Walk into the right co-working space in Yaba and you will find clinical-trials infrastructure, telehealth APIs, and payments rails being stitched together by founders who have raised quietly and shipped relentlessly.
The $400M figure is conservative. It reflects only disclosed Series A and B rounds across the last eighteen months.
The next AfriaMed-scale company is being built right now, and the cap table is unlikely to include anyone reading a US-tier-one VC blog post about emerging markets.
