Nigerian startups and businesses continue to raise funds through a variety of rounds led by both local and international investors in order to develop their operations in Nigeria and across Africa.
Other major corporations are turning to the debt markets with commercial paper issuances in order to strengthen their balance sheets and expand their operations.
Nairametrics examines key transactions in the Nigerian corporate scene, with a focus on corporations with significant operations in Nigeria.
The following is a list of deals announced between April 16th and April 29th, 2022. The data was gathered from a variety of trustworthy sources, including news stories and press releases.
Insurtech startup, ETAP secures $1.5 million in funding to improve car insurance in Africa
ETAP, a Nigerian insurtech firm, has received $1.5 million in funding to help increase the prevalence of car insurance in Africa.
Tangerine Insurance, Graph Ventures (also invested in Clubhouse), Newmont, and other Angel investors also participated in the investment round, which was led by Mobility 54 (the Venture Capital arm of Toyota Tsusho and CFAO Group).
The startup said the funding will support the rollout of ETAP’s game-changing app which allows drivers to buy insurance in 90 seconds, complete claims in 3 minutes or less and also get rewarded for good driving whilst also avoiding accidents.
Nigerian fintech startup Afriex secures $10 million Series A funding
Afriex, a fintech company, has raised $10 million in a Series A round of funding to build its blockchain money transfer network. The $60 million startup operates a money transfer system that uses blockchain technology to allow users to exchange funds by turning them into stablecoins, which are cryptocurrencies backed by reserve assets.
Last May, Tope Alabi and John Obirije’s startup, which was launched in 2019, raised $1.3 million in a seed round. Sequoia Capital China and Dragonfly Capital led the current round of fundraising, which also included Goldentree, Stellar Foundation, and Exceptional Capital.
Africure secures $15 million from Bluepeak Private Capital to provide pharmaceutical goods in Africa
Africure, a manufacturer and distributor of essential generic pharmaceutical products, has secured $15 million from BluePeak Private Capital’s $200 million targeted impact-linked fund.
The funding is also expected to help Africure to realise its growth ambitions to develop a range of innovative affordable Africure brands that target chronic disease profiles such as cardiac and diabetes conditions.
Nigerian startup, OnePort secures $5 million to expand digital freight services
Digital freight management startup, OnePort has raised $5 million in seed funding.
The seed round was led by Mobility 54, the VC arm of Toyota Tsusho and CFAO Group. Participating investors include SBI Investment, Flexport, ODX, a Singaporean syndicate fund, and other angel investors. Samurai Incubate also followed on after participating in OnePort 365’s previous round.
Coronation Merchant Bank issues Commercial Paper worth N25 billion
Coronation Merchant Bank Limited has issued and quoted a N25 billion Series 1 and 2 Commercial Paper under its N100 Commercial Paper programme. The proceeds from this programme would be channelled towards meeting the bank’s short-term working capital requirements.
The Issuance will be across 182 and 269-day tenors for a target amount of up to N25 billion. The company’s issuer ratings are B- (Fitch), A+ (Agusto), A- (GCR).
MTN Nigeria issues N127 billion Series 1 & 2 commercial paper
MTN Nigeria Communications PLC says it has issued N127 billion Series 1 & 2 Commercial Paper under its registered N150 billion Commercial Paper Programme.
The issuance comprised two tenors – a 184-day Serie issuance priced at a 7.50% yield and a 254-day Series 2 issuance priced at an 8.50% yield.
Stanbic IBTC Capital Limited acted as Lead Arranger and Dealer, while Chapel Hill Denham Advisory Limited, Coronation Merchant Bank Limited, FBNQuest Merchant Bank Limited, FSDH Capital Limited, Standard Chartered Capital & Advisory Nigeria Limited and UCML Capital Limited acted as Joint Dealers.
