African startups are continuing to expand across the continent and beyond. According to the table below, more Nigerian and South African startups are expanding than their counterparts in other African countries, with Ethiopia becoming the newest market of interest for startups. Fintech and mobility are the two major sectors that are recording the most expansions.
| S/N | AFRICAN STARTUP | SECTOR | BASE COUNTRY OF OPERATIONS | COUNTRY EXPANDED INTO IN 2021 (AS AT DECEMBER 9TH) |
|---|---|---|---|---|
| 1 | mPharma | Healthtech | Ghana | Ethiopia; Uganda |
| 2 | Aza Finance | Fintech | Kenya | South Africa |
| 3 | Gozem | Ride-hailing | Togo | Gabon; Cameroon |
| 4 | Andela | Edtech | New York, USA | Latin, South America |
| 5 | SWVL | Ride-hailing | Egypt | Saudi Arabia; Europe, Latin America, and the Asia-Pacific region (through Shotl acquisition); Latin America (through ViaPool acquisition) |
| 6 | GOMYCODE | Edtech | Tunisia | Morocco; Senegal |
| 7 | FairMoney | Fintech | Nigeria | India |
| 8 | Autochek | Car listing | Nigeria | Ghana; Kenya; Uganda (Via acquisition of the Cheki brand) |
| 9 | Daystar Power | Solar energy | Nigeria | Togo |
| 10 | ZeePay | Fintech | Ghana | Zambia |
| 11 | Catch | Ride-hailing | Ethiopia | Kenya |
| 12 | AURA | Security | South Africa | Kenya |
| 13 | Paystack | Fintech | Nigeria | South Africa |
| 14 | Flutterwave | Fintech | Nigeria | Ethiopia |
| 15 | Termii | Communications-as-a-service | Nigeria | Cote D’ivoire |
| 16 | Little Cab | Ride-hailing | Kenya | Ethiopia |
| 17 | Helium Health | Healthtech | Nigeria | Kenya; Middle East (Via Meddy’s acquisition) |
| 18 | M-KOPA | PAYG solar/ asset financing | Kenya | Nigeria |
| 19 | Nawah Scientific | Life Science | Egypt | Jordan |
| 20 | SweepSouth | Cleaning services | South Africa | Nigeria; Kenya |
| 21 | Moov Africa | Mobility | Nigeria | South Africa |
| 22 | Chipper Cash | Fintech | Ghana/USA | South Africa |
| 23 | MarketForce | B2B Retail Distribution | Kenya | Nigeria; Ethiopia, Ghana, Tanzania, Rwanda, and Uganda |
| 24 | Sendy | Logistics | Kenya | Ivory Coast (through Kamtar investment) |
| 25 | Ukheshe | Fintech | South Africa | Asia-Pacific |
| 26 | BznsBuilder | Business Relation Management | Egypt | Indonesia |
| 27 | TymeBank | Digital bank | South Africa | Philippines |
| 28 | Vezeeta | Health tech | