Nigeria

The latest startup and technology news coming out of Nigeria.

Moove, an African mobility fintech that offers vehicle financing to ride-hailing and delivery app drivers, has raised $100 million in a funding round as it plots expansion into new markets.…

Uber leads $100M investment in African mobility fintech Moove as valuation hits $750M

Nigeria is actively seeking information from Binance regarding its top 100 users in the country and all transaction history spanning the past six months, according to a Financial Times report.…

Nigeria demands Binance disclose top users, executives remain detained

MDaaS Global, a Nigerian health tech company that operates a network of tech-enabled diagnostic centers across the country, has secured $3 million in pre-Series A funding. The round was led…

MDaaS raises $3M to improve healthcare access and expand network across Nigeria

Binance will discontinue its naira (NGN) services in response to heightened regulatory scrutiny in Nigeria, it said in a blog post today. The cryptocurrency exchange will begin delisting any existing…

Binance to halt naira services amid ongoing regulatory probe in Nigeria

Some cryptocurrency exchanges in Nigeria faced accessibility issues for users, prompting speculation of imposed restrictions on crypto sites, the Financial Times reported. On Wednesday, local media reported that Nigeria’s telecom…

Crypto users in Nigeria briefly lose access to Binance, Kraken and Coinbase

FairMoney, a digital bank based in Lagos and headquartered in Paris, is in discussions to acquire Umba, a credit-led digital bank providing payroll and financial services to customers in Nigeria…

Nigerian digital bank FairMoney in talks to buy Umba in $20M all-stock deal, sources say

Updated to note that Kuda has now responded to say that it didn’t close a bridge round last year. The story below is modified to reflect that. Earlier this month,…

African neobank Kuda tried to raise $20M at flat valuation in 2023, missed user milestone projection by 3M

Nigerian fintech Cleva, focused on creating a banking platform for African individuals and businesses to receive international payments by opening USD accounts, has raised $1.5 million in pre-seed funding. The…

YC-backed African fintech Cleva, founded by Stripe and AWS alums, raises $1.5M pre-seed

Pricepally, a Nigerian online grocery store for fresh produce and packaged food, has raised $1.3 million seed funding, backed by Samurai Incubate (a Japanese VC that also participated in the…

Online grocery startup Pricepally to expand in Nigeria backed by $1.3M funding

Husk Power Systems, a clean energy company at the forefront of fueling rural electrification since 2008 and that announced plans to launch 500 solar mini-grids in Nigeria over the next…

New solar mini-grids in Africa to be powered by Husk Power Systems’ $103M Series D

The full picture regarding capital availability for African startups is far from encouraging, but there are always green shoots to highlight.

African startups see their fundraising prospects dry up as capital availability falls yet again in Q3

The crypto industry has long been criticized for its disconnection with the real world, but there are players who try to show that the underlying blockchain technology can solve some…

Akowe wants to fix Africa’s broken certificate system with blockchain

Mecho Autotech, a startup offering automotive spare parts, vehicle repairs and maintenance services, has raised a $2.4 million pre-Series A round. The firm targets the Nigerian market, where 90% of…

Mecho Autotech raises $2.4M, ventures into wholesale spare parts distribution

Emtech, an African provider of central banking infrastructure, introduced its Central Bank Digital Currency (CBDC) Innovation kit last month. The kit caters to fintechs and financial service providers interested in…

Emtech to advance its regtech and CBDC stack solutions with $4M led by Matrix Partners India

Oghenetega Iortim built Nigerian-based cold-chain startup Figorr after imagining better means of storage and transportation of temperature-sensitive products, following the post-harvest losses from his fresh agro-produce venture. Figorr (previously Gricd)…

Cold-chain startup Figorr raises $1.5M, backs the rollout of data-driven perishables insurance

Nigerian payment service provider Nomba has raised $30 million in a pre-Series B investment to support the delivery of bespoke payment solutions for African businesses. The round, which values the…

African payment service provider Nomba raises $30M, backed by Base10 Partners and Shopify

Fez Delivery, a Lagos-based last-mile logistics startup with hubs across Nigeria, has raised $1 million led by pan-African investor Ventures Platform with participation from Voltron Capital, Acasia Ventures and other…

Techstars-backed Fez Delivery gets funding to scale its last-mile logistics platform

Do you have the desire, the expertise and the followers it takes to be a speaker at TechCrunch Disrupt 2023 on September 19–21 in San Francisco? Then heed this call…

Apply now to speak at TechCrunch Disrupt in September

Africa’s largest innovation hub Co-Creation Hub (CcHUB) is launching a $15 million accelerator program, dubbed The Edtech Fellowship Program, to back and support 72 startups across Nigeria and Kenya over…

Co-Creation Hub’s edtech accelerator puts $15M towards African startups

As many as 2.8% of Africans are insured, which is less than half the global average of 6.3%, making it the least insured continent in the world. Despite the abysmal…

Nigeria’s Curacel raises funding to power insurance offerings and expand into North Africa

In October last year, Sendy, a Kenyan logistics scale-up, wound up its supplies service, which enabled retailers to purchase FMCGs directly from manufacturers, saying it was directing all its focus…

More job cuts loom as Sendy changes course in Nigeria

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.…

SunFi aims to be the fastest way for Nigerians to find, finance and manage solar

Releaf, a Nigerian agritech startup that supplies ingredients (starting with the oil palm) to consumer goods manufacturers and their food factories, has received $3.3 million in an oversubscribed pre-Series A…

Nigerian agritech Releaf gets more capital as it launches new tech for food processing

Individuals or businesses buying furniture in Africa can purchase from local furniture stores or global furniture retailers like Ikea. But both options have pros and cons; for the latter, local…

Nigerian startup Taeillo raises funding to scale its online furniture e-commerce platform

Most large restaurant chains across Africa have grown accustomed to using legacy systems and point-of-sale providers to manage operations. However, for smaller restaurants — which represent the biggest segment of…

Orda raises millions to digitize African restaurants with its cloud-based operating system

Kuda, the London-based and Nigerian-operating startup taking on incumbents in the country with a mobile-first and personalized set of banking services, is expanding to the U.K. by offering a remittance…

Kuda takes digital banking play to the UK with its remittance product

Inefficiencies have marred Nigeria’s rental system for years, thus affecting how landlords and renters transact. Most landlords collect rent one to two years upfront, while renters struggle to find apartments…

Nigerian proptech SmallSmall raises $3M to provide flexible living solutions for customers

Africa’s $45 billion pharmaceuticals market is expected to grow 10% CAGR to $100 billion by 2030. Yet, the sector struggles with highly fragmented and undercapitalized supply chains rife with fake…

Lifestores Healthcare raises $3M to expand its pharmaceutical marketplace across Nigeria

Featured Article

Treepz founder Onyeka Akumah on how to succeed in transportation tech

We caught up with Treepz co-founder and CEO Onyeka Akumah, whom we first interviewed a year ago, to check in on the African startup’s progress.

Treepz founder Onyeka Akumah on how to succeed in transportation tech

Early this year, Nigerian health tech startup Remedial Health announced plans to scale within the West African country, digitizing pharmacies and bringing efficiency in the pharmaceutical supply chain after raising…

Nigeria’s YC-backed Remedial Health raises $4.4M seed funding