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Nigeria leads Africa for tech startup funding; fintech dominant

Nigeria leads the best way for tech startup funding on the African continent over the past eight years, with fintech corporations the primary driver.

That’s in keeping with the Nigerian Startup Ecosystem Report 2022, launched by startup-focused information and analysis firm Disrupt Africa.

Since launching its analysis arm in 2016, Disrupt Africa has constructed up a major portfolio of publications, most notably the African Tech Startups Funding Report and Finnovating for Africa, accessible free for all through open-sourcing initiatives with varied companions throughout the continent’s tech ecosystem.

The Nigerian Startup Ecosystem Report 2022, its 18th publication and third country-focused report, utilises Disrupt Africa’s datasets, experience and networks to doc what startups are doing what within the nation, who’s making investments, and who’s offering ecosystem assist. It additionally consists of the complete record of startups tracked for the needs of the report.

It’s launched in partnership with Quona Capital, a enterprise agency centered on fintech that may broaden entry for underserved clients and small companies in rising markets; Sabi, Africa’s main supplier of economic infrastructure for the distribution of products and providers; and MAX, which is constructing Africa’s largest mobility-tech platform. Different companions are Speaking Drum Communications, Newtown Companions, Kwik, and LipaLater.

The publication takes as its place to begin a listing of 481 Nigerian tech startups for which sufficient knowledge was accessible. Lagos is the main hub for Nigerian tech, with 88.4 per cent of the startups tracked by this report primarily based out of town, whereas fintech is the main sub-sector, with 173 (36%) of the startups energetic on this area.

Nigeria is the most well-liked funding vacation spot on the continent, in keeping with the publication. Between January 2015 and August 2022, 383 tech startups raised a mixed US$2,068,709,445 – a better complete than every other nation. Nigeria’s dominance is barely getting higher on this regard. To this point in 2022, 107 Nigerian startups have raised funding, accounting for round one third of the continent’s funded startups thus far this yr. The nation’s operating tally for 2022 stands at US$747,908,000 – closing in final yr’s complete of US$793,790,000.

Solely 75 (15.6%) of Nigerian tech startups have at the least one feminine founder, and simply wanting half have taken place in some type of accelerator or incubator programme. The 481 startups tracked right here make use of between them simply wanting 20,000 individuals.

“Nigeria has lengthy been a pioneering startup ecosystem on the African continent, main the best way in varied sectors and more and more turning into a spotlight for funding. It’s excessive time we dug deeper into its development, and this report does simply that. We hope it serves as a worthwhile useful resource for each these already energetic in Nigeria and people trying to begin doing enterprise there quickly,” mentioned Gabriella Mulligan, co-founder of Disrupt Africa.

“It’s core to our id as an organization that we provide entrepreneurs – each energetic and aspiring – entry to pivotal info, assets and alternatives with which to take their companies to scale. The democratisation of information, and the discharge of detailed trade studies freed from cost, is central to that, and with that in thoughts we vastly respect the help of all our companions, who’re doing their bit to make sure this report reaches as many individuals as doable,” mentioned Tom Jackson, co-founder of Disrupt Africa.

“As a enterprise capital agency firmly invested within the success of African startups, Quona is happy to assist Disrupt Africa’s endeavour to make this informative report freely accessible to the broader ecosystem,” mentioned Kofoworola Agbaje, senior funding affiliate at Quona Capital in Lagos. “Nigeria’s fintech startup scene is answerable for among the most attention-grabbing improvements on the continent, and we’re delighted to assist shine a lightweight on its progress.”

“What we try to do at Sabi, is be a platform that’s enabling companies throughout the worth chain, get to the subsequent degree and be extra environment friendly in what they accomplish that that everyone has a greater web profit,” mentioned Anu Adedoyin Adasolum, CEO of Sabi.

“At MAX, we consider that the important thing to unlocking Africa’s unbelievable potential is to assist individuals and items transfer from level A to level B. Sadly, systemic infrastructure and useful resource challenges imply it’s unlikely that it is going to be governments or massive companies that can remedy this problem. As an alternative, we consider that the answer lies in empowering entrepreneurs – and that know-how platforms like MAX will probably be important for doing so. Like MAX, modern companies throughout Nigeria are creating new options to a few of our continent’s most urgent challenges. It offers us nice pleasure to companion with Disrupt Africa to share among the exceptional progress being made, via the publication of the Nigerian Startup Ecosystem Report 2022,” mentioned Adetayo Bamiduro, CEO and co-founder of MAX.

“We’re excited to companion with Disrupt Africa to make this analysis about Nigeria’s rising startup ecosystem freely accessible to anybody that desires to discover and benefit from the alternatives which might be rising. Disrupt Africa has been on the forefront of championing Africa’s rising startup ecosystem for some time, and we’re thrilled to be supporting the staff to offer extra evaluation and perception to drive a progressive narrative about know-how and innovation in Africa,” mentioned Olugbeminiyi Idowu, managing director of Speaking Drum Communications.

