Nigerian healthtech startup funding grew 404%, eCommerce almost hit 5900% in 2020 – Techpoint Africa


A look at funding reports from recent years will show a pattern of investor focus on sectors with the most perceived prospects for growth and prominence. We’ve seen eCommerce companies and financial services companies heavily dominate West Africa’s funding space in the last decade.

According to Techpoint Africa’s Nigerian Startup Funding Report 2020, Nigerian healthtech startups witnessed increased funding activity, coming second only to financial services startups in terms of funding size and the number of deals made in 2020.

For the period in question, these startups raised $32.5 million across seven deals, 404% higher than the entire disclosed record ($6.3 million) for 2019. This accounted for 26.8% of the total funding raised by Nigerian startups in 2020.

This increase in investment coincided with the advent of COVID-19 in Nigeria, and investors were seemingly willing to bet a lot more on healthtech companies than they have been willing to in the past.

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