logo
logo
Curve
List of the largest SaaS companies in Nigeria

Top SaaS Companies in Nigeria

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 32 companies with combined revenues of $76.9M.

Together, Nigeria SaaS companies employ over 1K employees, have raised $74.4M capital, and serve over 1M customers around the world.

Divider

Highlights

Top SaaS Companies with $5 - $10M ARR


Top SaaS Companies with $10M+ ARR


02
TD
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 prices competitively, optimize inventory and auto-generate sale promotions, enabling fast-moving consumer goods companies, distributors and retailers to have visibility and control over the route-to-market for manufacturers and avoid out of stock situations.

$13M
$13M
40K
159
2016
Nigeria
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
04
iROKOP
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 English, enabling viewers to watch Nollywood's hit movies and TV series from everywhere.

$6M
$10M
-
329
2010
Nigeria
05
SHR
SeamlessHR

Human Resources Software

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

$5M
$12M
-
98
2018
Nigeria
06
ASI
AirSmat Inc

Agriculture Software

AI-Powered Platform - Unlocking the power of data.

$4M
$100K
-
44
2019
Nigeria
07
ET
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, software development and others. It generates maximum revenue from Mobile Purchases segment. The company products include BankIT, CorporatePay, ATM CardlexCash, eTranzact Strong Authentication, WebConnect+, Payoutlet, Mobile Topup, and PocketMoni. It serves Banking, Education, Travel and Transportation, Government, Telecommunications, Financial Markets, and Private Sector Industries.

$3M
-
7K
39
2003
Nigeria
08
S
Scelloo

Software as a Service Platform(SaaS)

$3M
-
-
32
2017
Nigeria
09
G
Goodtalent

HR Software

HR Software

$2M
-
-
23
2019
Nigeria
10
BR
BitRewards

E Commerce Software

GIFTD is a data-driven platform of rewards and loyalty solutions for online retailers. Problems and solutions Retailers’ problem: Retailers are lacking simple and powerful tools to issue their digital gift cards and coupons and distribute them across their online channels. Solution: Giftd enables retailers to sell or distribute for free their gift cards on their web site, social networks, and partner sites, achieving higher sales, and incentivizing positive actions of their customers with free gift cards. Clients'​ problem: People need easy gifting solution on websites of retailers. They want their gifts to be delivered instantly and remotely. They also want to be appreciated for their loyalty, but to avoid hassle of signing up for loyalty programs. Solution: GIFTD is a quick and clear way to send gift cards of retailers across different channels. Clients can be motivated by GIFTD through immediate flexible “gifts”-discounts, which are simple to use, and do not necessarily requ

$1M
-
500
15
2012
Nigeria
1 - 10 of 32Next

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.