The top 10 startups that got the biggest funds in 2023 cut across different sectors of the ecosystem. From fintech to mobility, health-tech to e-commerce, these startups stood out in the year as they were able to squeeze out millions from investors amid scarcity.

10. OnePipe ($4.8 million)
OnePipe secured a $4.8 million credit facility from TLG Capital in March 2023. The company said it would use the facility to provide inventory finance to small shops. Launched in August 2019, OnePipe aggregates APIs from banks and fintechs into a standardized gateway that is easy to integrate and makes partnerships seamless. The startup raised US$3.5 million in seed funding in November 2021.

9. FairMoney ($5.39 million)
MyCredit Investments Limited, operating as FairMoney Nigeria, announced in June that it had raised N2.5 billion ($5.39M) in a Series 1 Commercial Paper Issuance. According to the fintech company, the CP program received tremendous interest from qualified institutional investors, with total demand exceeding the issue size by almost 100%.

8. Traction ($6 million)
Merchant solution platform, Traction, raised a $6 million seed round in August this year. According to the startup, the funding was to drive expansion, accelerate growth, and strengthen its team.

7. Shekel Mobility ($9.15 million)
YC-backed Nigerian startup, Shekel Mobility, in November 2023, raised $7.2 million in a seed round comprising $3.2 million in equity and over $4 million in debt.

6. Remedial Health ($12 million)
Remedial Health, a Nigerian startup digitizing pharmacies and bringing efficiency to the pharmaceutical value chain, raised $12 million in Series A equity-debt funding to scale operations in Nigeria. The total package comprises $8 million equity and $4 million debt.

5. Nomba’s ($30 million)
In May, Nigerian fintech startup, Nomba, closed a $30 million pre-Series B round led by Base 10 Partners. Helios Digital Ventures, Shopify, Partech, and Khosla Ventures are the other investors in this round.

4. Helium Health ($30 million)
In June, Nigerian e-health startup Helium Health raised US$30 million in Series B funding to help it expand the reach of its fintech product HeliumCredit.

3. LemFi ($33 million)
LemFi, a fintech startup that is transforming financial services for immigrants, announced a $33 million Series A round led by Left Lane Capital in August. Global Founders Capital, Zrosk, Y Combinator, and Olive Tree are the other investors in the round.

2. Sabi ($38 million)
Nigerian B2B e-commerce platform providing digital commerce infrastructure to Africa’s informal economy, Sabi, raised $38 million in Series B funding at a valuation of $300 million in May.

1. Moove led with $76 million
In August, Nigerian-born mobility fintech company, Moove, announced it had raised $76 million in new funding to build the largest tech-driven financial services platform for mobility entrepreneurs.

Source: https://nairametrics.com/2024/01/04/top-10-fundraising-by-nigerian-tech-startups-in-2023/

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