Top 10 Nigerian Startups in 2022

  Starting and running a tech startup in Nigeria is a Gordian task that requires the strength and tenacity of Hercules. This is why it is not surprising that Nigeria has been described as one of the most unfriendly places to business according to experts due to varying factors ranging from infrastructure to regulatory problems and from insufficient funding to a shortage of efficient talents.

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However, some startups have been able to pull through by standing out in their mode of delivery and operations, especially this year. Here are ten startups in Nigeria that are making an impact in various sectors:

• Moove Africa

Known as the world’s first mobility fintech, Moove provides vehicles to drivers of ride-hailing apps, logistics and mass transportation services at a weekly rental rate. Cars backed by Moove have conducted trips in Lagos, Accra, Johannesburg, Cape Town, Nairobi and Ibadan, Hyderabad, Bangalore and Mumbai. Moove’s purpose is to democratize vehicle ownership by utilizing a revenue-based vehicle financing model. In 2022, the platform raised more than $135 million and expanded its operation to India. Moove Africa’s employee growth rate within the time frame has increased by 176% and the estimated annual revenue is currently $152.5 million per year.

• Flutterwave

Flutterwave is a fintech company that enables businesses to accept and make payments online and through mobile devices. It has been remarked that Flutterwave is one of the fastest-growing payments companies in the world. Since its founding in 2016 by Iyinoluwa Aboyeji, Olugbenga Agboola, and Adeleke Adekoya, Flutterwave has reportedly processed close to $2 billion in payments and 25 million transactions across over 33 African countries where it currently operates. Flutterwave’s goal is to enable businesses to build secure and seamless payment experiences for their customers across Africa. In addition, Flutterwave raised $250 million in funding in 2022 to bring its total funding to about $475 million. The African Unicorn has experienced employment growth of 25% and has an estimated annual revenue of $92.8M per year.

• Thrive Agric

 Founded in 2016 by Ayodeji Arikawe, and Uka Eje, Thrive Agric is an ag-tech company that helps smallholder farmers in Nigeria access finance, training, and market information to improve their yields and incomes. Thrive Agric, a fintech company providing smallholder farmers access to finance, insights, and distribution was crowned the 2022 winner of the Visa Everywhere Initiative (VEI) – a global open innovation program and competition for start-ups and fintech companies.

• Omnibiz

Omnibiz connects manufacturers of fast-moving consumer goods (FMCGs) with retailers by digitizing supply chain stakeholders. The e-commerce startup offers a unified B2B distribution platform powered by technology. Founded in 2019 by Deepankar Rustagi, Omnibiz connects merchants in Nigeria and Ghana. Omnibiz raised $15 million in 2022 and experienced 81% employment growth. Omnibiz’s estimated annual revenue is $81.4 million. The startup’s mission is to maximize each retailer’s return on investment through an easy-to-use platform. Retailers can place orders at their convenience and have goods delivered to their homes for free.

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• Bamboo

Bamboo provides Nigerians and other Africans with worldwide investment opportunities. The startup also offers in-app tutorials on investment basics to help new and amateur users understand investments.  The startup raised $15 million in January 2022 and then another $17.4 million in March 2022 and experienced an employment growth rate of 68%. Founded in 2020 by Yanmo Omorogbe and Richmond Bassey, Bamboo’s estimated annual revenue is currently pegged at $7.4 million per year.

• Reliance Health

Reliance Health leverages technology to create more affordable and accessible healthcare in emerging markets. Through an integrated technique that includes affordable health insurance, telemedicine and a hybrid of partner and in-house care facilities. Matthew Mayaki, Opeyemi Olumekun and Femi Kuti founded the startup in 2016. The platform has raised $40 million. It has also experienced a 9% employment growth. Reliance Health’s estimated annual revenue is $48.4 million.

• LifeBank

LifeBank is a healthtech company that uses technology to improve the distribution of blood and medical supplies in Nigeria. Founded in 2016, the Lagos-based startup offers an online platform that connects hospitals with blood banks and blood banks with donors. LifeBank used motorcycles until now and announced at the event that it had now added drones as a delivery option on its platform. Temie Giwa-Tubosun, founder and chief executive officer (CEO) of LifeBank, was named first place and took home $250,000 in prize money after winning the Netpreneur Prize run by the Jack Ma Foundation in 2019. At the 2022 Cartier Impact Awards Ceremony in Dubai, Nigeria’s, founder of LifeBank, was awarded the first place honour in the “Improving Lives” category.

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• Helium Health

Helium Health is a healthcare technology company that offers electronic medical records, telemedicine, and other services to hospitals and clinics in Nigeria. Founded in 2016 by Tito Ovia, Adegoke Olubusi, and Dimeji Sofowora, Helium Health has processed funding reaching up to $12 million.

• Pastel

Formerly Sabi Cash, Pastel was founded by Stanford graduate students Abuzar Royesh, Olamide Oladeji and Izunna Okonkwo, in 2021. According to co-founder and chief growth officer (CGO) Okonkwo, the founders share synonymous interests in developing solutions for micro and SMBs in emerging markets, particularly from their countries of origin: Afghanistan (Royesh) and Nigeria (Oladeji and Okonkwo). In 2022, Pastel announced a seed raise of $5.5 million led by pan-African venture capital firm TLcom Capital. As seen by Connect Nigeria, other VC firms such as Global Founders Capital (GFC), Golden Palm Investments, DFS Labs, Ulu Ventures, Plug and Play, and Soma Cap also participated in the seed round. The startup raised a $620,000 pre-seed last year from some of its existing investors.

• Schoolable

Schoolable is an edtech company that provides a platform for schools in Nigeria to manage student enrollment, fees, and other administrative tasks. Schoolable was founded in 2019 by Henry Chibuzo and Angela Essien to mainly function as a payment collection and disbursement platform for schools. Schoolable helps schools keep track of who pays them, when they pay, and how much they pay and by simply streamlining finance for schools, they have solved multiple layers of problems in the educational field. It has raised a total funding of $190,000.00. At the centre of its operation is Little, a pocket money card. Little is a mobile money wallet that comes with a personalized ATM card with a security pin, for children aged nine and above to use. Parents with children can deposit money into this wallet and their kids have access to it for needs within and/or outside school premises. With these cards, kids can make tuition payments, buy food and snacks, and withdraw cash. The company also provides payphones to boarding schools, and kids can make calls to parents using the payphones and pay with their cards. Featured Image Source: Medium

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This article was first published on 25th December 2022

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