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On April 16, Uganda-based two-wheel ride-hailing platform SafeBoda announced that it had completed 1 million rides in Ibadan, a southwestern city in Nigeria. The company, which first launched in Uganda, is disrupting the offline market of local motorcycles referred to as boda-bodas in Uganda and okadas in Nigeria.
Nigeria itself is home to 170 million people, a figure that is expected to rise to 400 million by 2050, and the biggest market in Africa. According to Transparency International in 2013, Nigeria was the world’s 144th most corrupt country out of the 177 countries monitored. Online shopping as tech opportunities.
In 2019, startups based in Nigeria attracted $747 million, or 37% of Africa’s total VC investment. YC W22 batch nets 24 African startups, including 18 from Nigeria. Apart from revenue thresholds, the accelerator shared another interesting statistic concerning Nigeria. Y Combinator is paying attention.
Two years ago, the African tech ecosystem saw newfound attention from global players that translated to the continent’s best year of receiving venture capital. From varying sources, it is estimated up to $2 billion went into African tech startups in 2019. AfricArena, a tech ecosystem accelerator, pegged deals to close between $2.25
Months later, the company is ceasing on-ground operations in Nigeria, one of its four markets in Africa. This means that it will no longer fulfill orders in the West African country, saying it has become “a fully-integrated tech solution” that will match online buyers with the right logistics providers. We are not pivoting.
India, with 32 startups, is the second-largest demographic represented in the new batch, while Nigeria is third, having delivered 18 startups. Location : Lagos, Nigeria. Location : Lagos, Nigeria. YC-backed Curacel unveils new API platform that enables tech-led businesses to offer insurance. Location : Lagos, Nigeria.
Nigeria has more than 12 million registered vehicles , and approximately 90% of them are used cars that need frequent checkups to prevent recurring breakdowns. Given this number, one would expect effective vehicle maintenance to be standard in Nigeria. African tech took center stage in 2021. million seed round. .
Remedial Health has secured $1 million in pre-seed funding to digitize pharmacies and stem the supply of fake and substandard pharmaceutical products, starting with Nigeria before expanding to the rest of Africa. Other notable startups in the space are Kenya’s MyDawa, Ghana’s mPharma and Nigeria’s DrugStoc.
The number of POS terminals in Nigeria grew from 150,000 in 2017 to 543,000 in April 2021, according to Statista. In Nigeria, POS terminals are used to process card payments at retail locations as well as for agency banking purposes, a branchless banking system where agents act like human ATMs.
Africa Health Holdings , a healthcare startup running several hospitals, has secured $18 million in a Series A round, funds that will go toward building its “tech-forward healthcare system” across Ghana, Kenya and Nigeria. Valiant Capital, Kepple Ventures and SUNU Capital. Valiant Capital, Kepple Ventures and SUNU Capital.
This past decade, Nigeria has seen several companies cater to the development and growth of software engineers and tech talent in general. So when Chika Nwobi started Decagon in 2018, the perception was generally “here comes another tech talent accelerator.” What is Andela, the Africa tech talent accelerator?
Shared transportation in Nigeria, Africa’s largest country by population, is a thriving business, at least when done the conventional way: offline. While most mobility tech in the country is centred around two-wheelers and car-hailing, there’s been hardly any deliberate disruption in the bus-sharing and mass transit space.
The process of digitizing the operations of mom and pop stores in Nigeria is serious business right now. Today’s news is from Alerzo , a little-known B2B e-commerce retail startup based in Ibadan, Nigeria. Alerzo owns and operates its full-stack tech-driven supply chain and logistics to process these orders.
The last five years have seen a plethora of fintech applications in Nigeria (and Africa, in general) grow at an astonishing rate. Today, Nigeria’s Okra , arguably the first to gain mainstream attention, is announcing that it has closed a seed round of $3.5 Nigeria is becoming Africa’s unofficial tech capital.
