This week, Moniepoint, an African startup, joined the expanding roster of African unicorns after securing $110 million in equity funding.
This week, Moniepoint, an African startup, joined the expanding roster of African unicorns after securing $110 million in equity funding. The capital raised will be used to accelerate Moniepoint’s growth across Africa, building an all-in-one, seamlessly integrated platform for African businesses of all sizes.
About a decade ago, investment in African startups was just a few million dollars, with investors hesitant about betting on these new markets. But as tech infrastructure improved and internet access spread, so did the opportunities to innovate and invest.
By 2022, African startups were pulling $3.3 billion in venture funding. Nigeria, Kenya, South Africa, and Egypt—often called the “Big Four”—led the way, creating a solid tech ecosystem spanning fintech, e-commerce, health tech, and agritech.
However, the African tech ecosystem has faced its fair share of challenges, including global economic downturns that have led to a funding winter for startups across the continent.
Amidst these challenges, several African startups have achieved unicorn status, reflecting the maturity and potential of the ecosystem.
Below are the 10 most valued African startups:
| Rank | Company | Valuation |
|---|---|---|
|
1 |
Flutterwave |
$3 billion |
|
2 |
Opay |
$2.7 billion |
|
3 |
Chipper Cash |
$2.2 billion |
|
4 |
Wave |
$1.7 billion |
|
5 |
Andela |
$1.5 billion |
|
6 |
Esusu |
$1 billion |
|
7 |
InterSwitch |
$1 billion |
|
8 |
MNT-Halan |
$1 billion |
|
9 |
Moniepoint |
$1 billion |
|
10 |
MOOVE |
$750 million |
