Nigerian startups raised $70.5m in Q1 2020, with over 99% from foreign sources

Over the last three years, Techpoint has consistently released a series of reports — both quarterly and annually — that captured the funding activities of the Nigerian startup space with insights and analysis.

In the spirit of consistency, we present the Q1 2020 funding report — the first quarterly edition in the build-up to the 2020 annual report.

In Q1 2020, Nigerian startups raised $70.5 million which is higher than the amounts raised in Q1 2018 and Q1 2019 combined.