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Nigerian Tech Startups Are Second Most Backed In Africa

Nigerian Tech Startups Are Second Most Backed In Africa

The Nigerian startup space is developing at speed, and stands a good chance of being the continent’s leader in the next few years when it comes to the amount of funding raised and the quality of solutions being developed.

According to the annual African Tech Startups Funding Report produced by Disrupt Africa, Nigerian startups are the second most backed on the continent, while a recent survey by VC4Africa placed the country first.

From Disrupt Africa.  Story by Tom Jackson.

It is certainly getting easier to raise funding as a Nigerian startup as opposed to, say, five years ago. Just ask Seni Sulyman, country director at African coding accelerator Andela. Last year, the company raised a US$24 million Series B funding round led by the Chan Zuckerberg Initiative.

“Investor interest is absolutely increasing – the data shows that capital deployed is increasing every year. There is also an increasing number of top-tier international investors expressing an interest in understanding the Nigerian tech market,” he said.

“In the past year alone, we’ve hosted investors from 500 Startups, Y Combinator, and other major early-stage funds that want to get involved in the Lagos tech ecosystem.”

This is a view shared by Victor Sada, a risk and investment analyst at Venture Garden Group, one of the primary firms investing in Nigerian tech startup.

Read more at Disrupt Africa.