* . *
  • About
  • Advertise
  • Privacy & Policy
  • Contact
Tuesday, July 1, 2025
Earth-News
  • Home
  • Business
  • Entertainment
    Nantucket Dance Festival opens July 8 – The Inquirer and Mirror

    Nantucket Dance Festival Launches with Thrilling Performances Beginning July 8

    A Secret Society, Ritualistic Killings, and a Century-Old Curse Netflix and YRF Entertainment’s ‘Mandala Murders’ Premieres July 25 – About Netflix

    A Secret Society, Ritualistic Killings, and a Century-Old Curse: Dive into the Chilling World of ‘Mandala Murders’ Premiering July 25

    Susquehanna Raises Penn Entertainment Inc. (PENN) Price Target. – Yahoo Finance

    Susquehanna Raises Price Target for Penn Entertainment Inc. (PENN)

    George Lopez is coming to Spokane – KXLY.com

    George Lopez is coming to Spokane – KXLY.com

    Netflix unveils Dallas immersive venue for fans of hit shows like ‘Squid Game,’ ‘Stranger Things’ – Houston Chronicle

    Step Inside Netflix’s New Dallas Immersive Experience Featuring Hits Like ‘Squid Game’ and ‘Stranger Things

    ‘Puttin’ on the Ritz’: Civic Players bring ‘Young Frankenstein’ to life – Yahoo

    Civic Players Deliver a Hilarious and Unforgettable Performance of ‘Young Frankenstein

  • General
  • Health
  • News

    Cracking the Code: Why China’s Economic Challenges Aren’t Shaking Markets, Unlike America’s” – Bloomberg

    Trump’s Narrow Window to Spread the Truth About Harris

    Trump’s Narrow Window to Spread the Truth About Harris

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Science
  • Sports
  • Technology
    Owls inspire new revolutionary noise reduction technology – KTEN

    Owls inspire new revolutionary noise reduction technology – KTEN

    New center coming to Mizzou will focus on energy research and technology – Columbia Missourian

    Mizzou Launches Innovative New Center Dedicated to Energy Research and Technology

    Mirrors in space and underwater curtains: can technology buy us enough time to save the Arctic ice caps? – The Guardian

    Can Technology Like Space Mirrors and Underwater Curtains Buy Us Time to Save the Arctic Ice Caps?

    Naples restaurant owner prepares for hurricane season with new flood technology – Fox4Now.com

    Naples restaurant owner prepares for hurricane season with new flood technology – Fox4Now.com

    Emerging Memory and Storage Technology Market Analysis Report 2025-2034 | AI and HPC Boom Fuels Surging Demand for Fast, Low-Power Memory Devices – Yahoo Finance

    How AI and HPC Are Driving Explosive Growth in Fast, Low-Power Memory Technologies Through 2034

    Ostin Technology (OST): Volatility’s Warning or Contrarian Opportunity? – AInvest

    Ostin Technology (OST): Navigating Market Volatility – Red Flag or Hidden Opportunity?

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
No Result
View All Result
  • Home
  • Business
  • Entertainment
    Nantucket Dance Festival opens July 8 – The Inquirer and Mirror

    Nantucket Dance Festival Launches with Thrilling Performances Beginning July 8

    A Secret Society, Ritualistic Killings, and a Century-Old Curse Netflix and YRF Entertainment’s ‘Mandala Murders’ Premieres July 25 – About Netflix

    A Secret Society, Ritualistic Killings, and a Century-Old Curse: Dive into the Chilling World of ‘Mandala Murders’ Premiering July 25

    Susquehanna Raises Penn Entertainment Inc. (PENN) Price Target. – Yahoo Finance

    Susquehanna Raises Price Target for Penn Entertainment Inc. (PENN)

    George Lopez is coming to Spokane – KXLY.com

    George Lopez is coming to Spokane – KXLY.com

    Netflix unveils Dallas immersive venue for fans of hit shows like ‘Squid Game,’ ‘Stranger Things’ – Houston Chronicle

    Step Inside Netflix’s New Dallas Immersive Experience Featuring Hits Like ‘Squid Game’ and ‘Stranger Things

    ‘Puttin’ on the Ritz’: Civic Players bring ‘Young Frankenstein’ to life – Yahoo

    Civic Players Deliver a Hilarious and Unforgettable Performance of ‘Young Frankenstein

