Nigerian Startups Are Breaking Grounds : 4 Startups That Attracted A 100 Million Dollar Plus

an overview on how they raised t $100 million plus in 2021

The year 2021 was a huge success for African startups as a majority of them were able to receive more than $100 million.

African startups were able to receive investments from popular investors like a Japanese firm that invested in Alibaba, Soft bank, and many more renowned companies.

Andela and Opay were able to receive $100 million in 2019. They were the only African startups that had ever received such a substantial amount in a single round before 2021. Such tectonic raises are hard to come by in Africa.

Based on the information provided by a startup fundraising database known as The Big Deal, the $100 million deals closed by 11 African startups were much more than $1.7 billion, accounting for greater than 40% of the $4.2 billion raised by African startups in 2021.
List of Some Nigerian Startups that raised more than $100 million in 2021
The Nigerian startups that raised more than $100 million in 2021 are listed below
Andela
Andela is a worldwide technology recruiting company that assists tech companies to build remote Engineering teams. It was founded in 2014 by four professionals.

Andela is currently at a valuation of $1.5 billion after a $200 million Series E round led by the $30 billion venture fund of Softbank Group known as Softbank Vision Fund 2. The Softbank Group is a Japanese Tech investor.

Engineers from over Eighty Countries, covering six continents currently work for Andela. The company has assisted thousands of Engineers to secure jobs with prominent companies such as Cloudflare, GitHub, and others in the technology field.

Andela also assists companies to gain access to the best software engineering team in the world.

According to the data from Crunchbase after closing this Series E round, Andela has raised a total of $381 million since its inception in Lagos, Nigeria about Eight years ago.

The last evaluation of the company was $700 million, which came when $100 million Series D was raised by the company in 2019.

Andela is said to have combined human development with financial returns which is a daunting task.
Opay
Opay is a Fintech company that focuses on Africa and was able to raise $400 million in a fresh round of funding. This fundraising round was led by Softbank Vision Fund 2, which made the company be at an evaluation of $2 billion.

Opay claimed to handle about 80% of bank transfers made by Nigerian mobile money providers and about 20% of non-merchant point-of-sale transactions.

Opay was officially launched in Nigeria in 2018 and has had a lot of success stories. However, Opay has been operating since 2010 in the pouch of PayCom Nigeria Limited which is a mobile money platform incubated by Telnet (Nigeria) Limited.

The Opera group which is a technological company happens to be the parent company of Opay. Opera ventured into Africa with the launch of its mobile browser known as Opera mini in 2006.

It has the largest market share of mobile browsers in Nigeria with 48.29% and second-largest in Africa as of August 2019.

Currently in Nigeria, Opay does more than 6 million transactions daily.
Flutterwave
This is an African payments Company that was able to raise $170 million in a Series C round, putting the company at an evaluation of over $1 billion.

In 2021, Flutterwave secured the largest amount ever as an African startup company. The capital round was led by a US-based hedge fund and investment named Tiger Global and Avenue growth capital located in New York.

Companies over 290,000 use Flutterwave in about 150 currencies using a variety of secured methods for payment.

Flutterwave provides a payment platform for merchants across the globe and payment service providers across the continent.

It was founded in 2016 with its headquarters in San Francisco, California but its operation also cuts across Africa, America with plans to expand into other continents.

A major aim of flutterwave is to make it easier for Africans to build global businesses that can make and receive payment, from anywhere across the world.
TradeDepot
TradeDepot is Africa’s premier business-to-business eCommerce and embedded finance platform that has secured $110 million in an equity and

debt investment round to enable the delivery of Buy-Now-Pay-Later services to about 5 million small and medium-sized businesses and to expand its merchant platform across the globe.

The series B equity investment was led by the International Finance Corporation (IFC), a member of the World Bank Group.

The new funding will speed up the distribution of this service to more merchants, also enhance consumer goods brand penetration, and drive prosperity in one of Africa’s most significant industries.

TradeDepot connects the world’s top consumer goods companies directly to their retailers on the streets of Africa’s cities. Its headquarters is in Lagos State, Nigeria. It was founded in 2016 to build the largest distribution network in Africa.
Conclusion
Indeed, the year 2021 was a huge success for African startups of which the companies listed above are practical examples.

They all have a lot to be grateful for in the year 2021, as they were able to strike deals with investors globally.

Leave a Comment

Your email address will not be published.

Scroll to Top