Top SaaS Companies in Nigeria

List of the largest SaaS companies in Nigeria (Click to apply)

These are the top SaaS companies in Nigeria. In todays day and age its possible to launch a company from anywhere. We wanted to show some love for Nigeria by featuring these 29 companies with combined revenues of $79.5M.

Together, Nigeria SaaS companies employ over 1K employees, have raised $0.0 capital, and serve over 6K customers around the world.

$0 - $1M ARR
  1. Slatecube $843.7K
  2. Domineum $840.0K
  3. EPUMP $786.8K
  4. PineAds $707.9K
  5. OkadaBooks $676.2K
$1M - $5M ARR
  1. Releaf $4.9M
  2. Scelloo $2.7M
$5M - $10M ARR
  1. ASUSU $6.8M
$10M+ ARR
  1. Kobo360 $21.9M
  2. TradeDepot $13.4M
  1. 01
    Kobo360

    Kobo360

    Supply Chain & Logistics Software

    With Kobo's platform, companies now have easy access to a large pool of trucks with real-time tracki...

    $22M

    $37M

    223

    2018

    Nigeria

  2. 02
    TradeDepot

    TradeDepot

    E-Commerce Software

    Provider of a retail platform designed to connect distributors, wholesalers and retailers online on one platform. The company's platform uses artificial intelligence and machine learning to provide predictive analysis to run targeted campaigns, set product

    $13M

    $13M

    159

    2016

    Nigeria

  3. 03
    ASUSU

    ASUSU

    Financial Services Software

    ASUSU is digitizing financial activities of low income and daily earners through, cooperatives, agents & partnerships.

    $7M

    81

    2017

    Nigeria

  4. 04
    iROKO Partners

    iROKO Partners

    Content Creators Software

    Provider of an online entertainment platform designed to target audiences in Sub-Saharan African countries. The company's online entertainment platform focuses to make Nollywood content accessible to viewers throughout Africa, even if they donot speak Engl

    $6M

    $10M

    329

    2010

    Nigeria

  5. 05
    Releaf

    Releaf

    Process Automation Software

    Selling quality crops to African food factories using novel hardware.

    $5M

    50

    2017

    Nigeria

  6. 06
    SeamlessHR

    SeamlessHR

    Human Resources Software

    End-to-end, modern cloud-based HR platform for emerging markets.

    $5M

    $2M

    98

    2018

    Nigeria

  7. 07
    AirSmat Inc

    AirSmat Inc

    Agriculture Software

    AI-Powered Platform - Unlocking the power of data.

    $4M

    $100K

    44

    2019

    Nigeria

  8. 08
    E-Tranzact

    E-Tranzact

    Accounting and Finance Software

    eTranzact International PLC provides multi-application and multi-channel electronic transaction switching and payment processing platform. The company's operating segment includes Mobile Purchases, Other Commissions and Maintenance and support services, so

    $3M

    39

    2003

    Nigeria

  9. 09
    Scelloo

    Scelloo

    Software as a Service Platform(SaaS)

    $3M

    32

    2017

    Nigeria

  10. 10
    Goodtalent

    Goodtalent

    HR Software

    HR Software

    $2M

    23

    2019

    Nigeria

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What are the fastest growing companies doing?

83 of the fastest growing companies that also have the most revenue have a clear expansion revenue strategy. On average, sales reps are selling plans where starting contract value is $4,606.

Those same companies employ 1,678 sales reps that carry a quota. The most common compensation plan used by these companies is a 1:5 ratio of sales rep on target earnings (OTE) to quota. Meaning if a rep can earn $200k in base and commissions, quota target for that year is set at 5x, or $1m in new ARR closed.

If you’re going to build a high growth SaaS company, you need to figure out how to scale with quota carrying sales reps.

Which CEO’s are the most efficient capital allocators?

We can measure this a variety of ways. Which company has the most revenue per employee? What about dollars in revenue compared to dollars raised? What about time, which founder went from $0 to $10m the fastest?

Looking deeper at dollars in revenue compared to dollars raised, bootstrappers take the cake because they self fund (denominator zero). When we look at companies that have raised at least $1m, Actito is the clear winner generating $21m in revenue, growing 100% yoy, on just 1m raised ($.05 dollars raised for every $1 of revenue).

Omnisend comes in a close second with $.08 dollars raised for every dollar of revenue. Doing $19m as of December 2020. Proposify gets honorable mention with $0.46 dollars raised (3.25m) for every dollar of revenue ($7m).

The worst performers here are companies like YayPay with $3.68 dollars raised ($14m) per dollar of revenue ($3.8m). Many of the worst performers just did a round of funding and haven’t had a chance to deploy to drive growth yet. That makes this data less valuable but still illustrative.