  • General
  • Health
  • News

    Cracking the Code: Why China’s Economic Challenges Aren’t Shaking Markets, Unlike America’s” – Bloomberg

    Trump’s Narrow Window to Spread the Truth About Harris

    Trump’s Narrow Window to Spread the Truth About Harris

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Science
  • Sports
  • Technology
    Owls inspire new revolutionary noise reduction technology – KTEN

    Owls inspire new revolutionary noise reduction technology – KTEN

    New center coming to Mizzou will focus on energy research and technology – Columbia Missourian

    Mizzou Launches Innovative New Center Dedicated to Energy Research and Technology

    Mirrors in space and underwater curtains: can technology buy us enough time to save the Arctic ice caps? – The Guardian

    Can Technology Like Space Mirrors and Underwater Curtains Buy Us Time to Save the Arctic Ice Caps?

    Naples restaurant owner prepares for hurricane season with new flood technology – Fox4Now.com

    Naples restaurant owner prepares for hurricane season with new flood technology – Fox4Now.com

    Emerging Memory and Storage Technology Market Analysis Report 2025-2034 | AI and HPC Boom Fuels Surging Demand for Fast, Low-Power Memory Devices – Yahoo Finance

    How AI and HPC Are Driving Explosive Growth in Fast, Low-Power Memory Technologies Through 2034

    Ostin Technology (OST): Volatility’s Warning or Contrarian Opportunity? – AInvest

    Ostin Technology (OST): Navigating Market Volatility – Red Flag or Hidden Opportunity?

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
No Result
View All Result
Earth-News
No Result
View All Result
Home Business

Nigerian startups 2023 shutdown costs investors $79m

December 7, 2023
in Business
Nigerian startups 2023 shutdown costs investors $79m
Share on FacebookShare on Twitter

Seven Nigerian startups that have announced they will be shutting down operations this year, will cost investors $79.15 million in funding deals, BusinessDay can report.

The country has witnessed an unprecedented shutdown of startups in 2023 as about eight exited the tech ecosystem, citing operational difficulties. Seven of the startups are responsible for the $79.15 million funding that investors would not be making any returns from.

Among the startups BusinessDay tracked are Lazerpay, which raised $1.1 million; 54Gene, $45 million; Pillow, $21 million; Vibra, $6 million; Bundle, $450,000; PayDay, $3 million; and Pivo Africa, $2.6 million.

Startup shutdowns were also rampant in other parts of Africa this year. In October alone, three notable startups across different countries shut down their operations. Sendy, a Kenya logistics startup that facilitated purchases of FMCGs from manufacturers for retailers, shut down in August and is exploring the possibility of selling its assets. WhereIsMyTransport, a South African mobility startup also closed down operations in the same month after failing to secure the necessary funding to continue operation. Another shutdown in October was Dash, a Ghanaian fintech company that connects mobile money wallets and bank accounts across Africa.

According to some experts, startup shutdowns are not new. The case of Nigeria only reflects the general market sentiments which shows that the global tech industry is facing difficult times.

“The rush to publicly borderline celebrate or even just pontificate over the demise of startups or the failure of specific efforts by others we do not know is perhaps the most unproductive use of human capacity,” said Kola Aina, General Partners of Ventures Platform Fund. “Most times, people who exhibit this behaviour have never actually built. When you have built and maybe blessed yourself with failure, you will reconsider before you make light of an honest effort.”

Some of the startups blamed the inability to raise more funding as the primary reason they were shutting down. Lazerpay, for example, said it was unable to close a successful fundraising round.

“We fought hard to keep the lights on as long as possible, but unfortunately, we are now at a point where we need to shut down,” Emmanuel Njoku, founder and CEO of the company said in April.

Hytch, a logistics startup, announced in February it was shutting down because it couldn’t raise funding. Laolu Onifade, the co-founder and CEO of the company told TechCabal, “We couldn’t raise and couldn’t sustain the business with just the money we were making.”

However, the decision to shut down startups like 54Gene, Pivo, Bundle, Vibra, Payday, and Pillow was different from the inability to raise funding.

Bundle, a cryptocurrency exchange, said it was shutting down as part of the shareholders’ decision to restructure the business to focus on Cashlink which had recorded over 3 million transaction volume.

Vibra, a pan-African crypto, shut down in April claiming it was pivoting to another business. It, however, did not provide specific details about the ongoing pivot. The company also closed operations in Ghana and Kenya.

