Between January and March this year, 14 Nigeria-based startups raised up to $9.2 million in funding (including about $5 million of equity investment) from 12 local and foreign investment firms. This is revealed in the “Nigerian Startup Funding Report” issued by techpoint.ng.
In detail, companies that requested bridge loans to acquire assets pending funds from the sale of another asset captured a total of $3.5 million. The smallest grants were awarded to companies that applied for start-up funding ($250,000) while $491,196 were granted as donations.
Largest funders include the African venture capital firm TLcom Capital LLP, which last March injected $5 million in Terragon Group, a Nigerian data analysis company.
Let’s note that the 14 startups are active in health, media, financial services, agriculture sector, notably.