5 African Start Ups that have successfully managed to raise capital.
VConnect is an African startup based in Lagos that uses the internet to connect businesses to service professionals in an efficient, modern way. Like many startups, they were “born out of necessity.” Actually, those are the first words on the “about us” section of their website. VConnect demonstrates a deep understanding of how market needs are the perfect place to step in with an innovative startup.
VConnect has since stepped in and has serviced over 100,000 companies in Africa. It resonates a similar idea to already existing startups in the west like Angie’s List, updating it for an African setting, and seeing massive growth with potential for even more growth because the need is so great in Africa
Vendo is a Moroccan based company that provides an e-commerce search engine in Morocco. Vendo calls itself, “the first product search engine in Morocco” and prides itself on a slick user experience that has continued to attract more and more users each month, to the tune of about 100,000 users each month. With a valuable service in place, the company is now focusing on how to start making money. While it received $265,000 USD in funding earlier this year, monetizing will be the only way for the company to move forward.
After joining forces with Norway-based browser provider Opera Limited, which Chinese billionaire Yahui Zhou acquired in 2016, the Nigerian mobile-based payment and services platform OPay attracted several Chinese investors in June and November. The two successive funding rounds raised $50m and $120m, respectively. The funds raised will help further the company’s ambition of launching operations in Ghana, Kenya and South Africa.
Retail Capital, is a South African fin-tech firm founded by Karl Westvig which provides funding solutions for small to medium-sized businesses It has raised $41.7m in a second funding round led by holding company Crossfin Technology. Reatail capital partnered with local payment service provider PayGate to create a short-term working capital service called Easy Advance. To date, Retail Capital has supported 10,000 businesses, chiefly restaurants and retailers.
Tupuca is Angola’s first food delivery platform. On Tupuca, 20,000 users have access to food delivery from over 120 restaurants in Angola in the palm of their hand. Perhaps most impressively, Tupuca has demonstrated the ability to fight through adversity, as it lost the Seedstars World Startups competition in Angola in 2016 but came back to win it in 2017, showing off their willingness to change and take input well, both extremely important traits for any Startup.