8 Nigeria Tech Startups That Shut Down 2024 (& Fund Raised)

2023 saw a significant surge in startup shutdowns worldwide,  and Nigeria has been no different. This trend of shutdowns has continued into 2024, as businesses are facing challenges in securing funding.

Fintech accounted for 37.50%  of the shutdowns, with cryptocurrency, logistics, and health tech making up the remaining 63.5%.

Here are 8 of the Nigeria tech startups that shut down. Our list is organized in order, beginning with the one that shut down most recently.

Thepeer

  • Founder: Kosisochukwu Chike Ononye and Michael Okoh
  • Launch: April 2021
  • Fundraise: $2.32 million
  • Sector: API Product 
  • Shutdown: 2024

Thepeer provides APIs for fintechs and businesses to embed different sets of products into their applications and websites for easy money movement. The platform aimed to connect wallets across 400 fintechs across the continent and enable payments between them.

However, Thepeer’s founders explained that the shutdown was caused by a compliance issue as well as a limited acceptance of the app.

 “Our unique service had its challenges, the first being compliance issues. Additionally, the overall acceptance of wallets as a viable payment option didn’t grow as rapidly as we had hoped,” it said.

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Cova

  • Founder: Oluyomi Ojo and Yomi Osamiluyi
  • Launched: 2021
  • Fundraise: $800,000
  • Sector: Fintech
  • Shutdown: 2024

Cova is a platform that enables users to track their assets in one place. offering lending, investment, and savings solutions to its clientele through digital financial services.

While the reason for its shutdown is unknown, the startup, which charged $10 to $100 per month or year for subscriptions, faced several challenges, including customer demand for deeper integration and the need to build trust in a relatively new idea.

Pivo

  • Founder: Nkiru Amadi-Emina (CEO) and Ijeoma Akwiwu (COO) 
  • Launch: July 2021
  • Fundraise: $2.6 million
  • Sector: Fintech
  • Shutdown: 2023

Pivo is a Nigerian fintech that offers banking services to small logistics and haulage businesses in Nigeria’s supply chain sector. 

Unlike other African startups that shut down solely due to the macroeconomic situation and funding, Pivo is said to have closed shop due to unresolved founder conflict, according to sources familiar with the matter. 

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Lazerpay

  • Founder: Njoku Emmanuel
  • Launch: September 2021
  • Fundraised: $1.1 million
  • Sector: Crypto
  • Shutdown: 2023

The company helps businesses accept stablecoin payments from customers globally, thus allowing merchants to accept payments in crypto. 

According to a statement shared by the founder Njoku Emmanuel on Twitter, the company has been struggling to stay afloat after failing to secure funding, and although they tried to “keep the lights on for as long as they could, they’re now at a point where they need to shut down.” 

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54gene

  • Founder: Dr. Abasi Ene-Obong
  • Launch: 2019
  • Fundraise: $45 million
  • Sector: Health 
  • Shutdown: 2023

54gene is African genomics research that set out to provide crucial genome information on Africans to help improve the drug discovery processes of global pharmaceutical companies.

The company fell into disarray, and Ene-Obong, the CEO, was replaced. Over the past year, 54gene has had three CEO changes, including Ron Chiarello, who became CEO in March 2023. Chiarello left the role in July.

According to Chiarello, the company  “could not continue to operate financially,” 

Zazuu 

  • Founder: Kay Akinwunmi (CEO), Korede Fanilola (COO), Tosin Ekolie (CTO) and Tola Alade (CDO)
  • Launch: 2018
  • Fundraise: $2.2 million
  • Sector: Fintech
  • Shutdown: 2023

Zazuu operated a marketplace for cross-border payment networks in Africa. The start-up’s goal was to reduce the costs that come with sending money to the region, claiming Africa is the most expensive continent in the world to send money to.

The founders cited its inability to secure a growth funding round as the primary reason for the shutdown. 

Hytch

  • Founder: Laolu Onifade
  • Launch: 2022
  • Fundraise: Undisclosed
  • Sector: Logistic
  • Shutdown: 2023

Hytch is another startup that has shut down due to lack of funding, barely nine months after it began operations.

Hytch is a logistic platform that connects car owners and passengers going in the same. The ride is shared with three other riders going in the same direction, making the fare cheaper direction.

Bundle 

  • Founder: Emmanuel Babalola
  • Launch: December 2021
  • Fundraise: $850K
  • Sector: Blockchain
  • Shutdown: 2023

Bundle, a social payment app for cash and crypto, has shut down after operating for three years. According to an official statement provided to Technext by a company representative, Bundle Africa will discontinue its exchange services and shift its focus to a different product, Cashlink.

You may also want to read about the Top 10 Female Bank CEOs in Nigeria 2024

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