A Nigerian fintech company aimed at helping micro-suppliers manage payments, which has recently shut down due to insufficient user growth.
70% of African startups fail in the first 5 years; Clarus believes it’s a go-to-market problem
Joovlin, a Nigerian fintech, shut down after failing to grow its user base sufficiently to sustain operations. Experts estimate that around 70% of African startups fail within their first five years, with funding issues often cited as a primary cause.
4 African startups that shutdown in Q1 2025
African tech startups secured $780 million in funding in the first half of 2024, a 57% decrease from 2023. 54gene, a Nigerian genomics company, and Sendy, a Kenyan logistics startup, shut down due to funding problems.
