Tiger-Backed Flutterwave Becomes Latest Nigeria Tech Unicorn
- Payments firm raises $170 million in new funding round
- Private equity firms Tiger Global and Avenir lead investment
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Flutterwave Inc. said its valuation passed $1 billion after raising funds from investors including billionaire Chase Coleman’s Tiger Global Management LLC, making the payments firm the third in a spate of Africa-focused tech firms to become so-called unicorns.
U.S. hedge fund Tiger was joined by New York private equity firm Avenir Growth Capital in leading the $170 million round, according to a statement on Wednesday. That took total investment to $225 million in five years and pushed the valuation beyond the mark that bestows prestigious unicorn status.