Africa’s Unicorn Boom: Meet Continent’s 9 Billion-dollar Startups

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Africa’s tech ecosystem has evolved dramatically in recent years, birthing nine unicorns—startups with valuations exceeding $1 billion.

Together, these ventures represent over $16 billion in combined valuation and have collectively raised more than $3 billion in equity since 2019, reshaping the narrative around Africa’s innovation landscape, Africa- the Big Deal latest report has revealed.

Leading the charge is Nigerian fintech Interswitch, which reached unicorn status in 2019 following a $200 million investment from Visa. Valued at $1 billion, it held the title of Africa’s sole unicorn for 18 years until Nigerian fintech Flutterwave joined the club in 2021.

Flutterwave’s $170 million Series C catapulted its valuation to over $1 billion, which tripled to over $3 billion with a Series D round in 2022, making it Africa’s most valuable privately-held startup.

Another Nigerian fintech company, OPay, followed suit with a record-breaking $400 million Series C in 2021, reaching a $2 billion valuation. Recent estimates place its valuation at nearly $3 billion.

That same year, remittance-focused Wave made history with a $200 million Series A, achieving a $1.7 billion valuation—the largest Series A in African startup history.

September 2021 also saw edtech giant Andela secure its $1.5 billion valuation with a $200 million Series E. However, questions around its current valuation have arisen following a funding hiatus.

Another fintech, Chipper Cash, joined the unicorn ranks later that year with a $2 billion valuation after a $150 million Series C extension. Despite layoffs and challenges in 2022, the company remains a key player.

After a quiet period in unicorn announcements, Egyptian fintech MNT-Halan reignited excitement in January 2023 with $260 million in equity funding, reaching a valuation of over $1 billion.

Just months ago, Nigerian fintech Moniepoint crossed the unicorn threshold with a valuation exceeding $1 billion, following a steady fundraising journey since 2019.

The latest addition, South African-Singaporean fintech Tyme, entered the spotlight this December with a $250 million Series D round, earning a $1.5 billion valuation.

With nine unicorns and counting, Africa’s startup ecosystem demonstrates its potential to compete globally, accounting for nearly 25 per cent of all equity raised on the continent since 2019. These unicorns symbolise not only financial success but the untapped opportunities within Africa’s burgeoning tech space.

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