Introduction
Nigeria is emerging as one of the most vibrant technological hubs in the world.
Young, talented and experienced entrepreneurs and developers are turning innovative ideas into eye-catching global solutions.
In 2021, Nigerian startups raised 60% ($1.7billion) of the total African tech funding ($2.9billion) according to Mary Beth Leonard, the U.S. Ambassador to Nigeria.
What’s more? Out of the seven tech “Unicorns” (companies valued at over $1billion) in Africa, three are born and bred of Nigerian talents.
This growth typifies the giant stride Nigerian startups have made in the past 12 months.
Now, to prepare you for what to expect in the coming year, we’ve compiled a list of the top Nigerian startups to look out for in 2022.
This list is based on their products/services, the market they serve and projections in growth.
Let’s jump right in.
Top 9 Nigerian Startups to Look Out for in 2022
- Kippa.Africa
- Shuttlers
- SaferCodes
- Drugstoc
- Disha by Flutterwave
- Grocedy
- Altschool Africa by TalentQL
- Abeg App
- Patricia
Kippa.Africa
Kippa is a free online accounting and bookkeeping software for startups and small businesses in Nigeria.
The easy-to-use platform allows business owners to keep track of income and expense transactions, create invoices and receipts, and monitor the performance of their business from the palm of their hands.
According to Kippa, the software helps business owners “recover debts 3x faster” by sending automated reminders to debtors.
Funding and investors
The startup raised $3.2million in funding over 2 rounds, with their latest funding raised from the pre-seed round in November 2021.
Kennedy Ekezie-Joseph founded kippa in June 2021. The startup is funded by 11 investors.
2022 prospects
Kippa’s goal is to grow and become the preferred financial management solution for small businesses in Africa, according to investment director, Lin Chong.
While this might seem like an ambitious goal, it remains to be seen how they can bootstrap their efforts to achieve this goal in 2022 and beyond.
Currently, the platform has over 130,000 registered merchants, with more than $300 million transactions carried out since inception.
Shuttlers
Shuttlers is an innovative bus-sharing service that enables professionals to access safe, efficient and conducive transportation in Lagos.
The platform aims to transform commute time within the Lagos metropolis from a stressful, time-consuming activity into a fun and comfortable experience.
Similarly, the ride-sharing service is committed to tackling the inefficient transportation costs in Nigeria’s most populous city by providing a better mobility option.
So far, Shuttlers have recorded over 2million trips since inception. The startup also has over 100 fleets of buses connecting over 30 routes in Lagos.
Funding and investors
Shuttlers raised $1.6 million in seed funding over 2 rounds to expand their business within and outside Nigeria. Their latest funding was raised in November 2021.
The startup is funded by 13 investors, with CMC 21 & Alsa and VestedWorld being the most recent investors.
Also, the ride-sharing platform was founded in 2016 by Damilola Olokesusi.
2022 prospects
According to Damilola, their mission is to “change the nature of commuting globally by building a partner network and connecting Shuttlers communities.”
Currently, Shuttlers operate only in Lagos.
However, in 2022, the focus will surely be on whether the brand will expand to more cities in Nigeria, and perhaps Africa.
SaferCodes
QR codes are one of several internet services that made a comeback in 2021 following the COVID-19 pandemic.
Although QR codes have been in existence since 1994, their use case has exploded since the pandemic, from restaurant menus, website links to WiFi marketing.
Interestingly, one startup that’s leveraging QR codes to solve a myriad of marketing problems for small businesses is none other than SaferCodes.
The SaaS startup offers cloud-based QR code marketing solutions that help local businesses create, manage and track their QR codes.
In the same way, the service allows small businesses to explore new opportunities, whether it’s getting a lead, tracking web traffic or getting information about visitors.
SaferCodes offers different tools such as:
- Digital menu
- WiFi marketing
- Customer review
- Customer registry
- Visitor retargeting
- Website link/ Social hub
SaferCodes was founded in 2020. The platform is funded by merchants who want an efficient and independent platform.
2022 prospects
Restaurants are turning to QR codes to offer digital menus which can be viewed anywhere or shared on a variety of platforms.
Also, QR codes can be used in place of a business card and on social media to house your web and social links.
The rebound of QR codes in 2021 means that we should keep our eyes fixed on SaferCodes in 2022.
