Nigerian startups continue to raise funding through various rounds led by both local and foreign investors to expand their operations in the country and other African countries. Other major corporates move to the debt markets with issuances of commercial papers in order to improve their balance sheet and scale up their operations.
Nairametrics tracks major deals consummated in the Nigerian corporate scenes with emphasis on companies that have their major operations in the country or with significant interest in Nigeria.
Below is a compilation of deals announced between 1st and 15th of April 2022. The information was sourced from news reports, press releases amongst other reliable sources.
Veritasi Homes listed N10 billion Commercial Paper
Veritasi Homes and Properties signed its Commercial Paper (CP) programme worth N10.00 billion, which was approved through the Board Listings and Markets Committee of the Financial Market Dealers Quotation (FMDQ) Securities Exchange, which is the largest exchange in Nigeria.
According to the founder and CEO of Veritasi Homes and Properties Limited, Adetola Nola, the proceeds from the issuance of the CP will be applied to develop superior real estate projects designed for clients at home and in the diaspora.
Umba raised $15 million in Seed funding
Umba, a Nigerian digital banking platform operating in Lagos, a sum of raised $15 million in Series A funding to expand financial products to underserved population across Africa. The new funding follows a $2 million seed round in 2020, bringing the total funding received till date to $17.5 million.
Nubank and other investors like Tom Blomfield, the co-founder of Monzo, and previous backers Lachy Groom and ACT Ventures, Lux Capital, Palm Drive Capital, Banana Capital and Streamlined Ventures participated in this round with VC firm Costanoa Ventures leading the round.
ZirooPay raised $11.4 million Series funding
ZirooPay, a Lagos and Helsinki-based startup that develops mobile POS payment systems designed to facilitate mobile payments has raised $11.4 million Series A round to expand its payment infrastructure, accelerating growth and growing its team.
The funding round was led by Lagos-based VC fund, Zrosk Investment Management and also involved participation from existing investors, Nordic Venture Fund. Other private and institutional funds such as Fedha Capital and Exotix Advisory also partook in the funding.
Rise.ng secured $150,000 Pre-seed funding
Nigerian startup, Rise.ng secured a $150,000 pre-seed round as it is set to launch it business operations in the country.
The tech startup said it wants to revolutionalise service delivery as it focuses on the low-income earners; majorly artisans and vendors that do not have access to digital/online visibility to increase its customer base as that is the starting point of search for such services, especially in the post-coivd19 world.