Startups generate over $248 million funding in Q3 2021

Nigerian startups across several sectors raised an estimated $248.6 million, an equivalent of N102.77 billion funding in the third quarter of 2021.

This was disclosed in a recent data by Nairametrics.

The estimated value indicates an increase of 103% compared to $122.76 million raised in the second quarter of the year.

Further breakdown of the data shows that firms in the financial sector received almost half of the total amount raised in the period under review.

Latest report reveals that startups across the country ramped up efforts at fundraising, closing deals at different stages of funding rounds. Deals cut across 12 major sectors of the economy with financial services attracting the most interest in terms of amount raised and number of deals closed.

A total of 28 tech deals were recorded during the period, which is significantly higher than the 9 deals recorded in the previous quarter.

So far, in the nine-month period, a total of 49 seed and series fund deals have been recorded in Nigeria.

Financial services firms raised a sum of $113.7 million in Q3 2021, Venture capitalist firms raised $40.1 million in the review period, while health-tech firm raised $27.3 million.