Recommended Reading: The best places to launch a startup in 2021: Guide to tech hubs in Lagos
DrugStoc
DrugStoc is the fastest growing health procurement partner for Nigerian pharmaceutical and consumer health companies.
The startup provides hospitals and pharmacies access to quality, safe and affordable pharmaceutical and healthcare-related products through its platform.
Currently, DrugStoc connects 400 manufacturers to over 3,200 doctors, hospitals, and pharmacies.
They were also the recipients of the 2019 Africa Netpreneur Prize Initiative by the Jack Ma Foundation, as well as a grant from Bill and Melinda Gates.
Funding and investors
Drugstoc was founded in 2017 by Chibuzor Opara and Adham Yehia. So far, the healthtech startup has raised $5.4million Series A funding in 4 rounds.
The health procurement platform is funded by 5 investors.
2022 prospects
DrugStoc’s monthly revenue grew over 1,500% in the last three years, according to co-founder Chibuzor Opara, which is a testament to its growing footprint in Nigeria.
However, beyond revenue growth, the startup aims to be the preferred pharmaceutical delivery network for over 100 million Nigerians.
In addition, they plan to expand their operations to 16 states in Nigeria as well as enter other markets in Africa.
DrugStoc will surely be an exciting startup to follow up on in 2022.
Disha by Flutterwave
Flutterwave is an African-based fintech company that provides payment infrastructure for global merchants and payment service providers on the African continent.
It was founded in 2016 by Iyinoluwa Aboyeji and Olugbenga Agboola. The company is headquartered in San Francisco, California, with operations in Nigeria and other African countries.
In November 2021, Flutterwave acquired Disha, a Nigerian platform that allows freelancers to create portfolios, sell digital content, and receive payments globally.
Meanwhile, in February 2021, Disha had earlier announced that it was closing shop for undisclosed reasons.
Flutterwave’s acquisition of Disha is a breath of fresh air for the community of over 20,000 users.
In addition, under the terms of the deal, the creator-focused platform will operate as a stand-alone brand.
Funding and investors
Flutterwave raised a total of $234.7 million in funding over 13 rounds. The company is funded by 43 investors.
Also, according to PrivCo, Flutterwave has a post-money valuation of more than $1 billion, making it a unicorn.
2022 prospects
Flutterwave’s acquisition of Disha will solve a key transactional bottleneck for African creatives.
It’ll allow them to showcase their work and conduct transactions within the platform.
In 2022, considering the rise of cryptocurrency in Africa, Disha could become one of the first peer-2-peer NFT marketplaces on the continent.
Fingers crossed.🤞
Grocedy
Grocedy is a subscription-based food delivery network designed to provide selected staple food items to low-income earners.
The foodtech platform aims to tackle hunger and poverty in Nigeria by making foodstuffs affordable. They also provide a seamless bulk shopping experience to their subscribers.
Grocedy is a subsidiary of WorldBay Technology, an IT solutions company providing innovative technology that helps coordinate business operations across several industries.
Currently, Grocedy operates within the Lagos metropolis.
Donation and outreach
Grocedy was founded by Lanre Smith in 2019. The service has five different monthly subscription plans with over 3,000 subscribers.
Similarly, Grocedy has partnered with several NGOs in Nigeria to ensure that relief materials reach marginalized communities, until they achieve their goal of ending hunger in the country.
How’s this possible? With every food basket delivered to subscribers, Grocedy donates food items to people in need.
In June 2021, the food delivery service was selected as one of the top 10 promising startups in Africa by Startupbootcamp Afritech.
2022 prospects
Grocedy’s subscription-based food delivery method is an innovative approach to eradicating hunger and poverty in Nigeria.
However, the enterprise currently operates only in Lagos.
Considering its vision of becoming Africa’s number one food subscription service, in 2022, we should definitely expect an expansion announcement from Grocedy.
Altschool Africa by TalentQL
Altschool Africa is the brainchild of TalentQL, an agile solution aimed at plugging the knowledge gap in the software engineering landscape in Nigeria.
The idea behind Altschool is to create an “alternative school” program with a well-rounded curriculum to help learners kickstart their dream tech career.
Also, the tech-oriented platform offers both self-paced and in-person sessions that help learners gain quality tech education.
