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Flutterwave Reportedly Becomes The Highest Valued African Startup, Raises $250M Series D Funding Round

Flutterwave has reached exponential heights within the span of six years. AfroTech previously reported that the Nigeria-based fintech startup raised a $170 million Series C round in March 2021. “We will continue to connect you to a world of opportunities and growth, to make it possible for you to reach your customers wherever they are and create endless possibilities for your business,” Flutterwave wrote via an Instagram post following the Series C round. Now, slightly less than a year later, the company has closed on a recent funding round to power its mission of helping provide payment infrastructure across the African continent. Quartz Africa reports that Flutterwave has raised $250 million in a Series D round at a $3 billion valuation, reportedly making it the highest valued African startup. For the list of investors, click here. The latest funding will go toward “expansion and customer acquisition, by looking...

Ngozi Nwanji

Feb 16, 2022

Web3 Startup Nestcoin Raises $6.45M In Pre-Seed Capital To Make Crypto More Accessible For Africa

Nestcoin, a global web3 startup, has raised $6.45 million in pre-seed capital, according to a press release. The Nigeria-based company aims to make crypto accessible primarily in frontier markets and their new funding will go toward their mission.

Ngozi Nwanji

Feb 1, 2022

Founder Sam Ojei Lost a Nearly $1M Fortune Investing, Now He Owns Nigeria's Largest Co-Working Space

How did a Nigerian Harvard grad turn a million-dollar business loss into a prosperous venture for his home country? Through hard work, determination, and the art of pivoting. Sam Ojei — a Business Analytics alumnus of Harvard Business School — is the founder of Workcity, which is considered a major co-working space in Lagos, Nigeria. Ojei’s entrepreneurial journey dates back to high school where he adopted photography as his introduction to the business world. From there, he founded Bioscope — a social enterprise that manages the recruitment of students to Canada to pursue different courses. After seeing his business take off, Ojei felt he was Africa’s next big business mogul and went off to start his next big venture — an e-commerce company called Niiyo Nigeria. Face2Face Africa shares that things were panning out well for Ojei until 2015 hit. The Nigerian entrepreneur lost close to $1 million in revenue made from his business and all his progress went down the drain. “I lost...

Njera Perkins

Mar 5, 2021

Nigerian Wealth Management Platform Cowrywise Raises $3M Pre-Series A to Scale Company Growth

The rise of fintech is here, and Nigerian startup Cowrywise is proof of that. The digital wealth management and financial planning solutions platform just closed a $3 million pre-Series A funding round — led by Quona Capital — in addition to its previously raised $500,000 through equity financing and grants, to help expand its company growth, according to TechCrunch. Other participating companies and individuals in the funding round include the Tsadik Foundation, Gumroad CEO Sahil Lavingia, and a syndicate of local Nigerian angel investors in the diaspora. Cowrywise’s mission aligns with “digitizing investment management for Africans and enabling access to savings and investment products securely,” according to the company’s website. The fintech startup prides itself on helping the underserved such as Africa’s middle class individuals and millennials to better manage their wealth. CEO Razaq Ahmed came up with the idea to found Cowrywise after noticing that existing investment...

Njera Perkins

Jan 28, 2021

Nigerian Startup Autochek Raises $3.4M to Bring African Car Sales and Services to the Online Market

Nigeria-based startup Autochek is looking to bring its car sales and services platform from Africa to the online community. Autochek’s platform — which is managed by a developer team in Lagos and Nairobi — in short, is a network for consumers and businesses to buy, sell, and service cars as well as finance car sales.   View this post on Instagram   A post shared by Autochek Nigeria (@autochekng) According to TechCrunch, the newly-launched company recently closed a $3.4 million pre-seed round co-led by VC firms TLcom Capital and 4DX ventures to help accomplish its main goal as an innovative venture. Other firms such as Golden Palm Investments, Lateral Capital, MSA Capital, and Kepple Africa Ventures also joined the investment round. The funding round comes off the heels of its September acquisition of digital car sales marketplace Cheki in Nigeria and Ghana, TechCrunch reports. It also comes after the recent departure of CEO Etop Ikpe from Cars45, a startup he co-founded in 2016....

Njera Perkins

Nov 30, 2020