Tech Startups are newly established businesses with technological innovative ideas or solutions. These startups leverage technological innovations to solve every day problems. They typically operate in a dynamic and fast-paced environment, aiming for rapid growth and scalability. Tech startups as well as all other startups often seek funding from investors to develop and market their products or services, with the goal of becoming profitable or attracting acquisition offers. The tech startup culture values creativity, agility, and a willingness to take risks to disrupt existing industries or create new ones.
There are about 507 tech startup companies in Nigeria driving the country’s digital economy.
The Nigeria's tech startup section has attractive cumulative of $6.9billion in capital funding with over 1155 investors. The Fintech sector is the most funded subsector in Nigeria as many venture capitalists find Nigeria’s Fintech startups very attractive. In 2023 only, Nigerian Fintech secured $324 million funding, the fourth largest in Africa behind Egypt, South Africa and Kenya.
List of Top Tech Startup Companies in Nigeria
- Jumia
- HIS Towers
- OPay
- Flutterwave
- Andela
- Moove
- Zola Electric
- Lumos
- PalmPay
- TradeDepot
- Interswitch
- MainOne
- Kuda Bank
- Daystar Power
- Beloxxi
- Konga
- Hygeia HMO
- MAX.NG
- Sabi
- Sigma Pension
- Helium Health
- Africa Health Holdings Ltd
Jumia — $808.35 million
Jumia Group is the leading e-commerce ecosystem that provides innovative, convenient, and affordable online goods and services to consumers.
Established in 2012, Jumia ranks as the highest funded tech startup in Nigeria with corporate funding of $805.35 million.
IHS Towers — $652 million
HIS Towers is a tech company that builds mobile telecommunications infrastructure. Founded since 2001, the company builds telecommunications masts for telecommunications companies in Nigeria.
As at the last round, IHS Towers has raised $652 million capital through private equity.
OPay is one of the leading mobile money operators (MMO) and financial technology platforms in Nigeria.
Launched in August 2018, Opay offers mobile payment service with focus on reaching the majority of the unbanked population in Nigeria.
OPay is the most funded Fintech in Nigeria, having received capital funding of about $570 million as at the last round of Series C.
Moove — $337.2
Moove is a mobility fintech startup that drives financial inclusion through the provision of access to vehicle financing to entrepreneurs and other individuals in Nigeria and Africa.
Established in 2019, Moove has received a total of $337.2 million in debt financing.
Zola Electric — $306.1 million
ZOLA Electric is a Silicon Valley startup liberalizing access to clean energy, and smart storage power solutions globally.
Founded in 2011, ZOLA Electric has received $306.1 million in venture capital.
Lumos — $212 million
Lumos is a leading Clean Energy company and producer of high-quality home solar systems that is revolutionising the African clean energy market.
Founded in 2012, Lumos has raised a total of $212 million capital through debt financing.
PalmPay — $140 million
PalmPay, a leading Africa-focused fintech app has become largest mobile money app in Nigeria. Founded in 2919, the company has as of December 2023 hit 25 million users on its smartphone app with an “extensive” network of 500,000 mobile money agents and 300,000 merchants in its payments ecosystem.
Licensed by the Central Bank 4 years ago as a mobile money operator to carry out financial services in Nigeria, PalmPay has grown to become the leader in Nigeria’s Fintech market, a growth the Company’s Global Chief Marketing Officer, Sofia Zab attributed to the company’s robust strategy centred on offering secure, user-friendly and inclusive financial services.
TradeDepot — $123 million
TradeDepot provides platform for factory-to-retailer-to-consumer distribution of goods in Africa
Founded in 2015 and headquartered in Lagos, TradeDepot offers an innovative route-to-market for top consumer goods manufacturer across Africa
The company has raised $123 million capital through debt financing.
Kuda is an online banking platform licensed by CBN to operate as a microfinance bank in Nigeria. It offers savings services, among other offerings.
Kuda Bank app is the most used online banking app in Nigeria with over 5 million downloads on Google Play Store.
Hygeia HMO — $66.8 million
Founded in 1984, Hygeia HMO is a medical technology startup that provides integrated healthcare services in Nigeria, and in some other West African countries.
Hygia HMO has raised a total of $66.8 million venture capital as at the last round. The company ranks no.1 MedTech startup company in Nigeria.
MAX.NG — $64.2 million
Metro Africa Express is a Nigerian tech startup that uses technological solutions to solve last-mile delivery and E-Commerce problems in Africa.
Founded in 2015, MAX.NG has raised a total of $64.2 million in venture capital as at the last round.
Sabi — $64 million
Sabi is a tech startup that provides digital infrastructure to optimize supply chains for diverse market needs in Africa. As a merchant aggregation platform, Sabi uses technology to streamline key processes towards accelerating offline trade in frontier markets.
Founded in 2020, the company has received a total funding of $64 million in Series B.
Sigma Pensions — $62 million
Sigma Pensions is a pension fund administrator that leverages technology to provide pension management solutions
Established in 2004, Sigma Pension has raised a total of $62 million in venture capital as at the last round.
Helium Health — $42.17 million
Helium Health is a medical technology company that provides dynamic digital tools and facilitates financing, empowering healthcare providers and decision makers to improve the lives of Africans.
Established in 2015, Helium is used by over 10 thousand health workers and over 1 million patients.
The company’s clients include medical doctors, governments, and public health stakeholders across Africa who rely on Helium Health’s technology and insights to improve healthcare delivery standards in Africa, enabling African families to live happier and healthier lives.
Helium Health has so far raised a total of $42.17 million in Series B, making it the second largest MedTech startup in Nigeria.
Headquartered in Lagos Nigeria, it also has office in Nairobi Kenya.
Africa Health Holdings Ltd — $42 million
Africa Health Holdings (AHH) is a digital health startup that provides AI and telemedicine solutions across Africa
As at the last round, the company has raised up to $42 million convertible note to upscale its operations.