In addition, learners who complete the fast-paced program will earn a Diploma certificate from a reputable software engineering institution.
Unlike other tech projects, Altschool Africa doesn’t charge tuition fees in advance. This means that students will only pay after completing their studies and securing a job.
Altschool Africa was founded by Adewale Yusuf, Opeyemi Awoyemi and Akintunde Sultan, respectively.
2022 prospects
Altschool Africa is taking on an ambitious task of investing in the lives of young Nigerians, and raising the next generation of developers and entrepreneurs.
In the coming year, and even beyond, we should expect more buy-in from investors, which should increase the number of available slots for learners.
Recommended Reading: HMOs: a cost-effective solution for small businesses in Nigeria
Abeg App
In April 2021, MultiChoice Nigeria unveiled Abeg as Big Brother Naija (BBN) Season Six Headline Sponsor.
For context, Big Brother Naija is the most-watched reality TV show in Africa, raking in viewership within and outside the continent, and doing incredible numbers in terms of money.
Similarly, during its fifth installation, Big Brother Naija (BBN) garnered a whopping 900 million votes from viewers.
So, when MultiChoice Nigeria announced the social payment app as a headline sponsor in April, it was surprising.
But the question on everyone’s lips was: “how was a 6-months old startup able to clinch top spot as headline sponsor for Africa’s most-watched TV show?”
Before the announcement, Abeg App was majorly used as a “giveaway” app on social media with no initial funding – at least none was publicly disclosed.
Fast-forward to the end of the show, not only did BBN set a new voting record (1billion+ votes), but Abeg App also experienced a blitz scaling growth worthy of a headline sponsor.
So, what’s Abeg App? Abeg App is a social payment app that allows users to send, receive, and perform other transactions seamlessly.
It was founded in 2020 by Dare Adekoya, Muheez Akanni, Patricia Adoga and Eniola Ajayi-Bembe. The app is fondly referred to as the Cash App of Africa.
2022 prospects
Going into 2022, the big question will be, what’s coming next from Abeg App in terms of fundraising, brand sponsorship and customer retention.
The platform gained a lot of traction during its sponsorship of BBN. How well are they engaging these customers?
Also, another key talking point will be how the brand hopes to grow beyond the title of “Big Brother Naija (BBN) headline sponsor”.
Patricia
Patricia is a tech-driven alternative payment and eCommerce platform that facilitates the easy use of digital currencies and other digital assets for everyday transactions.
The company was founded in August 2017 by Fejiro Hanu Agbodje. In the past four years, Patricia has bootstrapped its effort to become one of Africa’s top crypto startups.
In July 2021, Patricia moved its headquarters to Estonia after being frustrated by the Central Bank’s policy on cryptocurrency.
According to its founder, Fejiro Hanu Agbodje, the move is part of their plans to “improve their business strategy, play in the big league and lead the fifth revolution”.
At the moment, Patricia Technologies is yet to conduct its maiden fundraising exercise or take on institutional investors.
Nevertheless, the company plans to raise as much as $50million to upgrade its technology, hire blockchain engineers and keep up with regulatory requirements.
The crypto startup currently has an established presence in Nigeria, several other African countries, and China.
New projects/sponsorship
In April 2021, MultiChoice Nigeria also unveiled Patricia as Associate Sponsor of Big Brother Naija alongside Abeg App.
Then, in August 2021, Roomxix raised $1.5million in funding over 1 round led by Patricia.
According to the CEO, Fejiro Hanu Agbodje, “the funding will allow Roomxix to ramp up expansion in Nigeria and extend this service to other parts of Africa”.
That’s not all, the crypto startup also launched a new brand of merch collections known as “Monophonic” in September 2021.
2022 prospects
If these sponsorships, investments, and the opening of a new fashion line are anything to go by, Patricia has shown that they’re not scared to test new waters.
In 2022, we should expect more of this bold move from Patricia.
Wrapping up
We hope you’ve enjoyed this list and will find it to be a resource you can use in the coming year to help stay current with the Nigeria startup scene.
This is obviously only our take. If you’re aware of any Nigerian startups who have the potential to be big in 2022, please share them with us.😊
We also hope that you keep an eye out for these companies and see how they grow in the year ahead. They may surprise you, just as many others on this list did for us.
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