“Nigeria’s startup ecosystem has grown extremely rapidly over the previous 5 years and holds thrilling alternatives for the longer term. As an energetic investor in Nigeria, we’re wanting to see the development of the Nigerian tech ecosystem via knowledge-sharing and collaboration between native and worldwide gamers. We’re due to this fact delighted to assist this initiative by Disrupt Africa to make this ecosystem report freely accessible to all stakeholders,” mentioned Llew Claasen, managing companion of Newtown Companions. 

“In a really brief time, Disrupt Africa has made itself an indispensable instrument for startup founders in Africa. We’re very joyful to companion with them,” mentioned Romain Poirot-Lellig, founder and CEO of Kwik.

“The African startup ecosystem has skilled exceptional development with spectacular achievements. Dependable and informative studies in regards to the ecosystem elevate the profile of our sector past Africa, and that curiosity helps to drive investments in productive startups. We are thrilled to companion with Disrupt Africa on the Nigerian Startup Ecosystem Report to drive knowledge and insights on startup and investments in Nigeria, shining the sunshine on Africa’s increasing ecosystem and enabling innovators to do extra whereas indicating to the assorted ecosystem gamers higher and extra modern methods of supporting native companies to make strides,” mentioned LipaLater Group CEO Eric Muli.

The Nigerian Startup Ecosystem Report 2022 is on the market to all free of charge, making the info and evaluation contained in its pages accessible to these for whom the knowledge is most beneficial – entrepreneurs.

The publication, which is the 18th launched by Disrupt Analysis, is over 50 pages in size and supplies an in depth overview of the Nigerian startup ecosystem and its growth over the past 5-10 years. It entails evaluation as to what areas startups are energetic in, an in depth have a look at funding and M&A tendencies, and element the vary of startup assist providers accessible to Nigerian entrepreneurs, together with hubs, incubators, accelerators, and authorities, company and college initiatives.

For additional info, please contact Tom Jackson at [email protected]

About Disrupt Africa

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Disrupt Africa is the one-stop-shop for all information, info and commentary pertaining to the continent’s tech startup – and funding – ecosystem. With journalists roaming the continent to seek out, meet, and interview probably the most modern and disruptive tech startups, Disrupt Africa is a real showcase of Africa’s most promising companies and enterprise concepts. Its analysis arm releases in-depth studies on varied features of the African tech startup ecosystem. Particulars right here.

About Quona Capital

Quona Capital is a enterprise agency centered on fintech that may broaden entry for underserved clients and small companies in rising markets together with Africa and the Center East (MENA), Latin America, and South and Southeast Asia. Its Africa and MENA portfolio consists of Yoco, Wasoko, Lulalend, Cowrywise, Khazna, Verto, Capiter and extra. Quona’s world companions are skilled buyers and operators in each rising and developed markets, and spend money on entrepreneurs whose corporations have the potential to offer excellent monetary returns and promote breakthrough innovation in monetary inclusion for each customers and SMEs. Quona bought its begin via a strategic relationship with Accion, a worldwide non-profit with a legacy in microfinance and fintech affect investing. Extra at quona.com.

About Sabi

Sabi is Africa’s main supplier of economic infrastructure for the distribution of products and providers. Its platform permits and empowers probably the most underserved retailers on the planet, permitting brokers, retailers, aggregators, distributors, and producers to broaden their capabilities and develop their companies utilizing Sabi’s know-how rails. These rails present entry to provide, logistics, enterprise instruments, knowledge insights and monetary providers.

About MAX 

MAX is constructing Africa’s largest mobility-tech platform. Day-after-day, tens of millions of unbiased business drivers throughout Africa assist transfer individuals and items to the place they have to be via the usage of bikes (often known as okadas, boda-bodas or motos), three-wheelers (kekes or tuk-tuks) and automobiles. Based in 2015, MAX supplies these drivers with a subscription product that ensures they’re able to work safely, affordably and in a manner that minimises injury to the atmosphere. 

About Speaking Drum Communications

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Speaking Drum Communications is a public relations and communications consultancy that helps African know-how corporations and different stakeholders in Africa’s know-how sector to form perceptions and get extra beneficial and efficient publicity for the work they’re doing. We offer a singular mixture of worldwide public relations experience and a transparent understanding of the African panorama to ship profitable media campaigns that align with our purchasers’ enterprise objectives.

About Newtown Companions

Newtown Companions (newtownpartners.com) is the household workplace of profitable startup entrepreneurs, Llew Claasen and Vinny Lingham. It invests throughout a variety of other and conventional asset lessons, particularly early-stage enterprise capital to again startups utilising rising applied sciences and disruptive enterprise fashions. Since 2019, it has labored with pan-African and European logistics participant, Imperial (a DP World firm) to allow their company enterprise capital programme. Newtown Companions operates out of places of work in San Diego, U.S. and Cape City, South Africa. 

About Kwik

Kwik was based in 2018 to offer groundbreaking on-line providers to African retailers within the fields of supply, fulfilment, and fee. Extra info on KwikStore might be discovered at www.kwik.africa.

About LipaLater

LipaLater is Africa’s main Purchase-Now-Pay-Later (BNPL) agency, with a powerful platform, powered by a proprietary credit score mannequin, that permits retailers to promote their merchandise to clients, on credit score, at level of sale, with clients paying for his or her purchases in reasonably priced, month-to-month instalments.


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