Nigerian start-ups generated $9mn in Q1 of 2018

The Nigerian start-up sector in Q1 of 2018 received a boost, raising a total of $9.2 million

In the first ever Nigerian Start-up funding report compiled by Techpoint, an innovation-focused enterprise, 14 local start-ups benefitted from this funding cycle.

Equity investment accounted for more than half of that figure, generating $5,000,000, with bridge funding generating $3,500,000.

The report also showed that $491,196 was raised from grants, while $250,000 came from seed funding.

Over 90% of the funders for Nigerian start-ups were foreign.

The local start-ups that benefited from the funding were Placement, LifeBank, Rensource, FarmCrowdy, MyPadi, Budgetier,, Touchabl pictures,  The Footwear academy,  Clintonel technologies, Ogwugo, LifeBank,  Handyman, and Terragon group.