($30 Million)

Nigerian health-tech startup, Helium Health, in June this year, raised $30 million in Series B funding. 

The funding round was led by AXA IM Alts, with participation from investors, including Capria Ventures, Angaza Capital, Flatworld Partners, LCY Group, WTI, and AAIC.

Helium Health announced that it will use the funding to broaden the market for HeliumCredit, its fintech product that provides digital financing for the healthcare industry in Africa.

Launched as a digital finance platform in 2020, Helium Health empowers healthcare providers in Africa with digital tools, financing solutions, and data partnerships. The startup is on a mission to digitize healthcare across Africa.

3.) Lemfi ($33 Million)

Nigerian global payments company Lemfi, in August 2023, announced the raise of a $33 million Series A round, led by Left Lane Capital, to drive its expansion and product development.

With the funds raised, the fintech startup announced that plans to expand its product offering to Europe, the Middle East, and Asia, as well as innovate new product offerings according to the needs of its users.

Launched in 2020, to enable low-cost remittance payments to Nigeria, Ghana, Rwanda, Kenya, and several African countries, LemFi offers a multi-currency account for immigrants to hold, send, and receive money in both the currencies of their home country and that of their host country. Users can also send money to more than 30 countries. 

2.) Sabi ($38 Million)

Nigerian B2B e-commerce startup Sabi announced the raise of $38 million in series B funding in May 2023. The funding round valued the company’s valuation at $300 million.

Through the funding, Sabi disclosed its aim to serve millions of small- to medium-sized enterprises (SMEs) in Africa by providing technology, tools, and access to products and services.

Launched in 2020, Sabi is Africa’s leading provider of enabling infrastructure powering the distribution of goods and services.

The platform enables and empowers a broad ecosystem of users, allowing merchants, importers, exporters, distributors, and manufacturers to expand their capabilities and grow their businesses using Sabi’s technology rails.

It also leverages technology to assist with sourcing and aggregation, collateral verification and management, and traceability.

With a presence in Nigeria, Kenya, and South Africa, Sabi helps informal businesses scale by providing the required infrastructure needed for their growth.

The startup is dedicated to empowering small businesses and providing the resources and support needed to thrive.

1.) Moove ($76 million)

Occupying the first position is Nigerian mobility Fintech company Moove, which announced the raise of $76 million in funding in August 2023,  to build the largest tech-driven financial services platform for mobility entrepreneurs.

The financing consists of $28 million in equity, $10 million in venture debt from funds and accounts, and $38 million in previously undisclosed funds raised over the past year. 

Moove said the new funding will be used to achieve its objective of profitability over the next 12 months and finance the company’s push into new, larger markets, as well as help it grow in existing locations in Europe, the Middle East, and Africa

Launched in 2020 by Delano and Jide Odunsi, to assist African mobility entrepreneurs in obtaining vehicle financing,

Moove is a revenue-based financing company that provides flexible options for drivers who want to get into the business of ride-hailing or other gig economy services without having to borrow from car owners or take bank loans to finance these cars bought from dealerships.

Drivers sign up on the platform and, once verified, are trained and sign contracts with Moove to access loans to buy or rent cars.

Since its launch, the startup has expanded its operations to several cities across Africa, Europe, the Middle East, and Asia.

YOU ARE YOUR OWN LEGEND

By
John Mc Keown
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‘Men are haunted by the vastness of eternity. And so we ask ourselves, will our actions echo across the centuries? Will strangers hear our names long after we’re gone and wonder who we were? How bravely we fought? How fiercely we loved ? . . .’

The intro-narative to TROY (2004),  https://www.youtube.com/watch?v=D0sy6-MfNVQ (No. 73 in Rankers ‘Epic Films of All Time’)

It’s interesting to look at how time changes.

Once, being a warrior leader was the only path to notoriety. Throughout history, we have seen the priorities for mass recognition cut across inventors, artists, writers, entertainers, political, religious and business leaders, astronauts, musicians, sports persons, social change activists, charity leaders … the list goes on.

