Top 10 Nigerian Startup Funding Deals of 2023💰 | Nigeria's 1st regulated stablecoin 🪙

In today’s menu

• Nigerian Startups Secure $253.15m in Top 10 Funding Deals of 2023

• Nigeria to launch first regulated ‘cNGN’ stablecoin

• Nigerians with NIN reach 104.16 million as at December 2023 but falls short of Government Targets

• Rwandan e-mobility startup Ampersand secures $19.5 million funding to scale operations

If you haven't subscribed, join over 7,000 people curious about Innovation, New Products, New Technologies in Africa.

STARTUPS

Nigerian Startups Secure $253.15m in Top 10 Funding Deals of 2023

In 2023, the top ten funding deals by Nigerian tech startups amounted to $253.15 million. Despite the decline in funding compared with the previous year, these 10 startups were able to raise these funds to scale their businesses.

The list includes startups across different sectors of the ecosystem, from fintech to mobility, health-tech to e-commerce.

Here is a summary of the top 10 deals announced by Nigerian startups in 2023:

1. Moove ($76 million)

2. Sabi ($38 million)

3. LemFi ($33 million)

4. Helium Health ($30 million)

5. Nomba ($30 million)

6. Remedial Health ($12 million)

7. FrontEdge ($10 million)

8. Shekel Mobility ($9.15 million)

9. Terragon ($9 million)

10. Traction ($6 million)

Get more details on the fundraising deals here

CRYPTOCURRENCY

Nigeria to launch first regulated ‘cNGN’ stablecoin

A coalition of Nigerian banks, fintechs, and blockchain firms is working to create the first regulated Naira stablecoin, known as cNGN.

This consortium-based Naira stablecoin will be compliant and regulated, with its value pegged on a one-to-one basis to the Nigerian Naira (NGN). Unlike previous stablecoin versions, cNGN will be legally recognized as currency and owned by Nigerian banks. The stablecoin is expected to be launched this new year…..read more

IDENTITY MANAGEMENT

Nigerians with NIN reach 104.16 million as at December 2023 but falls short of Government Targets

As of December 2023, the National Identity Management Commission (NIMC) has reported a noteworthy increase in the number of Nigerians with National Identification Numbers (NINs), reaching a total of 104.16 million. This marks a 10.77% growth from the end of December 2022, where the recorded figure stood at 94.03 million. Despite the significant rise, only 10.13 million individuals registered for NIN in 2023, signaling a considerable gap from the Federal Government’s ambitious target of 2.5 million monthly registrations.

The monthly average of enrolments throughout 2023 reveals that approximately 844,167 Nigerians obtained NINs each month, falling significantly short of the government’s set objective. This figure is notably lower than the 21.33 million registrations recorded in 2022. While the numbers highlight progress, they underscore the challenges in achieving the targeted registration rate.…..read more

INVESTMENTS

Rwandan e-mobility startup Ampersand secures $19.5 million funding to scale operations

Ampersand, a trailblazing electric transport energy firm in Africa, has successfully raised $19.5 million in funds. A notable $7.5 million of this total was secured as new debt from the Africa Go Green Fund (AGG), managed by Cygnum Capital.

This funding will be utilized for three primary objectives—to boost the production of electric motorcycle batteries, grow the existing battery swap station infrastructure, and accelerate research and development (R&D) efforts centered around battery technology, software optimization, and further improving battery-swap systems.…..read more

T-Vencubator launches in Egypt to invest in local startups

A new youngster has just moved into the neighborhood. T-Vencubator, situated in the epicenter of Egypt’s innovation hub, presents ‘Vencubation,’ an innovative combination of venture capital and incubation, dedicated to resolving daily challenges through technological solutions.

As the first Egyptian tech venture capital firm and incubator, T-Vencubator invests solely in Egyptian startups with the aspiration of digitizing the country and solving the routine challenges encountered by its citizens.

Reem Safy, T-Vencubator’s CEO, expressed, “We believe that technology will solve a lot of Egypt’s problems. We’re not just putting money into startups; we’re investing in exceptional talents that are shaping the future of Egypt.”……read more

OTHER STORIES

• The Microsoft Copilot key will start appearing on new Windows 11 PCs later in January. To enhance security, streamline law enforcement, and combat the evolving challenges of vehicular crimes, the Nigeria Police Force (NPF) has embarked on a transformative journey—digitizing the Central Motor Registry (CMR). Established over 60 years ago to manage motor vehicle information, the CMR is undergoing a modernization that aligns with the demands of contemporary policing in the digital age….read more

• Cellulant CEO Akshay Grover is stepping down from his position. Akshay Grover, the Group CEO of Cellulant, a leading African payment company, will step down in order to focus on personal matters. Grover joined Cellulant in January 2021 as CFO and became Acting CEO in May 2021 after the resignation of previous CEO and co-founder, Ken Njoroge. Cellulant has affirmed its commitment to continue on its current growth path.…..read more

OPPORTUNITIES

Exciting Opportunity for Nigerian Start-ups! 🚀

The Delegation of German Industry and Commerce in Nigeria (AHK Nigeria) would like to introduce to you an exciting international exchange program, opening doors for participants to broaden their horizons, immerse themselves in diverse cultures, and gain valuable experiences that will shape their personal and professional lives.

Start-ups from Nigeria can participate in an 8-week exchange and networking program in North Rhine-Westphelia (NRW) in Germany. The project "Economic and Innovation Partnership NRW-Africa" (WIN NRW.Africa) offers the opportunity of multiple onsite visits at start-ups and accelerators in NRW.

The application deadline for the program in NRW is January the 19th 2024. Your stay in NRW Germany will take place in March 2024.…..Apply now