Tech Champions

Start-ups: African champions in the consolidation era

In depth

This article is part of the dossier: Top 50 tech champions

By Quentin Velluet

Posted on Friday, 6 May 2022 11:10, updated on Tuesday, 8 November 2022 15:26

Some twenty start-ups on the continent have reached the Series C financing stage. To maintain their growth rate, mergers and acquisitions are a choice option.

This is part 10 of an 11-part series.

Boosted by foreign funding, African tech raised more than $5 billion in 2021. There are now about 20 companies on the continent that have already reached their third round of funding aka Series C (including 12 in the last two years), which makes them capable of major strategic moves, whether by merger or acquisition. They are mainly active in fintech (Flutterwave, Chipper or Jumo), transportation and delivery (SWVL or Elmenus), healthcare (mPharma), e-commerce (Copia Global) or education (Andela and Spark Schools).

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