What is common about the top most funded Nigerian startups raising funds?

The topmost funded Nigerian startups as of August 2023 are mostly in the fintech, e-commerce, logistics, and agriculture sectors. They all share several common characteristics and strategies, which includes Strong Value Proposition, Experienced and Committed Team, Scalable Business Model, Traction and User Base, Clear Monetization Strategy, Market Size and Potential, Technology and Innovation, Strong Network and Connections, Proven Business Model, Transparency and Governance, Pitch and Storytelling, Track Record, Resilience and Adaptability, Customer Feedback and Iteration,  Global Perspective.

To join the list, one needs to have a unique and innovative solution that attracts the attention of investors who are seeking high returns. Additionally, one needs to have the necessary skills to build and grow a successful startup. According to a report by Ernst and Young, data analytics, cyber and IT security, and software engineering are some of the most critical skills required for success in the Nigerian fintech sector . The report also highlights that Nigerian graduates may have good grades but largely lack the skills crucial for progress in a technology-driven world, such as taking initiative with little guidance, speaking and writing clearly, and critical thinking. Therefore, to join the list of the most funded Nigerian startups, one needs to have a unique and innovative solution, as well as the necessary skills and strategies to build and grow a successful startup.

There are various criteria for getting funding for a startup in Nigeria. One of the most important criteria is having a unique and innovative solution that attracts the attention of investors who are seeking high returns. Other criteria include generating initial revenues with the product or service and acquiring additional funds from other sources of at least the same amount via a matching-fund-model. Startups can also explore various funding options such as personal finances, bootstrapping, grants, impact investors, angel investment, crowdfunding, and business incubators. Furthermore, the Nigerian government offers grants, loans, and facilities to startups through agencies such as the Bank of Industry (BOI) and the Lagos State Employment Trust Fund. To sum up, startups in Nigeria need to have a unique and innovative solution, the necessary skills to build and grow a successful business, and explore various funding options to secure funding.