Money has always bought influence, and by association, notoriety.

Some people’s names have gone down in history as creators and inventors but frequently, they were not the people that should have been credited.

People who have been in charge of projects are often people who provide leadership, technical cohesion, and deal with stakeholders, the press, and the wider political environment in which challenging projects live.

Robert Oppenheimer was credited with being the ‘Father of the Atomic Bomb’, but while he was definitely in charge of ‘The Manhattan Project’, several accounts exist suggesting defining breakthroughs made by people in his teams, whose names have never been remembered.

There are many stories about the Germans having got there first.

In written and spoken arts, ghost writers are often used. In some cases, work is even stolen without being paid for.

In 1990, an Italian music group ‘Black Box’ released a dance track ‘Ride on Time’. It shook the ground so much, live remix DJs recreate it, even now, more than 30 years later.

But it used unlicensed vocal samples from the 1980 single “Love Sensation” by Loleatta Holloway.

Once, many years ago, I was a leader under an owner in a large Telecoms/ISP company.

Another former leader who had left, was brought back. There were some parallels in solution design between both of our teams.

Several times, when I was discussing ideas with him on the way forward, he went to the owner and promoted the ideas as his own.

On one occasion, he had an architecture produced by his team. I told him it was wrong, and pointed out how it should be, through an amended drawing.  He disagreed. I told him to take it to the owner, (who was also technically well versed in these technologies).

Later that day, the owner called me in, and asked me how can I allow my team to produce such poor work. The other leader has somehow claimed ownership of the print out that was mine, and claimed his own teams work came from me.

I’m not going to get into how this ended.

What is important is that I know what belongs in my own portfolio of greatness. So does he.

We see films made about legends, but do the films really explain who they are as people?

The only thing that becomes attached to a name to give it breath through film, is some semblance of how a Producer Produces, a Scriptwriter Writes, a Director Directs, and Actors Act.

It is not that person.

Many who use a desktop computer at home or work, will be familiar with a pointing and selecting device. Some even use these by preference with laptops and tablets due to speed of movement and precision control. Everyone knows it is called a ‘mouse’, but who even knows it was invented by one Doug Englebart?

With the types of online media that have began from the end of the last millennium, we have new forms of social capital, but being built upon the same principles no different from buying influence with the senate of Rome in days of old.

The concept of paying for a premium service which will get your media in front of more eyes.

Today, many can claim to know Elon Musk as a person, far more can know him in a professional sense, and more still know his likeness and voice. None can say the same for Satoshi Nakamoto, but the question is… in a few hundred years, who will this matter to?

The tombstones of the future lie not in graveyards but in network archives.

But they are still tombstones that fail to convey the private person.

Whether warriors or not, some time we will all die.

Someday, also, there will be no-one of this life, who recalls us as somebody living and breathing.

You can’t walk away from who you are, so you have to work to make that person someone you are ok with.

You can choose whether past deeds bring you torment or solace.

Some may think me naïve, but I won’t subscribe to what another person’s version of success is.

So make peace with a legacy only to yourself.

Satisfy yourself in your final hour, that your brief struggle in boundless time was worth it.

You are your own LEGEND

 

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Background Sourced 25/11/23 from

Wikipedia, Ranker .com , The Guardian, IMDb,  and You Tube

 

Join Ndubuisi Ekekwe At Lagos Business School’s Naija Youth Sustainability Forum on Nov 28, 2023

By
Ndubuisi Ekekwe
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0

Good People, I am very excited to announce that I will deliver a special presentation during the Lagos Business School, Pan-Atlantic University’s Naija Youth Sustainability Forum with the theme ‘The Resourceful Youth: Maximising Opportunities in Today’s Economy’.  The venue is LBS, and you’re invited.

Young People, there is abundance in the future, and never doubt the promises of tomorrow. But you have to take ACTION and be resourceful to unlock those promises.  Indeed, across human history, this is still the best time to be a young person because your opportunities are unbounded and unconstrained by geography.

