Despite global economic uncertainties and a downturn in venture capital investments, Nigerian startups have demonstrated resilience and innovation in 2024, collectively securing over $400 million in funding.
From fintech and agribusiness to energy and health tech, these startups are driving economic growth and solving critical challenges across Africa.
In this article, we highlight the top 10 Nigerian startups that raised millions in 2024, their impact, and their plans for expansion.
Top Nigerian Startups That Raised Millions in 2024
1. Moniepoint – $110 Million
Moniepoint, formerly known as TeamApt, emerged as one of Africa’s latest unicorns in 2024. The fintech company secured $110 million in a Series C funding round led by Development Partners International, with participation from Google’s Africa Investment Fund and Lightrock. This investment valued Moniepoint at over $1 billion, highlighting its pivotal role in enhancing digital payments and banking solutions across Africa.
Founded in 2015 by Tosin Eniolorunda and Felix Ike, Moniepoint has evolved into an all-encompassing financial ecosystem, serving over 10 million businesses and individuals. The company offers seamless payments, banking, credit, and business management tools, processing more than 800 million transactions monthly, exceeding $17 billion in value.
2. Moove – $110 Million
Moove, a Nigerian-born vehicle financing platform, also raised $110 million in 2024. This funding round, led by investors including Mubadala, The Latest Ventures, and AfricInvest, underscores Moove’s significance in the mobility sector. The company is expanding into new markets, reinforcing its presence in existing regions, and scaling operations in countries like India. With plans to have more than 5,000 vehicles on its platform, Moove continues to lead in vehicle financing, enabling mobility entrepreneurs to access revenue-based financing.
3. Yellow Card – $33 Million
Yellow Card, a cryptocurrency exchange platform, secured $33 million in its Series C round, bringing its total capital to $88 million. Initially catering to retail customers, Yellow Card is now focusing on businesses, offering treasury management and stablecoin transaction services. This investment, led by Blockchain Capital, marks a significant milestone in Yellow Card’s ascent as a leader in the African crypto space, aiming to drive financial inclusion across the continent.
4. Konexa – $18 Million
Konexa, a UK-based energy company operating in Nigeria, secured $18 million from Climate Fund Managers and Microsoft’s Climate Innovation Fund. The company is pioneering a private renewable electricity trading platform in Nigeria, with an initial project providing 100% green energy to Nigerian Breweries facilities, reducing reliance on fossil fuels. This investment supports Konexa’s ongoing efforts to create sustainable energy solutions across Nigeria, contributing to the country’s renewable energy goals.
5. Tomato Jos – $12.2 Million
Agribusiness startup Tomato Jos raised $12.2 million to bolster its tomato processing operations in Nigeria. The company’s mission is to reduce post-harvest losses in the tomato industry and increase local production of tomato paste. This investment will expand production capacity and strengthen its supply chain, supporting local farmers and contributing to Nigeria’s self-sufficiency in tomato products.
6. Beacon Power Services – $12 Million
Beacon Power Services (BPS), a Nigerian energy tech company, raised $12 million in a Series A round to expand its AI-powered grid management solutions. These solutions help optimize electricity distribution across Africa, benefiting utilities in Nigeria and Ghana. The new capital will support further growth into Eastern and Southern Africa, enhancing the efficiency and reliability of power supply.
7. Field – $11 Million
Field, a Nigerian health tech company, secured $11 million to expand its network of over 40,000 healthcare providers across Kenya and Nigeria. The funding, led by the Bill & Melinda Gates Foundation, will support Field’s innovative route-to-market service, aiming to improve access to life-saving therapies. With a focus on maternal mortality and child health, Field’s platform is transforming the pharmaceutical supply chain in Africa, ensuring essential medicines reach underserved communities.
8. OmniRetail – $10 Million
OmniRetail, a B2B e-commerce startup, secured $10 million in a Series A round to scale its operations. The company focuses on digitizing the trade value chain in Africa’s consumer goods distribution sector. With over 144,000 registered retailers, OmniRetail simplifies retail and distribution by providing digital platforms and embedded financial services, enhancing efficiency and profitability for small businesses.
9. Zone – $8.5 Million
Zone, a Nigerian payment infrastructure company, raised $8.5 million in a seed round to expand its payment network and facilitate cross-border payments across Africa. With this funding, Zone aims to connect more banks and financial service providers, enhancing its platform’s capabilities for intra-African and global transactions, thereby promoting financial inclusion and economic integration.
10. Waza – $8 Million
Waza, a Y Combinator-backed B2B payment provider, secured $8 million to expand its services beyond Nigeria and Ghana. The company focuses on offering cross-border payments and trade finance solutions. With increasing demand for cross-border payments, Waza is well-positioned to tap into the global market, which is expected to exceed $250 trillion by 2027, facilitating seamless international trade for African businesses.
These funding milestones highlight the diverse sectors within Nigeria’s startup ecosystem, from fintech and energy to agriculture and healthcare. Despite global economic challenges, Nigerian startups continue to attract significant investments, driving innovation and economic growth across the continent.
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