Despite a broader funding slump across Africa, Lagos-based startups defied the trend by raking in $252 million in 2024—a 42% surge from the previous year. The Netherlands-based research company, Dealroom.co, revealed this development. Global interest in the Lagos startup scene is being driven by homegrown success stories like Flutterwave and Interswitch, reinforcing the city’s status as a booming innovation hub. Dealroom.co’s report also ranked Lagos as the world’s fastest-growing tech city based on a 2017-2024 assessment of 288 cities across 69 countries. According to Dealroom.co’s founder, the success of Lagos startups and the presence of multiple unicorns encourage ambition in other startups, thereby perpetuating a cycle of success.
Bloomberg
