5 Of The Most Funded Start Up Businesses In South Africa
5 Of the most funded start up businesses in South Africa. Starting a business from scratch requires a lot more than just an amazing business idea. A lot of factors come to play but the most important one is money. Start up capital is important as it determines how far a business will go and develop.
According to Digest Africa’s reports , South African startups are one of the top four recipients of funding on the African continent. South Africa is also ranked among the top 10 most developed countries in Africa, and entrepreneurship provides the boost needed for economic development through innovation, wealth creation and even promotion of social change. Here is a list of top 5 of the most funded start up businesses;
Jumo ($68M)
Jumo is both the most funded of the South African startups and the most funded Fintech in Africa. In 2015, Andrew Watkins-Ball founded this startup in London as an establishment that offers its customers micro-loans, access to savings services in partnerships with banks and insurance products. The startup has 7 global hubs and operates in 6 active markets in Ghana, Kenya, Pakistan, Tanzania, Uganda and Zambia. Jumo has raised $67.5M across 3 rounds with Goldman Sachs, Leapfrog Investments and Proparco as its notable investors.
African Leadership Academy ($54.3M)
In two Series A and B rounds, this startup has raised a total of $54.3M in venture funding led by billionaire Anders Holch Povlsen and Omidyar Network. The Academy seeks to develop a powerful network of over 6,000 leaders who will work together to address Africa’s greatest challenges, achieve extraordinary social impact and accelerate the continent’s growth course. The startup was founded by Fred Swaniker in 2008.
Travelstart ($40M)
Travelstart is an online travel agency that allows its customers to compare airfares, vehicle hire options from the top rental companies as well as hotel reservations bookable for properties on every continent, all while focusing on making travel affordable and simple. It currently operates in 18 countries and recently acquired Club Travel Group and its subsidiaries. Alhough it was founded in 1999 by Stephan Ekbergh, this startup raised first in 2016 a $40M Series A with participation from Amadeus Capital Partners and MTN Group.
Yoco ($18M)
Fintech Yoco has raised $18M in 2 rounds with Partech, Quona Capital, Velocity Capital Private Equity and as some of its notable investors. The startup defines itself as an ‘African Technology company’ that builds tools and services to help small businesses get paid, run their business and grow. The founders of Yoco are Katlego Maphai, Bradley Wattrus, Carl Wazen and Lungisa Matshoba.
MFS Africa ($14M)
the company was established in 2013 by Dare Okoudjou. The Pan-African Fintech develops innovative value-added services for mobile wallets by working in close partnerships with mobile network operators and financial institutions to bring simple and relevant financial services to un- and under-banked customers. This startup has raised $14M in a Series B with participation from LUN Partners Group, Goodwell Investments, FSD Africa and Equator Capital Partners.
