ANALYSIS: Top 10 Nigerian tech startups in 2022

2022 was not as buoyant for Nigerian startups as 2021 in terms of funds raised but they gained a total of about $1.3 billion according to various figures released by the individual companies.

Here are the top 10 Nigerian tech startups deals in 2022 as reviewed by Nairametrics:

1. Flutterwave ($250 million)

Recognised as one of the most valuable startups in Nigeria, Flutterwave became Africa’s fourth unicorn last year after raising $170m in a Series C round. The company in February last year put an icing on its cake as it raised $250 million in its single-biggest funding round to date, valuing the startup at more than $3 billion, as it targets mergers and acquisitions, and a growing existing customer base.

2. Moove ($181.8 million)

With a total round of $181.8 million, Moove secured the second-highest funding round for a Nigerian startup in 2022, only behind Flutterwave.

3. ThriveAgric ($56.4 million)

ThriveAgric, a technology-driven agricultural company, also secured $56.4 million in debt funding from commercial banks and institutional investors in March 2022. Additionally, the company received a $1.75 million co-investment grant from West Africa Trade & Investment, which is funded by USAID.

4. TeamApt ($50 million)

TeamApt, a Nigerian fintech that provides business payments and banking platforms, topped the fundraising table in Q3 2022 with its $50 million pre-series C funding announced in August. QED Investors, a US fintech-focused venture capital firm led the new investment, while Novastar Ventures (co-lead), Lightrock and BII also participated in the round.

5. Reliance Health ($40 million)

In February 2022, Reliance Health, an emerging markets-focused digital healthcare provider, completed a $40 million Series B funding round led by General Atlantic, a leading global growth equity investor, with participation from Partech, Picus Capital, Tencent Exploration, AAIC (Asia Africa Investment and Consulting), P1 Ventures, Laerdal Million Lives Fund, M3, Inc., and Arvantis Social Foundation.

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6. Vendease ($30 million)

Vendease, Nigeria’s food procurement startup raised $30 million in equity and debt funding round in September 2022. The Series A equity round of $20 million was co-led by TLcom and Partech, in a rare joint investment by two of the biggest Africa-focused funds, while $10 million debt round was raised from the local finance market. The equity round also included VentureSouq, Hustle fund, Hack VC, GFR Fund, Kube VC, Magic Fund, and Kairos Angels, who returned after participating in the previous round.

7. Umba ($17.5 million)

Nigerian digital banking startup, Umba, in April raised $15 million in a Series A funding round, which brought its total fundraising to date to $17.5 million.

8. Omnibiz ($15 million)

Omnibiz, a Nigerian B2B e-commerce platform closed a $15 million pre-Series A round comprising $5 million equity and $10 million debt in August 2022. The funding was led by Timon Capital with participation from other VC firms such as Ventures Platform, Lofty Inc, Chapel Hill Denham, Chandaria Capital and Musha Ventures.

9. Bamboo ($15 million)

In January, fintech company, Bamboo, a brokerage app that lets Africans buy and trade US stocks in real-time. The start-up raised a US$15 million Series A funding round to accelerate its growth, move into new markets and launch more products.

10. CredPal ($15 million)

CredPal, one of the earliest pioneers of buy now, pay later in Nigeria, also closed a bridge round of $15 million in equity and debt in March 2022 to expand its consumer credit offerings across Africa.