No fewer than 30 local and foreign investors has injected about $73.68 million in value to the Nigerian Startups in the information and communications technology (ICT) sector in the second quarter of the year, which is about 800 per cent of the first quarter.
This was revealed in the Q2 2018 Nigerian Startup Funding Report released by Techpoint. The report which shows that within the period, in a total of 12 deals, investors’ grants recorded the highest number with 10 deals. Series A and Seed funding recorded three deals each, Series C Funding round, equity investment and pre-seed funding round recorded one deal each.
According to the report, although grant had the highest number of deals, Series C funding round made up 64 per cent of the total funding in value during the quarter under review.
Further analysis of the report shows that a total of $10.3 million was given to 10 startups in form of grants. Pre-seed received $1.2 million, Seed funding got $1.15 million, Equity investment with $50,000, Series C and Series A got $47.5 million and $13.5 million respectively.
It was evident in the funding analysis that both Q1 and Q2 as international fund participated in more deals which accounted for 97 per cent and 98 per cent of the total funding in value for Q1 and Q 2 respectively.
The report also shows that Cellulant, Africa’s payment platform received the larger share of the funding with the sum of $47,500,000 followed by a service firm, O-Mobile Multimedia Limited with a grant of $10 million and PiggyBank with $1.1 million in the month of May.
Logistics startups, TradeDepot received $3 million in April while Kobo360 received $1.2 million in the month of June 2018.
The Nigerian Startup Funding report is a quarterly publication of Techpoint. The report makes data available to concerned stakeholders within internet space in Nigeria.
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