Nigeria is becoming a lucrative place for startups. In every sector of the economy, these startups are creating innovative solutions to the problems in those sectors. And gradually, the international communities and investors are finding a reason to believe in Nigeria because these startups have given them a reason to. In this article, we look at the top startups in Nigeria.
The startups listed here have proven that they have what it takes to be on this list by their services, innovation, continued growth and reviews. It is not just enough to be a startup but to make an impact. To get the consumers excited and happy with your products or services.
While compiling this list, we have excluded some popular companies that we no longer consider startups. This is because they have grown to be big companies and are self-sustaining with huge market share and a large number of staffs. An example is Interswitch owners of Verve and Quickteller. Other examples are Jumia and Konga which we can no longer view as startups.
A company that has expanded to have many staffs, be self-sustained without the helpless need of investors and control a large sector of their market does not qualify to be seen as a startup on this list. Simply put, they have moved on above this level.
Our focus on what a startup is, are startups that depends majorly on investor funding, have limited number of staffs and still penetrating its industry.
Top startups in Nigeria
Here are the top startups in Nigeria:
Paystack is a leading Fintech startup in Nigeria that is growing rapidly. The main focus of Paystack at this point is payment processing. For merchants, Paystack helps them receive payments from customers. Founded in 2015 by two long time friends.
Some facts about Paystack
Founders: Shola Akinlade, Ezra Olubi
Investors: Stripe, Visa, Tencent and Y Combinator, Comcast Ventures and Ventures Platform.
Funding: $1.3 million in 2016, $8 million in 2018
Sector: Finetch, Payment processing
Competitors: Interswitch, Flutterwave, Etranzact, Remita, VoguePay
Milestone: 10 billion Naira in monthly transaction value October 2018
Location: 126 Joel Ogunnaike, Ikeja GRA, Lagos.
Phone number: +2349085662909
PiggyVest is a very fast growing Fintech company that has been well received in Nigeria. Started as PiggyBank.ng and later re-branded to PiggyVest. The primary goal is to help Nigerians save and invest money easily with the app. All it takes is download the app, register and save or invest.
Some facts about PiggyVest
Founders: Somto Ifezue, Odunayo Eweniyi and Joshua Chibueze
Investors: VilCap Investments, Village Capital, Leadpath Nigeria and Ventures Platform
Funding: $1.1M raised in 2018, over $1.2 million over all
Milestones: Over 350,000 users in 2019
Location: Tesmot House, 3 Abdulrahman Okene Close, off Ligali Ayorinde Street, Victoria Island, Lagos.
Phone number: 0700933933933
3. Field Intelligence
Field Intelligence is a startup with lots of promise and potentials. They focus on supply, management and distribution of medical related items. With the backing from Bill Gates through his foundation, the sky is the limit. From Abuja, their pharmaceutical supply chain services have reached many countries in Africa with possibility of reaching other continents. In 2018, they opened an Office in Berlin Germany.
Some facts about Field Intelligence
Founders: Michael Moreland, Justin Lorenzon
Investors: McKinsey & Company, Blue Haven Initiative, Newtown Partners, Venture Lab, Bill & Melinda Gate, The Federal Government of Nigeria, Accion Venture Lab, Imperial Venture Fund, Sunu Capital.
Sector: Health, Software
Milestone: $1.1B managed annually 2019
Location: 4 Adzope Crescent Wuse II, Abuja, FCT Nigeria
Youverify is an Identity Verification startup based in Lagos, Nigeria. The startup helps verify identify through its access to many databases. Founded in 2017, the company has worked with big brands such as Standard Chattered, Sterling Bank, NIPOST and Bolt.
Some facts about Youverify
Founder: Gbenga Odegbami
Investors: Village Capital, Chinook Capital, Orange Digital Ventures, French Development Agency (Agence française de développement), LoftyInc Capital Management
Sector: Identity management
Competitors: Seamfix, Hipen Solutions
Milestone: On Mar 10, 2020 raised $1.5M
Location: 13b Bishop Street, Ilupeju, Lagos 23401, NG
5. Carbon (PayLater)
Carbon is a Fintech startup in Nigeria that is growing at a very fast pace. The main focus of carbon is to provide quick loans to Nigerians without collateral via its mobile app. Recently, the start up added invest instrument to it’s app. Enabling Nigerians save and earn interest. Started as Paylater, the startup rebranded as Carbon.
