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.
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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.