The Technology Ecosystem(Techosystem) in Nigeria has been amazingly improving in market capital, new entrepreneurs, a massive yearly increase in the use of the internet, with a 5.6% increase every year!!!
The techosystem in Nigeria is dependent on certain factors, some of which have been mentioned above with the inclusion of new tech solutions, advanced technology education in secondary schools. The continuous advancement of technology in Nigeria will do the nation a great deal(if the government plays its own part). Although Technology is so unique, it works like its own government. In Nigeria today, some companies have emerged to build amazing tech products making headway worldwide. An example is a unicorn, Interswitch, evaluated at over $1billion.
With this achievement in 2018 and the growing numbers of new technology entrepreneurs, it is sure that Nigeria will produce more unicorns this decade. In this article, you will see already blooming tech startups whose scaling would be an event to watch out for. Right after, you’ll also see a few tech startups in Nigeria that are in the works and preparing for launch.
Blooming Tech Startups in Nigeria to scale massively:
Judy Innovative Technologies Ltd is a legal tech startup that was founded in 2018 by Bright Oleka, and Sadiq Okocha. Judy uses Artificial Intelligence to solve the challenge of cumbersome legal research in the African legal space.
Judy raised a seed funding of $100,000 from Switzerland-based Meltwater Foundation in 2019. Since its launch, Judy’s search engine for case law has provided lawyers with a comprehensive database of common law case judgments that makes research much easier.
Crop2cash was launched in 2018 by Michael Ogundare, Seyi Paul and Emem Essien. The startup tackles the problem of an undigitized supply chain of agro-processors in the agricultural sector. By bringing tech into the processes of the supply chain, Crop2cash works to ensure that agricultural produces are obtained at their optimal quality from farmers.
In 2019, Crop2Cash closed a pressed round of $100,000. Wennovation Hub is one of the startup’s backers.
The fintech startup was founded in 2017 by Fehintolu Olaogun and Olorunfemi Jegede. Credpal connects consumers who want to buy products to people who can pay for them. The consumers are given instant access to credit at the point of checkout and they pay back in fixed monthly installments.
Crunchbase reports that Credpal has raised a total of $186,900 in 5 funding rounds. The startup is funded by Y combinator, Stacked Capital, Queen City Fintech, and the Epic Groundwater Challenge.
Curacel was launched in 2017 by Henry Mascot and John Dada. The startup provides an AI-driven platform that processes claims and detects fraud for health insurers in Africa. Some of the insurers the startup works with include Hallmark HMO, and Old Mutual.
Stears was founded by Preston Ideh in 2017. The startup is a digital media company that set out to provide quality information on Africa in an easily accessible way.
A total of $640,000 has been raised by the company in 2 rounds. The latest round was a seed round in April 2020 while the pre-seed round was in December 2018.
Smarthub was founded in 2018 by Are AbdulHafiz. The startup’s mission is to provide quality training in the form of online courses and offer services in the areas of food and health, digital marketing, and automobile design.
Smart hubs services are aimed at providing accelerator programs for young entrepreneurs and gradually integrate them with markets for their products
Festival coins was founded by Folayemi Agusto and Nosa Oregun in 2018. The startup is an event technology company that provides event organizers with a variety of tech solutions that are used to reduce costs, maximise revenues, and harness granular data from event attendees.
The startup raised an undisclosed amount from MicroTraction in 2019. Some of the features of Festival Coins‘ solutions include online ticketing, access control, cashless payments, and event reporting.
Send Technologies Inc was founded in 2017 by Kingsley Oti and Larry Oti. The startup handles cargo shipping across the air and ocean. It also involves delivering cargoes from suppliers, handling customs clearance, trucking and warehousing.
Gradely is another edtech startup founded in 2019. Similar to uLesson in that it targets secondary school learners, but it’s uniqueness is in the use of data analytics and algorithms to provide adaptive learning.
With gradely.ng adaptive learning, teachers and parents can ensure their ward does not have learning gap in any subject.
So far, Gradely has been deployed in 60 schools, raised about $35,000 (₦12.7 million) seed funding, and it is currently part of Facebook Accelerator 2019 Cohort. The CEO of Gradely, Boye Oshinaga, is also a co-founder and executive director of retail at Riby Finance.