Read also: Africa’s startups see AWS funding opportunities, other resources

Pivo, a digital bank for trade, shut down due to an unresolved founder conflict according to reports. Some experts said there is a need to be more transparent about the reasons startups are shutting down in the country. Doing so will either serve as a lesson for other startups and founders or help investors make informed decisions. In nearly all the shop closures, the reasons given were not detailed and sometimes vague.

“Can we at least be intellectually honest about why companies are shutting down? Sure, the funding downturn may have played some role, but that’s not the real reason,” said Justin Norman, founder of The Flip Africa.

Payday is the only startup on the list that went on to be acquired. However, there are reports from different sources that the $3 million funding he raised by the founder from Moniepoint and other investors, may not have been well managed.

>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : Businessday.ng – https://businessday.ng/technology/article/nigerian-startups-2023-shutdown-costs-investors-79m/

Tags: “Nigerianbusinessstartups
Previous Post

Why stocks in the Global South are key to scaling climate solutions

Next Post

Bauchi students seek justice and increased security after brutal stabbing

These 9 towns were named the ‘quirkiest’ in New Jersey, according to World Atlas – Bergen Record

These 9 towns were named the ‘quirkiest’ in New Jersey, according to World Atlas – Bergen Record

July 1, 2025
Trump’s Tax Bill Won’t Help or Hurt the Economy. The Deficit Is Already Huge. – Barron’s

Trump’s Tax Bill Won’t Help or Hurt the Economy. The Deficit Is Already Huge. – Barron’s

July 1, 2025
Nantucket Dance Festival opens July 8 – The Inquirer and Mirror

Nantucket Dance Festival Launches with Thrilling Performances Beginning July 8

July 1, 2025
Who would be affected by health care cuts in Senate version of Trump’s budget bill – PBS

Who Will Be Hit Hardest by Health Care Cuts in the Senate’s Trump Budget Plan?

July 1, 2025
Senate passes Trump’s reconciliation bill with Vance casting tie-breaking vote – PBS

Senate Passes Trump’s Reconciliation Bill After Vance Casts Decisive Tie-Breaking Vote

July 1, 2025
Groundbreaking technology to help police tackle violence against women – The Independent

Revolutionary Technology Transforms the Fight Against Violence Toward Women

July 1, 2025
Apple Inc. (AAPL) Adds Tennis To Its List of Supported Sports Ahead of Wimbledon – Yahoo Finance

Apple Inc. (AAPL) Adds Tennis To Its List of Supported Sports Ahead of Wimbledon – Yahoo Finance

July 1, 2025
Nature’s headlamps: A unique light-focusing structure in Parasesarma de Man, 1895 mangrove crabs – ESA Journals

Nature’s headlamps: A unique light-focusing structure in Parasesarma de Man, 1895 mangrove crabs – ESA Journals

July 1, 2025
Scientists found what just might be Earth’s oldest rocks – Boy Genius Report

Scientists found what just might be Earth’s oldest rocks – Boy Genius Report

July 1, 2025
The EU must show leadership and stand up for science, health and women’s rights – The Parliament Magazine

Why the EU Needs to Take the Lead in Protecting Science, Health, and Women’s Rights

July 1, 2025

Categories

Archives

July 2025
MTWTFSS
 123456
78910111213
14151617181920
21222324252627
28293031 
« Jun    
Earth-News.info

The Earth News is an independent English-language daily published Website from all around the World News

Browse by Category

  • Business (20,132)
  • Ecology (701)
  • Economy (726)
  • Entertainment (21,615)
  • General (15,655)
  • Health (9,766)
  • Lifestyle (731)
  • News (22,149)
  • People (726)
  • Politics (733)
  • Science (15,943)
  • Sports (21,223)
  • Technology (15,710)
  • World (707)

Recent News

These 9 towns were named the ‘quirkiest’ in New Jersey, according to World Atlas – Bergen Record

These 9 towns were named the ‘quirkiest’ in New Jersey, according to World Atlas – Bergen Record

July 1, 2025
Trump’s Tax Bill Won’t Help or Hurt the Economy. The Deficit Is Already Huge. – Barron’s

Trump’s Tax Bill Won’t Help or Hurt the Economy. The Deficit Is Already Huge. – Barron’s

July 1, 2025
  • About
  • Advertise
  • Privacy & Policy
  • Contact

© 2023 earth-news.info

No Result
View All Result

© 2023 earth-news.info

No Result
View All Result

© 2023 earth-news.info

Go to mobile version