Nigeria’s NetPlus Advisory raises cash for expansion

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Nigerian startup NetPlus Advisory has raised a “multimillion dollar” investment round from private equity firm Synergy Capital to to boost its e-commerce and e-payments operations and expand outside of the country.

NetPlus launched in 2013 and operates e-commerce platforms that allow merchants and business owners to take their operations online. It has also partnered with banks across Nigeria to provide e-commerce solutions.

The company said the investment from Synergy would be used to help establish it in a leading position in the strategic payment space, as well as launch operations outside of Nigeria.

“Over the medium term, the company intends to expand across other markets in West Africa and the rest of the continent,” NetPlus said.

NetPlus managing director Wole Faroun said the investment would specifically help to grow the brand of the company and strengthen its partnerships with key players in the e-commerce and payment space of the Nigerian market.

Faroun also said working with Synergy would provide strategic value to the organisation from governance and management perspectives.

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Passionate about the vibrant tech startups scene in Africa, Tom can usually be found sniffing out the continent's most exciting new companies and entrepreneurs, funding rounds and any other developments within the growing ecosystem.

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