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In a total shift from the funding boom recorded in 2021 and the early part of 2022, Nigerian startups have experienced a significant slowdown in funding in 2023.

However, the funding drought is not peculiar to Nigeria.

According to data from ‘Africa: The Big Deal’, African startups had raised $2.4 billion in 2023 to date, and are far behind the totals of 2021 and 2022.

In fact, in 2022, the continent’s start-ups had already raised the same amount by April, before the funding winter started.

For Nigerian startups, data from Nairalytics Deals Book reveals that Nigerian startups have so far raised less than $500 million in equity and debt this year.

With less than two months to the end of 2023, it is almost certain that the Nigerian startups will be nowhere near the $1.2 they raised in 2022 at the end of this year.


The funding slowdown is being attributed to a number of factors, including the global economic downturn, which has led to investors becoming more cautious about their investments.

The impact of global economic uncertainties and local factors, such as inflation and exchange rate fluctuations, has also affected the investment climate.


Notwithstanding the funding drought, here are the top 10 Nigerian startups fundraising in year-to-date 2023:

10. Termii ($3.65 million)

Emmanuel Gbolade, Termii

In June, Nigerian communications platform-as-a-service (CPaaS) startup, Termii, raised $3.65 million to expand its product offerings.


The new raise brought the startup’s total funding to $5.05 million having first raised $1.4 million in seed funding in January 2021. Termii’s CEO, Gbolade Emmanuel said the funds were not needed for operational activities but rather to power the company’s expansion initiatives, which include developing and promoting existing and new products in new markets with a priority to Francophone African countries starting with the Ivory Coast and not North Africa as earlier planned.

The startup’s latest funding round had participation from other investors including Fintech Collective, Launch Africa Ventures, Nama Ventures, Aidi Ventures, Ralicap Ventures, Now Venture Partners, Vastly Valuable Ventures, NOA Capital, Assembly Investors, Probability Ventures, Adamantium Fund, MyAsia VC, Uncovered Fund, and Afropreneur Angel Group. Angel investors such as Aubrey Hruby of Tofino Capital and Eamon Jubbawy of Onifido also wrote their way into Termii’s cap table.

9. OnePipe ($4.8 million)

Ope Adeoye CEO Onepipe

Fintech startup, OnePipe, secured a $4.8 million credit facility from TLG Capital in March this year. The company said it would use the facility to provide inventory finance to small shops.

Launched in August 2019, OnePipe aggregates APIs from banks and fintechs into a standardized gateway that is easy to integrate and makes partnerships seamless. The startup raised US$3.5 million in seed funding in November 2021.


According to the company’s CEO, Ope Adeoye, with the new funding, OnePipe will now focus on particular embedded finance use cases, such as inventory finance. The company also planned to grow its business and establish itself as a leading supplier of financial services to Nigeria’s informal sector.

8. FairMoney ($5.39 million)

Laurin Hainy, Fairmoney.

MyCredit Investments Limited, operating as FairMoney Nigeria, announced in June that it had raised N2.5 billion ($5.39M) in a Series 1 Commercial Paper Issuance. According to the fintech company, the CP program received tremendous interest from qualified institutional investors, with total demand exceeding the issue size by almost 100%.


The CP Issuance aims to support the company’s short-term liquidity needs and finance the growth of its loan book. Financial advisory services for the transaction were provided by United Capital Plc, Renaissance Capital Africa, FBNQuest Merchant Bank, and Stanbic IBTC Capital Limited.

7. Traction ($6 million)


Merchant solution platform, Traction, raised a $6 million seed round in August this year. According to the startup, the funding was to drive expansion, accelerate growth, and strengthen its team.

Lennox Mall

The startup’s $6 million seed round was led by Multiply Partners and Ventures Platform, with participation from P1 Ventures amongst other investors. The capital infusion aims to speed the startup’s growth, with Traction having seen a 7x increase in revenue and an 8x surge in transactions in 2022 while serving over 70,000 businesses in Nigeria.

While the seed funding was to be focused on scaling operations in Nigeria, Traction said it also planned over the next 18 months to explore growth outside Nigeria, either organically or through Merger and Acquisition.


6. Remedial Health ($12 million)

Remedial Health

Remedial Health, a Nigerian startup digitizing pharmacies and bringing efficiency to the pharmaceutical value chain, raised $12 million in Series A equity-debt funding to scale operations in Nigeria. The total package comprises $8 million equity and $4 million debt.

