Awakening Africa Magazine


African startups: An overview

2 Mins read

Gone are the days when Africa would be listed in under-civilized regions. In current times, Africa is topping various lists that show the progress and developmental status of the country. One such domain is that of startups. According to reports, the funding raised by startups in 2021 was just $4.3 to $5 billion. What’s more, it is noted that this astronomical growth came during the year of COVID-19 when the rest of the world was struggling financially.

Various startups have gained the attention of investors in the past two years, among which some are listed below.

African startups gaining funding and attention worldwide

1.     Bypa-ss

Among others, an efficient startup that has raised interest in investors. Magic Fund, Acuity Ventures, Launch Africa Ventures, and Plug and Play are just a few investors who believe the company will have something to say in 2022.

A pre-seed series of US$1 million was recently concluded by Egyptian e-health firm Bypass, which will support several product enhancements and growth ambitions for the year to come.

Through the HealthTap HIE platform, built by Bypa-ss, health providers and patients may easily connect electronic medical records to a cloud server.

2.     Ampersand

Ampersand’s electrical motorbikes, which began full operations in May of this year, are less expensive to acquire and run than the 5 million gasoline motorized vehicles throughout East Africa.

Ampersand’s operation is its swap sites and inventory of charges, enabling drivers to switch batteries quicker than refueling a tank and protecting car owners first from the high initial outlay of a lithium rechargeable battery.

With over 50,000 cell changes and over 2 million km driven by its 56 employees since its business debut in May 2019, this brand, known as Ampersand, has shown to be a reliable and cost-effective transportation solution. Ecosystem Integrity Fund (EIF) and TotalEnergies invested $4 million in the firm earlier this year to help it grow.

3.     Khazna

Established by Ahmed Wagueeh, Omar Saleh, and Fatma El-Shenawy in 2019, the firm serves moderate and lower-income earners with basic financial services. Impoverished individuals and microbusinesses may now use this simple, technology-driven banking system thanks to a US$38 million Series A financing that the firm secured in stock and debt. Egyptian smartphone users who cant gain usage of official financial services may now use the firm’s smart app.

150,000 people have signed up for the service, which is now accessible in 1,000 retail branches nationwide

Omar Saleh, Khazna’s co-founder and CEO, noted that the remarkable growth of Egypt’s young fintech sector is a tribute to the Central Bank of Egypt’s major efforts toward banking services and a cash-free culture.

4.     Edukoya

As part of its pre-seed round of funding, Edukoya, an African-focused digital framework that allows students and families to acquire schooling, received $3.5 million.

Students and their parents should be empowered to take responsibility for their education, says Edukoya, which aims to provide high-quality learning materials and professional advice.

Thanks to Target Global and other former founders-turned-angel investors from Africa and Europe, the firm is now well-positioned to go live, increase its workforce, attract new users and develop new technologies. Edukoya is in for a huge first year.

All in all, African startups are just starting. In their initial years, many of these new businesses have managed to gain astronomical growth and funding due to their innovative ideas and great developmental potential for the continent.


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