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HomeMisc NewsTech News7 Nigerian tech startups raise $343 mln capital in three months ~report

7 Nigerian tech startups raise $343 mln capital in three months ~report

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Seven Nigerian tech start-ups raised combined capital of $343 million in the first three months of this year, according to latest data.

Last year, African start-ups had an extraordinary year after raising about $5 billion, outclassing the previous record of $4.3 billion on 2020.

Nigeria was the biggest beneficiary of seed rounds and other venture capital secured on the continent last year.

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A Nigerian tech start-up Bamboo, raised $15 million in a Series A funding round led by American venture capital firms Greycroft and Tiger Global in January.

Motley Fool Ventures, Saison Capital, Chrysalis Capital, and Y-Combinator’s Michael Seibel also participated in the round, the company had said.

Launched in January 2020 Bamboo CEO Richmond Bassey and COO Yanmo Omorogbe said it has over 300,000 accounts in Nigeria. Its users can access equities on the U.S. stock exchanges, that is, the stocks of roughly 6,000 companies.

“Our goal is simple: we want to give Africans and their asset managers easy, fast and secure access to global investment options that will allow them to earn real returns,” Bassey said.

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