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African Startups Raise $1 Million in 2019

TechInAfrica – TechInAfrica – These past few years have been the years for African startups, especially in the tech scene. African startups in various sectors, such as healthcare, education, agriculture, logistics, finance, and so on, continue to receive financial support from both local and global angel investors.

Andela, Nigerian EduTech Startup Raises $100 Million in 2019 via andela.com

On this article, we will present African startups that have raised over $1 million dollar in 2019 as quoted from Maxim Bayen’s LinkedIn post. Here are the startups:

No Startups Country Year of Launch Sector Investment Amount Investors
1 The Sun Exchange South Africa 2014 Energy $1 Million ICO
2 RapidDeploy South Africa 2014 eGov $12 GreatPoint Ventures, Samsung Next
3 Wealth Migrate South Africa 2009 Housing $2.2 Million Crowdfunding
4 WhereIsMyTransport South Africa 2008 Logistics & Transportation $1.9 Million Liil Ventures, Goodwell Investments
5 Flow South Africa 2018 Housing $1.5 Million Kalon Venture Partners, CRE Venture Capital
6 Retail Capital South Africa 2010 FinTech $41.7 Million Crossfin
7 Aerobotics South Africa 2014 Agriculture $2 Million Paper Plane Ventures
8 Valr South Africa 2018 FinTech $1.5 Million Bittrex
9 Flexclub South Africa 2018 FinTech $1.2 Million CRE Venture Capital, Montegray Capital, Savannah Fund
10 Centbee South Africa 2017 FinTech $1.3 Million Calvin Ayre
11 Intergreatme South Africa 2016 FinTech $2.2 Million Crowdfunding
12 GovChat South Africa 2016 eGov $1.4 Million Capital Appreciation
13 TymeBank South Africa 2012 FinTech $13.8 Million Ethos Artificial Intelligence
14 LulaLend South Africa 2014 FinTech $6.5 Million IFC and Quona Capital with participation from Accion Venture Lab and Newid Capital
15 SweepSouth South Africa 2013 Services $2.1 Million Naspers Foundry
16 Inclusivity Solutions South Africa 2015 FinTech $1.6 Million Goodwell Investments, Allan Gray, RGAx
17 Enko Education South Africa 2013 Education $1.4 Million LiquidAfrica
18 Kalido South Africa 2016 Jobs $2 Million HCL Technologies
19 Nomanini South Africa 2011 FinTech $4 Million Standard Bank, Goodwell Investments
20 Andela Nigeria 2014 Education $100 Million Generation Investment Management; Xhan Zuckerberg Initiatve, Google Ventures, Spark Capital, and CRE Venture Capital
21 TeamApt Nigeria 2015 FinTech $5.5 Million Quantum Capital Partners
22 OneFi Nigeria 2012 FinTech $5 Million Lendable
23 Farmcrowdy Nigeria 2016 Agriculture $1 Million Cox Enterprises, Techstars, Ajayi Solutions
24 Kudi Nigeria 2017 FinTech $5 Million Partech Partners, Michael Seibel, Khosla Ventures, Y Combinator
25 mDaaS Nigeria 2016 Healthcare $1 Million Consonance Investment Managers
26 Gokada Nigeria 2018 Logistics & Transport $5.3 Million Rise Capital, Adventure Capital, First MidWest Group, IC Global Partners
27 Max Nigeria 2015 Logistics & Transport $7 Million Novastar Ventures, Yamaha Motor, Breakthrough Energy Ventures, Zrosk Investment Management, Goodwell Investments
28 Arnergy Nigeria 2013 Energy $9 Million Breakthrough Energy Ventures, Norfund, EDFI ElectriFI and All On
29 Opay Nigeria 2011 FinTech $50 Million Sequoia China, IDG Capital, Source Code Capital, Opera
30 54gene Nigeria 2018 Healthcare $4.5 Million Y Combinator, Fifty Years, Better ventures, KdT Ventures, Hack VC, Techammer
31 TechAdvance Nigeria 2009 FinTech $1 Million Lamar Holding
32 Kobo360 Nigeria 2016 Logistics & Transport $30 Million Goldman Sachs, Asia Africa Investment and Consulting, TLcom Capital, Y Combinator, IFC + Nigerian commercial banks
33 Kuda Nigeria 2017 FinTech $1.6 Million Haresh Aswani, Ragnar Meitern
34 FairMoney Nigeria 2017 FinTech $11.1 Million Flourish Venture, DST Global, Newfund Capital, Speedinvest, Le Studio VC
35 Shortlist Kenya 2014 Jobs $2 Million Blue Haven Ventures, Zephyr Acorn, Compass Venture Capital and Rafiki
36 M-Tiba Kenya 2015 Healthcare $1.5 Million AFD
37 Sokowatch Kenya 2013 Retail $2.5 Million 4DX Ventures, Village Global, Lynett Capital, Golden Palm Investment, Outlierz Ventures
38 Twiga Foods Kenya 2014 Agriculture $5 Million Creadev
39 Lynk Kenya 2015 Jobs n.a Lateral Capital, Cornerstone Group
40 Lori Systems Kenya 2016 Logistics & Transport $8.7 Million n.a
41 MyDawa Kenya 2017 Healthcare $3 Million Africa Healthcare Master Fund
42 ArabyAds Egypt 2013 Retail $6.5 Million Equitrust
43 Yumamia Egypt 2014 Retail $1.5 Million Pure Consulting
44 Swvl Egypt 2017 Logistics & Transport $42 Million Vostock, BECO Capital, MSA, Endeavor Catalyst
45 MoneyFellows Egypt 2014 FinTech $1 Million 500 Startups and Dubai Angel Investors
46 SolarNow Uganda 2011 Energy $9 Million SunFunder, with Oikocredit and responsibility
47 Tugende Uganda 2012 FinTech $5 Million PG Impact Investments
48 Neopenda Uganda 2015 Healthcare $1 Million Axel Johnson Inc  and SUNU Capital
49 Safeboda Uganda 2014 Logistics & Transport n.a Allianz X
50 PEG Africa Ghana 2013 Energy $25 Million CDC Group, SunFunder, responsibility, Energy Access Ventures, Blue Haven Initiative, repp. Energy, Total, Investisseurs & Partenaires, Acumen
51 mPharma Ghana 2013 Healthcare $13.5 Million DX Ventures, Novastar Ventures
52 Redavia Ghana 2010 Energy $2 Million Lendahand, InfraCo Africa, FactorEVentures
53 PEG Africa Ghana 2013 Energy $5 Million ElectriFi
54 Daystar Power Mauritius 2017 Energy $26 Million Verod Capital Management, Persistent Energy Capital LLC
55 PayItUp Zimbabwe 2017 FinTech $13 Million Thawer Fund Management
56 InstaDeep Tunisia 2015 Deeptech $7 Million AfricInvest, Endeavor Catalyst
57 Jibu Tanzania 2012 Water $1.5 Milion DOB Equity
58 Rent To Own Zambia 2010 FinTech $1.1 Million Seed Capital and Business Development facility of the Dutch Good Growth Fund (DGGF)

From the data above, about 12% of these startups are co-founded by female entrepreneurs. These startups have cumulatively raised more than $520 million in 2019 from 120 different investors. Furthermore, most of the investments went to South African startups (19), followed by Nigeria (15), Kenya (7), Egypt, Uganda, and Ghana (4), and Zimbabwe, Tunisia, Tanzania, and Zambia (1).

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