Nigerian StartUps raise over N12 Billion in Q3

Nigeria’s Start-Up scene continues to rake in massive investment from local and foreign angel investors, with N12.9 billion ($35.5 million) realized in the Q3 of the financial year.

This however represents 48% of the total investments raised in Q2 of 2018.

The latest Nigeria Start-Up funding report compiled by Techpoint Africa and made available to Technopreneur indicates that financial services continue to dominate capital share, grabbing 87% of total investment flows.

A total of 37 start-ups got investment for Q3.

Three start-ups got the lion share with Mines getting the highest – $13 million.

Paga came second netting $10 million in investment.

FinTech start-up Paystack got the third  highest investment of $8 million; while Tizeti got $3 million to place fourth.

While most Nigerian start-ups continue source most of their funding through grants and seed investment, many of the start-ups listed are now turning to crowdfunding.

Total amount of investment raised through crowdfunding for Q3 stood at $583,608.

The energy sector saw more entries with 7 energy start-ups securing $500,000 in total investment.

The next quarterly report is expected to be released along with the 2018 start-up financial report.