We’re not trying to be, you know, a tech-enabled digital distributor. Growing an average of 40% month on month in Nigeria, Sabi intends to replicate its rapid growth in other African countries Kenya and South Africa. Sabi’s growth, in addition to market demand, comes from the background of its founders.
The undisclosed investment comes two months after Alphabet CEO Sundar Pichai announced the tech giant’s intentions to commit $1 billion over the next five years in “tech-led initiatives”, which includes a $50 million Africa Investment Fund targeted at early- and growth-stage startups on the continent.
His experience from this activity, coupled with working as a technical adviser to the vice president’s office in Nigeria a couple of months back, led him to launch Norebase , a trade tech startup that has raised $1 million in a pre-seed round. The service, which is only available for incorporating businesses in Nigeria, the U.S.
” The company, founded in 2018, had an exclusive presence in Nigeria before last year. By simply allowing unbanked and underbanked users in Nigeria to send and receive money and pay bills through a network of thousands of agents, OPay has grown at an exponential rate. The company plays in an extremely competitive fintech market.
But issues around pricing, flexibility to innovate and a lack of local tech support always come up. The company based in Lagos, Nigeria, was founded by Emeka Emetarom , Obi Emetarom and Wale Onawunmi in 2008. Nigeria is becoming Africa’s unofficial tech capital. This is where Appzone has found its sweet spot.
Nigerian mobility tech startup Metro Africa Xpress Inc. ( They recently partnered with Estonian ride-hailing company Bolt in a lease-to-own arrangement that is set to enable 10,000 drivers under the platform in Nigeria acquire energy-efficient vehicles.
Andela has been pivotal to placing the continent’s tech talent globally. Nigeria has a population of almost 200 million, with 60% under the age of 25. It’s a one-year program where students take classes for nine months (three semesters) followed by a three-month internship at local tech companies to gain experience.
Kuda , the challenger bank based in Nigeria and the U.K., has joined the ranks of tech companies in Africa that are pruning their workforce. The news of the layoffs, which was first disclosed to TechCrunch by sources, was confirmed by Kuda via email, saying it laid off less than 5% of its 450-strong workforce, or about 23 people.
“After proving that, we needed to figure out how to best place this technology dynamically and, over the last couple of months, made progress on Kraken’s evolution from being static to being portable and reducing the cost significantly [Kraken II] while adding new products [SITE] to complement the suite of tech that we have already.”.
to reach a relative in Nigeria. Ben Eluan and Osezele Orukpe , two software engineers based in Nigeria, faced this problem in 2019. The company witnessed this growth despite the Central Bank of Nigeria’s clampdown on crypto exchange activities. Nigeria is becoming Africa’s unofficial tech capital.
AltSchool’s co-founder and CEO Adewale Yusuf told TechCrunch that since launch, the school has received increased interest for the courses it offers, pointing to a growing pool of youth that are keen on careers in tech. Nigeria’s AltSchool raises $1M pre-seed to build an alternative school for Africans.
Microtraction , an early-stage venture capital firm based in Lagos, Nigeria, saw funding nearly quadruple for its portfolio. ” Badamosi, who returned to Nigeria from the UK in 2015, worked as the general manager for Starta Africa, an online community for African tech entrepreneurs. The introductory batch was all Nigerian.
Donate-ng (Nigeria). That said, this year’s Global Trends in Giving Survey includes questions about crowdfunding. If you are a donor, please volunteer 4-7 minutes of your time and take the survey. BackaBuddy (South Africa). backabuddy.co.za. donate-ng.com. M-Changa (Kenya). changa.co.ke. GIVE.asia (Multiple Countries). give.asia.
The tech from one startup, Electreon , is embedded in the nations first EV charging road. More importantly, the campaign is creating a blueprint of how to build up a high-tech industry while shrinking, rather than expanding, issues of inequity. Ford Motor Co.