For all the challenges you see, behind are opportunities for you.  We just have to propel with productive #action – and with that, success will become a constant in our careers. Yes, maximize the opportunities in today’s economy, because out of the visions and works of your hands, nations will re-emerge. #MakeItHappen. See you on Tuesday.

Master The Physics of Pricing And Grow Your Company

By
Ndubuisi Ekekwe
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The greatest moment in a business is when a company discovers and operates a great business model. Why? It is through a business model that companies create value. Yes, a business model encapsulates the logic of a firm, and the way it combines and uses factors of production to create value for stakeholders.

But how do you create value for a profit company? Great question. Join me today as we discuss Pricing. Do you go cost plus or value-based pricing? How is that pricing going to help you scale, looking at your marginal cost? 

Good People, your pricing strategy affects value capture which can shape your unit economics. When the unit economics is bad, you are not SCALING, but growing, and will hit diminishing returns soon on making money! The greatest companies SCALE, not just grow. And that happens when revenue and profit grow faster than your cost. So, if you plot the transaction cost, distribution cost, fixed cost, revenue, and profit, against Growth, the first three will be largely flat even as the last two are shooting into space. Go exponential on PROFIT!

Amazing People, when marginal cost continuously tends towards zero (i.e. asymptotically to the horizontal line) even as growth happens, you have a GREAT company because growth becomes unbounded and unconstrained – and alpha comes. Welcome to a successful company!

Join me for the Physics of Pricing. This is Tekedia Institute, and we’re the #best. Pick a seat here for the next edition.

Caveat Emptor: In Practice And In Principle

By
Stanley Alieke
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0

Caveat emptor is a Latin phrase that loosely translates to “let the buyer beware.” It simply means that an individual buys at their own risk. In principle, it means that the buyer is responsible for making sure that a product works to their satisfaction or that the item they are buying is genuine before buying it or paying for it. 

By the implication of Caveat Emptor, it serves as a disclaimer that the buyer must be confident about the product or the goods he wants to purchase because the seller will be under no obligation to provide a refund for it. 

In Nigeria, we see bold signs conspicuously written on the wall of the fence of the property which often read; “This house is not for sale, beware of fraudsters”. Sometimes you may see, “This property is a subject of a civil litigation in suit number….. before XYZ court”. I have even seen some hilarious disclaimers written on the walls of a building like “This House Is Not For Sale, Beware Of My Son Emeka”. 

This is for real estate transactions; potential buyers are warned to ensure that they are purchasing a good root of title or purchasing the property from the rightful owner, then in other forms of transactions like car purchase; the disclaimer admonishes buyers to ensure that the item they are purchasing is fit and proper to their satisfaction before they part their money to the seller because the seller will not be held liable for any issue that may arise out of the product once the transaction has been concluded and the buyer didn’t investigate very well to pinpoint such issue during the transaction. 

All these disclaimers make up what we call in law “caveat emptor”, it is simply sending warnings to prospective buyers for them to carry out their due diligence and be sure that the item they want to purchase is genuine and that they are buying from the right person. 

The importance of caveat emptor in high-value transactions is that whilst the parties to the transaction are expected and obligated to fully disclose every information relevant to the transaction, you the buyer are very much expected to up your guard and do your homework, gather independent information on the property because equity will not aid the sloppy or the indolent. 

Potential buyers are warned by the phrase to do their research and ask pointed questions of the seller because the seller will not be responsible for problems that the buyer encounters with the product after the sale.

In many jurisdictions, caveat emptor is the contract law principle that places the onus on the buyer to carry out due diligence before making a purchase but despite this disclaimer, in principle and in practice there are exceptions to it. Caveat emptor does not give sellers carte blanche or the legal coverage for them to promote a fraudulent transaction. For instance, if the seller lies or misrepresents facts during the transaction the seller will be liable even if the buyer fails to investigate and carry out due diligence. 

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