In September 2024, African startups raised significant capital, showcasing innovation across various sectors such as fintech, foodtech, and education. Here’s a breakdown of the top 10 African-origin startups by their funding rounds, from 10th to 1st, as reported by DADUPA.
10. Kwiks – $0.8M – Morocco
Kwiks, founded in 2022 and headquartered in Casablanca, Morocco, is a human resources productivity startup. It positions itself as a leading alternative to traditional recruitment agencies by connecting companies with independent headhunters specializing in specific sectors and regions. Powered by AI, Kwiks enables efficient talent acquisition, making it a game-changer in the HR sector. The company secured $0.8 million in a seed funding round led by Azur Innovation Management (AIM).
9. Regfyl – $1.1M – Nigeria
Regfyl, established in 2023 and based in Lagos, Nigeria, focuses on productivity and fraud prevention in the financial services industry. It provides real-time fraud prevention, AML monitoring, and regulatory compliance for banks and fintechs in Africa. The company raised $1.1 million in pre-seed funding from investors including Techstars, RallyCap Ventures, and Africa Fintech Collective, among others.
8. Talk360 – $1.4M – South Africa
Talk360, founded in 2016 and based in Amsterdam and South Africa, is a productivity platform that enables affordable international voice calls. With over 3.2 million users, Talk360 connects people in underserved communities without reliable internet access. In September 2024, it raised $1.4 million in a Series A round led by Havaic, aiming to scale its global reach.
7. Happy Pay – $1.8M – South Africa
Founded in 2021 and headquartered in Cape Town, Happy Pay operates in the fintech space, allowing users to split their online purchases into installment payments. The company raised $1.8 million in pre-seed funding, co-led by E4E Africa and 4Di Capital. This funding will enable Happy Pay to expand its services and offer responsible, zero-interest payment options to more users.
6. SETTLE – $2.0M – Egypt
Egypt-based fintech startup SETTLE, founded in 2023, secured $2 million in pre-seed funding led by Shorooq Partners. SETTLE provides a one-stop solution for handling payables and receivables, streamlining financial management for businesses. The startup is set to revolutionize cash flow tracking in the MENA region.
5. African Originals – $2.0M – Kenya
Kenyan startup African Originals, established in 2018, focuses on foodtech, creating authentic African food and beverage products. Known for its agility and innovation, the company raised $2 million in Series A funding, with Phoenix Beverages Limited leading the round. African Originals aims to rapidly expand its product offerings and market presence.
4. Userguest – $2.2M – Morocco
Userguest, a hotel productivity platform founded in 2018 in Amsterdam, raised $2.2 million in seed funding. The platform uses AI to increase hotel bookings by delivering personalized notifications to users. This funding, led by Al Mada Ventures, will help Userguest enhance its AI-driven solutions and scale its impact in the hospitality industry.
3. Lablabee – $3.4M – Algeria
Lablabee, founded in 2021 and based in Palo Alto, provides hands-on learning experiences for telecom professionals. The startup focuses on cutting-edge technologies like Industry 4.0 and Telco Cloud. In September, Lablabee secured $3.4 million in seed funding led by Reach Capital, with participation from Classera and other strategic investors.
2. Foodpreneurs Hub – $5.0M – Nigeria
Foodpreneurs Hub, a Nigerian foodtech startup founded in 2019, provides resources, training, and mentorship to African food innovators. The company raised $5 million in pre-seed funding, led by Chris Klaus, to further enhance Africa’s food security through innovative solutions for food processing.
1. Moove – $100M – Nigeria
Topping the list is Moove, a Nigerian mobility fintech startup founded in 2020. Moove provides revenue-based vehicle financing for ride-hailing, logistics, and mass transit entrepreneurs. The company raised a staggering $100 million in Series B funding, led by Uber, to expand its vehicle financing solutions globally.
These startups reflect the thriving entrepreneurial ecosystem in Africa, demonstrating the continent’s growing impact on the global tech and innovation landscape.
Sources: Weetracker, TechCabal, My Startup World, Techpoint, CIO Africa, Infomediaire, Face2Face Africa.