Five of the ten are Nigerian companies.
As per the Harvard Business Review, venture capital (VC) financing is the exception, rather than the norm, among start-ups. As such, firms that have been able to attract such interest can be considered successful, at least in terms of funding.
Digest Africa has recently dug into Africa’s specific case, identifying the top hundred most funded startups. Of these, the list is headed by Jumia, a Nigerian e-commerce giant which raised $885m across six funding rounds between January 2012 and April 2019 before it went public on the New York Stock Exchange (NYSE).
The other top 10 include four Nigerian startups and five more from Kenya, Senegal, South Africa, Uganda and, Tanzania. Egypt, which has 15 startups in the top 100, just missed the cut to have any in the top 10.
These are namely:
- Opay (Nigeria)– Raised $570 million
- Flutterwave (Nigeria)– $476 million
- Sun King (Kenya)– $427 million
- Andela (Nigeria)– $381 million
- TymeBank (South Africa)– $320 million
- Interswitch (Nigeria)– $310 million
- Zola Electric (Tanzania)– $309 million
- Chipper Cash (Uganda)– $302 million
- Wave (Senegal)– $292 million
By sector, six of the ten companies operate in the FinTech industry, two in energy and environment resources, one in e-commerce, while one deals with providing commercial and professional services.
Source: Digest Africa
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