A wave of closures has swept through the Nigerian startup landscape, leaving nine innovative companies shuttered despite accumulating over $70 million in investor funds over the last two years.
From Pivo's sudden demise, despite raising $2.6 million, to the unexpected shutdown of Lazerpay, these failures are sounding alarm bells. 54Gene, once buoyed by a $45 million funding injection, also succumbed.
The closures raise questions about due diligence as venture capitalists point fingers at the hastiness of past deals. As Nigerian startups face unprecedented challenges, the fallout emphasizes the need for a more cautious and meticulous approach to funding in the coming years.