Some facts about Carbon
Founders: Chijioke Dozie, Ngozi Dozie
Investors: Lendable, Google Launchpad Accelerator, Net1 UEPS Technologies, Inc.
Funding: $750K in 2014, $10M in 2015, $50K in 2017, $5M in 2019
Milestone: Raised $10M in Series A in June 2015
Location: lot 642C, Akin Adesola Street, Victoria Island, Lagos
Phone number: 01-460 9947, 01-631 1215
6. Thrive Agric
Thrive Agric an agricultural technology startup that help farmers access finance. It’s long list of partners include: Sterling bank, FCMB, Leadway Assurance, Stallion and more.
Some facts about Thrive Agric
Founders: Ayodeji Arikawe, Uka Eje
Investors: Y Combinator, Ventures Platform
Funding: $20K in 2017, $150K in 2019
Sector: Agritech, Agriculture
Competitors: Farmcrowdy, Farm4Me
Milestone: Raised in March 2019
Location: 31, 441 Crescent, CITEC Villas, Gwarinpa, Abuja, Nigeria.
Phone number: +2348167164014
7. Migo (KwikMoney)
Migo formerly known as KwikMoney is a cloud-based platform that gives people loans without collateral. People can make purchase and withdraw money with Migo without need for physical cards. Founded as Kwikmoney, the startup as since re-branded to Migo. They are definitely one of the most popular startups in Nigeria especially when it was known as Kwikmoney.
Some facts about Migo
Founders: Ekechi Nwokah, Kunle Olukotun
Investors: Singularity Investments, Velocity Capital & Progression Africa, Western Technology Investment, First Ally Capital, The Rise Fund, X/Seed Capital Partners, Trans Sahara Investment Corporation, Valor Capital Group. Velocity Capital & Progression Africa, The Rise Fund
Funding: $938K in 2014, $2.2M in 2016, $1M in 2017, $13M in 2018, $20M in 2019
Milestone: Raised $20M in December 2019
Location: 3B Adekunle Lawal Road, Ikoyi, Lagos, Nigeria.
Phone number: +234 (0) 1 700 2274
LifeBank prides itself as a platform that makes blood available when and where it is needed in Nigeria to save lives. They serve as a market place for hospital and blood bank. And through many ways encourage people to donate blood.
Some facts about LifeBank
Founder: Temie Giwa Tubosun
Investors: Co-Creation Hub Nigeria, Fola Laoye, EchoVC Partners
Funding: $25K in 2015, $200K in 2018
Sector: Health care
Competitors: Hospitals and blood banks.
Milestone: Up to 20296 units of blood to hospitals and screening centers from 2016 to 2019
Location: 1, Connal Road, Yaba, Lagos, Nigeria
Phone number: +234 909 7167 238
Kobo360 is a tech powered platform that enables easy end to end haulage operations for cargo owners, truck owners, drivers and cargo recipients. In 2008, they won the MIT Solve Global Challenge in health category and have been on the rise. With it’s rising profile in a short pace of time, Kobo360 is defintely among the fastest rising startups in Nigeria with so much promises.
Some facts about Kobo360
Founders: Ife Oyedele ll, Obi Ozor
Investors: Y Combinator, Chandaria Capital, TLcom Capital Partners, CardinalStone Capital Advisers, International Finance Corporation, Goldman Sachs, Asia Africa Investment & Consulting,
Funding: $1.2M in June 2018, $120K in July 2018, $6M in December 2018, $10M in August 2019, $20M in August 2019
Competitors: GIG Logistics, Dbell Logistics,
Milestone: Won Africa CEO Forum disruptor of the year 2019
Location: Yaba, Lagos
Phone number: +2348186780000
Quidax is a cryptocurrency platform that allow Nigerians buy and sell Bitcons and other cryptocurrencies in Naira. They are gradually expanding beyond the shores of Africa
Some facts about Qudiax
Founders: Buchi Okoro
Investors: Genesis Node Capital
Funding: $500K in 2018
Sector: Cryptocurrency, Bitcoin
Competitors: Luno, Coinbase, Binance
Milestone: Raised $500K in July 2018