The funding round, which was also announced in August was led by fintech VC firm QED. This came as QED’s third investment in Africa after its involvement in the Moniepoint (formerly TeamApt) and FlapKap deals last year. Ventures Platform also co-led the round, which saw the participation of existing investors like Y Combinator, Tencent, and Gaingels.


5. Nomba ($30 million)

Nomba founders

In May, Nigerian fintech startup, Nomba, closed a $30 million pre-Series B round led by Base 10 Partners. Helios Digital Ventures, Shopify, Partech, and Khosla Ventures are the other investors in this round.

Founded in 2016, Nomba’s first iteration, Kudi, was a chatbot that responded to financial requests, allowing users to make transfers, buy airtime, and pay bills. However, it soon pivoted to agency banking services. Last year, it underwent a rebrand, dropping the name, Kudi, for Nomba and adding payments and business banking services for its users.

With the new funding, the startup said it planned to add more services to businesses in Nigeria and across Africa.

4. Helium Health ($30 million)

Helium Health 006 e1623845057581
Adegoke Olubisi, Dimeji Sofowora, and Tito Ovia. Helium Health Co-founders

In June, Nigerian e-health startup Helium Health raised US$30 million in Series B funding to help it expand the reach of its fintech product HeliumCredit.


Founded in 2016, Helium Health takes hospitals and clinics instantly digital with its flagship Electronic Medical Records/Hospital Management Information System (EMR/HMIS) product, the most widely used solution in West Africa.

HeliumCredit, meanwhile, was launched in 2020 to provide hospitals, clinics, pharmacies and diagnostics centres with loans to purchase medical equipment and medication, as well as to facilitate business expansions. Over US$3.5 million in loans have so far been disbursed to about 200 healthcare facilities through the service.

The Series B funding round was led by AXA IM Alts, with participation from Capria Ventures, Angaza Capital, Anne Wojcicki, and Flatworld Partners. Existing investors including Global Ventures, Tencent, Ohara Pharmaceuticals, LCY Group, WTI, and AAIC also participated.

3. LemFi ($33 million)

Ridwan Olalere and Rian Cochran LemFi

LemFi, a fintech startup that is transforming financial services for immigrants, announced a $33 million Series A round led by Left Lane Capital in August. Global Founders Capital, Zrosk, Y Combinator, and Olive Tree are the other investors in the round.

Founded by Ridwan Olalere and Rian Cochran in 2020 to solve immigrants’ challenge of lack of access to financial services, LemFi, formerly known as Lemonade set out to build a platform that empowers the next generation of immigrants.

The company said the raise would be used to fund the expansion of its product offering to the United States, Europe, the Middle East, and Asia, as well as innovate new product offerings according to the needs of its users.

2. Sabi ($38 million)


Nigerian B2B e-commerce platform providing digital commerce infrastructure to Africa’s informal economy, Sabi, raised $38 million in Series B funding at a valuation of $300 million in May.

Frankfurt-based specialist fintech investor Commerz Ventures, Stockholm-based but Africa-focused growth-stage investor Norrsken22, U.S.-based growth-stage funds Fluent Ventures and Proof VC and pan-African early-stage investors CRE Venture Capital and Janngo Capital are some of the investors in the round.

The company said the new funding would enable it to develop its platform further, enhancing its features and user experience.

Additionally, Sabi planned to invest significantly in its logistics network and expand its reach to underserved regions, ensuring that businesses across Africa can access a reliable and efficient B2B e-commerce ecosystem.

1. Moove ($76 million)


In August, Nigerian-born mobility fintech company, Moove, announced it had raised $76 million in new funding to build the largest tech-driven financial services platform for mobility entrepreneurs. This came as the largest single raise this year by any Nigerian startup.

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.

BlackRock manages the venture debt, while Mubadala Investment Company led the equity round, which included new and existing investors.


Out of the top 10 fundraising, four are fintechs, an indication that investors are still paying more attention to the financial services segment of the startup ecosystem.

However, the fact that a mobility startup topped the list changed the game as fintechs had always topped the table with the biggest deals.

In total, the top 10 startups so far this year raised $238.84 million and they accounted for more than half of the total funds raised by Nigerian startups over the last 10 months.


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