Despite the gruelling effects of the covid-19 pandemic, the tech startup ecosystem in Africa continues to grow and set new records. According to Disrupt Africa report which reveals the African tech startups with most capital in 2020 shows an increase in startups and funding. Last year, 397 startups (27.7% increase) were able to raise $701.4 billion (42.7% increase) in funding. These numbers have gone up since the previous year from 311 startups raising $491.6 billion in funding in 2019.
Also read: Africa Venture Capital Growth 2020: $757.29 Million raised by Startups
The four countries that dominate the list of African tech startups with most capital in 2020 are Kenya, Nigeria, South Africa and Egypt with a total of 307 startups coming from these countries. The rest of the startups come from other countries with Uganda representing in 7th position with a total of 13 funded startups.
These are the African tech startups with most capital in 2020 that you should watch out for in 2021.
| Startup | Sector | Capital raised |
| Vezeeta | e-health | $40 million |
| Flutterwave | Fintech | $35 million |
| Skynamo | retail-tech | $30 million |
| Twiga foods | agri-tech | $29.4 million |
| Komaza | conservation | $28 million |
| Sendy | logistics | $20 million |
| mPharma | e-health | $17 million |
| Aerobotics | agri-tech | $16.5 million |
An e-health platform in Egypt tops this list after it raised $40 million in a Series D round led by Abu-Dhabi based Gulf Capital alongside investment from Saudi Technology Ventures which also joined this round. Total capital raised by the startup is $63 million. It was initially launched in Cairo as “Uber for Ambulances” and gradually progressed into a medical search platform that provides information about medical practices and doctors’ schedules. It has its headquarters in Dubai and offices in Egypt, Jordan and Lebanon. The company also recently launched its app in Kenya and is eyeing Nigeria as it plans to expand.
Read also: 8 e-health startups in Uganda increasing access to better health care
The San-Francisco and Lagos-based fintech startup raised a $35 million Series B round led by US VC firms Greycroft and eVentures with the participation of Visa, Green Visor, and CRE Venture Capital. This latest funding brought the company’s total investment to $55 million. Flutterwave’s main business is to facilitate payment services between businesses, those operating in Africa and those operating in Africa or abroad. It currently operates in Nigeria, Ghana, Uganda, Kenya, Tanzania, Zambia, South Africa, Rwanda and the UK. from customers on behalf of businesses.
Skynamo, a field sales app that provides real-time customer, stock, and sales information raised $30 million in Series A funding backed by Five Elms Capital. Skynamo planned to use the investment to accelerate the adoption of its field sales mobile app and cloud-based management platform. It also planned to improve services provided to its ever-growing customer base. This startup works to digitize paper-based systems, simplify administrative activities and make consumer and product knowledge easier to reach in the field. With its headquarters in South Africa, it also has sales offices in the UK and chose Atlanta for its US headquarters.
Twiga Foods, a Kenyan based agri-tech startup secured $29.4 million in debt funding from the International Finance Corporation (IFC) to support more than 300 irrigated medium-scale contract farmers to complement its seasonal smallholder farmer supply base. Twiga Foods has been doing exceptionally well in terms of raising capital since it was established in 2014 securing $10.3 million Series A funding round in 2017 and $10 million in 2018. It further secured $34.5 million across two rounds in 2019 in reference to Disrupt Africa. This brings the total funding to $107.1 million.
Komaza is a sustainable forestry company that is tech-enabled working towards revolutionizing the wood industry based in Kenya. It secured $28 million in a financing round led by AXA Investment Managers, the Dutch Development Bank FMO and Mirova’s Land Degradation Fund. It has received total funding of $37.9 million.
It has planted over 6 million trees with 25,000 smallholder farmers to date which has nearly doubled Kenya’s rate of commercial planting. Komaza uses AI and satellite data to map existing tree growth and real-time mobile apps to on the ground to track farmer progress.
Sendy is a logistics Kenyan based startup that connects clients to drivers and vehicles for goods delivery. It raised $20 million in a Series B funding that was led by Atlantica ventures and was joined by Toyota Tsusho Corporation. The new funding would help it hire more employees and upgrade its tech. The startup has 5000 vehicles on its platform with offices in Kenya, Tanzania, and Uganda. It has a total funding of $26.5 million.
mPharma is a Ghanaian based startup that eases access to prescription drugs for those that cannot afford them. The startup raised $12 million in 2019 and $6.6 million in Series A funding in 2017. The total of funds raised stands at $40 million. It operates in different countries that is Kenya, Zimbabwe, Zambia, Nigeria and Ghana.
Aerobotics was founded in Cape Town in 2014 and uses aerial imagery from drones and satellites, blends them with machine learning algorithms to provide early problem detection services to tree and wine farmers helping them optimize crop performance. It raised $16.5 million and closed its Series B funding round led by investor Naspers earlier last year. The funding will help it boost international expansion efforts and upgrade technology. In 2019 following a Series A round, the startup was able to raise $6.6 million from Naspers Foundry. The company’s total funding stands at $27 million.
The top four countries completely dominate the African tech startups with most capital in 2020 list with neighboring Kenya doing exceptionally well having the startup with the hugest amount of total funding raised in 2020. Clearly the West is hungry for Africa’s innovative culture as the number of investors grew in 2020 despite the on going pandemic that hit people’s pockets terribly.
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