Events that Shaped 2017 in Nigerian Tech

 

As we enter into the new year, let’s take a look back at the events that shaped 2017, and the impact it will have in 2018;

Andela $40m funding led by African VCs

In what has become a significant milestone in African startup ecosystem, top VCs in Africa joined forces to lead Andela’s $40m funding. This would help the company scale up its manpower and expand across Africa.

Flutterwave’s $10m funding

Off from its seed funding from YC and growing transaction to about $200m, Flutterwave raised $10m from investors and steadily growing its transaction volume and muscle across the continent.

Konga’s Massive Layoff

Konga in the last quarter of 2017, layed off 60% of his staff. In the same vein, it silently shutdown it’s KongaDaily (grocery shopping) it launch earlier in the year. This led to an outpouring of emotions around the ecosystem as people offer to either hire or help the sacked employee get new jobs.

Tolet’s acquisition of Jumia House

Surprised as it came, this is significant as a local M&A is something awesome for the ecosystem. Helping Jumia to exit the real estate market and focus on its e-commerce market.

Paystack doing a billion naira in monthly transaction and hit N2.7b in December

Back in June, Paystack hit 1b in monthly transactions and almost triple that by December. This is awesome given that majority of the transaction came from Merchant, giving e-commerce a boost. The report here.

CcHub PitchDrive; 14 African startups across Europe

Traveling across Europe to 5 countries; UK, Netherlands, Germany, Switzerland and France. With 14 startups and opportunity to pitch for $22m in funding, this became a defining moment for the startups on board. In partnership with Google, Pitchdrive was a success!

 

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