Most Funded Nigerian Startups

Nigeria's startup industry has been increasing due to technological advancement—these tech companies revolve around health, finance, education, etc. 

Today, Investingport will bring you the 6 most funded Nigeria startups in 2023. Without further ado, let's take a look at the list.

1. Opay

Opay is a Chinese company that operates primarily in Africa and has raised $570 million in three consecutive rounds. The company's latest round was witnessed in 2021, where it got $400 in the SoftBank Vision Fund 2. However, before this Opay announced funding rounds in 2019 of which the company got $50 million June that year and $120 million Series B in November.

2. Flutterwave

Flutterwave, a fintech company that was co-founded by Olugbenga Agboola has raised $475 million. Currently, the company is working towards an Initial Public Offer (IPO). Flutterwave's latest funding was in February 2022 in which the company was able to raise $250 million in a Series D round led by investors Boston-based hedge fund Whale Rock Capital Management and Eduardo Saverin's venture capital firm B Capital Group.

3. Andela

Andela a tech company that helps other tech companies build remote engineering teams, is calculated to value at $1.5 billion after the $200 million Series E round that was led by SoftBank's Softbank Vision Fund 2.

The Series E got Andela's funding to $381 million since its inception in 2014. Before that time, the company had raised over $100 million in Series D in 2019.

In 2017, the company was able to raise $49 million in Series C funding which was led by African venture firm CRR Venture Capital.

4. Moove 

Moove is a Nigerian mobility fintech company that has attracted lots of investors to participate in building the brand. It was in August that the company got $76 million and Mubadala Investment Company led this. The funds could be broken down to $28 million in equity, $10 million in venture debt from funds and accounts, and $38 million in undisclosed funds in 2022.

5. Luminous Global

Luminous Global, a Nigerian Off-Grid Solar Company has raised $125 million. The company's latest raise was a $35 million fund from the U.S. International Development Finance Corporation (DFC) to expand its market.

6. TradeDepot

TradeDepot, a Nigerian e-commerce startup, has raised a total of $123 million in funding. Its latest round was in 2021 where it got $110 million in series B.