Finance: Kenya topples Nigeria in the list of startups in Africa with foreign investment attractions in H1 2017

These startups are poised to become multinational companies in the next decade.

African start-ups are becoming the centre of attraction for major venture capitalists across the globe. In the first half of 2017, these startups raised an estimated $99.35 million in seed and growth investments from investors across the globe.

In 2016, the total investments in the form of  grants, seeds and growth investments into various start-ups in the region was estimated at $367 million by Partech Ventures.

Nigerian- based startups top the list of the companies.

 

1.    Tala  - Kenya ( $30 million)

Tala is a Kenya-based financial technology and consumer finance company. The company was founded in 2012 by Shivani Siroya.

It raised about $30 million from the IVP, while Collaborative Fund and Lowercase Capital are participating partners.

2.    Flutterwave – Nigeria ($10 million)

Flutterwave is a financial technology company founded by Iyinoluwa Aboyeji in 2016. The business has a mission to use technology to help businesses to receive payments from any parts of Africa.

Flutterwave raised $10 million from the Greycroft Partners – New York, Green Visor Capital – San Francisco and Y Combinator of the Silicon Valley.

3.    UNICAF -  ($12 million)

UNICAF is an online education platform that is dedicated to providing higher education to all Africans. The platform was founded in 2012.

UNICAF raised $12 million from Savannah Fund – Kenya, New York’s University Venture and CSC Group, United Kingdom.

4.    Twiga Foods -  Kenya ($10.3 million)

Twiga Food was founded in 2013. It is a B2B mobile platform for retail outlets, kiosks and local market stalls in Africa.

Twiga Foods raised $10.3 million from a Dubai-based venture capitalist, Wamda Capital.

5.    Cars45.com – Nigeria ($5 million)

Car45.com is an online auto market for used cars in Nigeria. The business is aimed at capturing more of the used cars market in Nigeria which is the largest in Africa.

Car45.com was founded in 2016. The company raised $5 million from the Frontier Car Group, Berlin.

6.    PowerGen – Kenya ( $4.5 million)

PowerGen is a renewable energy provider and was founded in 2011. At present, it has built over 40 micro-grids in East Africa and serve about seven countries within the region.

PowerGen raised a $4.5 million from the DOB Equity, Holland with AHL Venture Partners, Kenya as funding partners.

7.    WaystoCap – Morocco  ($3 million)

WaystoCap is a B2B e-commerce platform in Morocco. It was founded in 2014 by Niama El Bassunie.

The company raised $3 million from Y-Combinator of the Silicon Valley, United States of America.

Other startups include BitPesa – Kenya ($2.5 million), HearX – South Africa ($3.2 million), Tizeti – Nigeria ($2.1 million), Alternative Circle – Kenya ($1.1 million), Bamba - Kenya ($1.1 million), OMG Digital - Ghana ($1.1 million), Jamil – Tanzania ($750,000), Aerobotics – South Africa ($600,000) and EatOut – Kenya ($500,000).

These startups are poised to become multinational companies in the next decade. Read Full Story