This week, African startup Moniepoint secured $110 million in equity funding, joining the growing ranks of African unicorns.
This week, African startup Moniepoint secured $110 million in equity funding, joining the growing ranks of African unicorns. The funds raised will be used to accelerate Moniepoint’s growth across Africa, creating an all-in-one, seamlessly integrated platform for businesses of all sizes in Africa.
About a decade ago, investments in African startups were only a few million dollars, and investors were hesitant to bet on these new markets. But as technology infrastructure has improved and internet access has become more widespread, so have opportunities for innovation and investment.
By 2022, African startups had attracted $3.3 billion in venture funding. Nigeria, Kenya, South Africa and Egypt, often referred to as the “Big Four”, have led the way and have built robust technology ecosystems across fintech, e-commerce, healthtech and agritech.
However, Africa’s tech ecosystem faces its own challenges, including a global economic downturn that has resulted in a funding winter for startups across Africa.
Amid these challenges, several African startups have achieved unicorn status, reflecting the maturity and potential of the ecosystem.
Below are the 10 most valuable 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 10 $100 million 10 MOOVE $750 million
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