Some time ago we did a post profiling Nigeria’s 17 most valuable startups . A lot has gone on since that time – startups have improved in valuation while some have simply regressed or even gone into comatose. Such is the startup world. Valued in millions of dollars today, dead tomorrow.
In our previous profile some of the biggest casualties include Kuluya the gaming company that much has not been heard of in recent times except in a post by Jason (of Spark that invested at a $2 million valuation) showing how Kuluya was not among their cashflow positive and promising startups, Easytaxi and more.
The new expanded list of most valuable online tech startup companies in Nigeria showcases 19 of the best and growing startups in Nigeria’s ecosystem. The fact that there is no $100 million valued company in this list shows that the online startup world in Nigeria has still lots of growing to do.
In researching and coming up with this list we have used various sources, poring through pages of funding information, industry insights and gleaning as much as we can about the value of each key startup under our horizon.
This is by no means final as we are always open to newer verifiable information regarding the worth of startups in Nigeria. The 19 most valuable startups in Nigeria in 2015 – not ordered by valuation;
Jumia: Jumia is one of the big two in Nigeria’s ecommerce retailing space. Initially floated by the German based Rocket Internet Group Jumia is an ecommerce giant operating in several African countries with each country run and managed by a seperate team of Managing directors. The company is reported to have raised a total of $211 million over three funding rounds.
Konga: Konga is the other of the big two and has positioned itself as not just an online shopping mall but also a marketplace where people can purchase varied items from hundreds of sellers. Konga has raised $78.5 million over 4 rounds of fund raising.
This is probably the most publicised startup in Nigeria with lots of PR love. Started by Jason Njoku as a Youtube channel for collecting and showing Nigerian movies IrokoTV has pivoted to serving local movies and series via its own mobile app.
IrokoTV has raised millions of dollars from investors mainly Tiger Global and the last reported fundraise was for $8 million.
Founded by Tayo Oviosu, Paga says it currently serves over 3 million users and has over 8000 agents across the country. Paga is a payment company that allows convenient, fast and easy transaction through sms or online in a very secure way. This is because transactions require a pin code. One of the investors in Paga is Arunma Oteh, the former head of NSE. Paga also works in partnership with telecoms company such as MTN, glo, airtel and etisalat. So far, about 6.6 million transactions have been processed. Paga also recently raised $13 million at an undisclosed valuation.
This is one of Nigeria’s biggest job site which attracts over fifty thousand users everyday. Ever since its start-up in August 2009, it has continued to link qualified people to available job opportunities. Jobberman stays on top of the game by writing CVs for job seekers, giving out useful information about advanced study (postgraduate or knowledge based programmes) and useful tips to help balance a career.
Dealdey is a Nigerian e-commerce site that offers juicy daily deals and products to consumers at discounted price. Founded by Sim Shagaya, who later stepped down to build Konga and handed over to Sanaz Etebarian. Dealday got its funding of $5M from kinnevik which also invested in Irokotv, konga etc. It is one of the top online stores with its own mobile app which makes shopping easy.
This is a leading online real estate business that provides people with the correct information about renting or selling a property in a convenient way. Through their website, they engage in great property deals everyday.
This is a online real property company that deals in home buying and rentage within some parts of Lagos axis. Tolet works by connecting you with a number of agents who are willing to show you available options. This is usually after booking an inspection tab on their website.
A top jobs and career site initially fully funded by the brotherly duo of Paul and Andrew Eze. Ngcareers stands out among job listing sites by their effort on giving the average job-seeker reliable information about the companies they’re applying to, so they can make informed decisions. Ngcareers has taken six figure seed funding and is focused on becoming a career platform for millions of Nigerian professionals and job seekers building company reviews as well providing users the tool to advance their careers.
An online drinks service founded by Lanre Akinlagun who noticed the high rate of drinks being consumed in Nigeria especially at Owambes and decided to fill the void.
This is the largest online drinks and pure water distribution and supply company in West Africa which has been around since 2013. Drinks supply is majorly in Lagos environs with plans to expand later. Drinks.ng was part of the cohort of online startups invested in and incubated by the SPark fund of Jason Njoku and Bastian Gotter
Oya.com.ng is an online platform that provide bus ticketing solutions for inter-city bus companies in Nigeria. Travelers are able to go on oya.com.ng from their mobile phones to book bus tickets and pay via mobile money or other channels.
An online grocery business based in Lagos and founded by Olumide Olusanya who quit his medical practise which he had no interest in but studied because his father forced him.
It started from Magodo but now operates in the gated community of Lekki. This is a very promising tech start up in Nigeria that functions as an online supermart with the promise of 24 hours delivery.
This is a web application that aids the transfer of money through web application and personal email addresses. Owned by Electronic Settlement ltd in Nigeria, they provide online based secure payment solution. CashEnvoy performs payment processing for online vendors, auction sites, and other commercial users.
A Nigerian payment start-up founded by Simeon Ononobi. Marek Zmyslowski has recently joined the company’s board by acquiring stock in an undisclosed amount. Since his CEO role at Rocket Internet Group, Jovago paid off, it is believed that his wealth of experience would do much to help simple pay in its internet payment solution.
This is an online betting site in Nigeria; arguably Nigeria’s foremost online sports betting platform. It doesn’t require much money. It’s easy to get involved and stay stuck. It’s very addictive. The success of this startup has influenced the rise of competition in varying folds and capacity.
Hotelsng is a hotel search and booking site. Travelling and getting somewhere to stay overnight is just as easy as you can imagine. Since Hotels.ng came into the hotel booking space and created a reliable and affordable solution for travelers and tourists. The company has vividly stamped its market leadership. Hotelsng recently raised $1.2 million dollars series A funding from EchoVC.
This is Africa Internet Group online hotel booking site. Jovago has offices in Nairobi, Dakar and Nigeria.
Jovago has launched a hotel booking app, thereby providing on-the-go customers with flexibility and convenience. The app allows customers to readily access the site’s rapidly growing inventory of hotels across Africa and the world both online and offline. You can easily access the app which now has a yoruba version to book for an hotel.
Jovago has been incorporated into Google Hotel Ads, making it the first African Online Travel Agency (OTA) to do so.
This is an online e-commerce & logistics platform that makes it easier for businesses to manage delivery of their goods and services. Delivery Science looks forward to helping the young players in the courier and logistics sector by smart use of data.
Printivo got into this list at the last minute. This was influenced to a great extent by the news that it just raised seed funding in 6 digits from EchoVC Partners. Printivo is an online print shop helping thousands of SMEs and business people order and have their printing needs delivered to them.
It will be interesting to watch how these startups fare in 2016. We will be here to do another piece on their journey and hopefully welcome new entrants into the list.