It can be disheartening to hear about startups shutting down, especially when they have raised a significant amount of funding. Recently, Thepeer, a Nigerian API startup shut down after raising $2.1 million in seed funding in June 2022.
According to a report by TechCabal, the company cited “compliance issues and the overall acceptance of wallets as a viable payment option” as some reasons behind its closure. Over the next few weeks, we will be running a series called “Startup chronicles: Why some Nigerian businesses fail” to share insights from a marketing and management perspective.
We hope that by discussing and sharing our thoughts, aspiring founders, entrepreneurs and investors will better understand the issues affecting startups in Nigeria so that they succeed.
Originally shared on LinkedIn