Last year, the company removed at least 63,000 Instagram accounts in Nigeria that attempted to financially extort victims. While sextortion can happen on any platform, and between people who know each other in person, criminals and scammers have used Meta to target victims.
million in 2016, it was one of the largest disclosed rounds at that stage in Nigeria. . Nigeria’s Kuda raises $10M to be the mobile-first challenger bank for Africa. million; Nigerian automotive tech startup Autochek Africa , which raised $3.4 “We backed Fara because she’s a strong tech founder.
Kuti’s comments highlight critical issues with healthcare in Nigeria: accessibility and affordability. In Nigeria and some emerging markets, it’s common for people to take healthcare for granted. In 2015, the three co-founders launched Kangpe, a telemedicine-focused startup in Nigeria with a “doctor in your pocket” slogan.
Olumide Soyombo is one of the well-known active angel investors in Nigeriatech startups and Africa at large. Voltron will be deploying capital to roughly 30 startups, mostly in pre-seed and seed-stage across Africa, in a bid to “address the severe lack of access to early-stage funding for African tech companies.”
Before TalentQL, Yusuf co-founded Nigeria-based tech media publication Techpoint Africa; Awoyemi co-founded online recruitment site Jobberman; and Sultan founded nonprofit tech accelerator DevCareer. based, wants to decentralize access and democratize opportunity for Africa’s top tech talents. . The TalentQL team.
So, u sers from different countries — Ghana, Nigeria and Kenya, for now — can connect their bank or mobile money accounts to Dash, pay bills, and send and receive money to other users while the platform handles currency conversions. African tech took center stage in 2021.
Six years ago, it was heavily focused on East Africa, but having pulled out of Tanzania, M-KOPA is present in Kenya, Uganda, Nigeria and Ghana. Ex-SafeBoda executive Babajide Duroshola joins M-KOPA to lead expansion into Nigeria. Since launching in Nigeria, M-KOPA has acquired over 50,000 customers, its executives said.
.” In a statement, Agboola gives credit to the company’s more than 300 staff, investors, customers and regulatory bodies like the Central Bank of Nigeria (CBN) for creating the backbone for Flutterwave’s success. Rising African venture investment powers fintech, clean tech bets in 2020.
In Nigeria, owning a car is a luxury very few people can afford. Delano tells TechCrunch that inasmuch as Moove is changing how people have access to new cars in Africa, he wants the company to solve some of the unemployment problems facing the continent, even more so in Nigeria. sold more than 17 million new cars that same year.
” The company, which currently offers mobile-first banking services in Nigeria, has picked up $25 million in a Series A being led by Valar Ventures, the firm co-founded and backed by Peter Thiel, with Target Global and other unnamed investors participating. “We closed February at $2.2 ” Image Credits: Kuda.
Nigeria’s Mono raises millions to power the internet economy in Africa. I feel like Nigeria is capped in terms of how many businesses we can target,” said Hassan, who co-founded Mono with Prakhar Singh, over a call. Hassan adds that Mono might complete the move to South Africa via a partnership with Absa bank this year.
SunFi , the Nigerian clean tech startup that connects people and businesses who want solar energy access to payment plans that match their needs, has raised $2.325 million in seed funding. So we’re built as a fintech for the clean tech space, which doesn’t exist in Nigeria.” The SunFi team.
10×1000 Tech for Inclusion Program Initiated by Ant Group and IFC Before the panel discussion, the host briefly introduced the 101000 Tech for Inclusion Program , an initiative aimed at promoting tech inclusion and bridging the digital divide in underserved communities. trillion in Nigeria.
Duplo will spend most of this investment on improving its product, tech and sales as well as move into other sectors asides from FMCG retail to businesses in travel, farming, B2B marketplaces, alcohol and beverages. There’s just a tonne of potential opportunity for us as a business that we can tap into very soon,” said Oyekola.
Living in Lagos, the commercial city of Nigeria, is not for the faint of heart. At the time, founders were increasingly launching ventures in fintech, e-commerce and logistics, so it was surprising to see Enegesi and his co-founders choose to tackle a space many felt couldn’t be profitable for a tech company in Nigeria. .
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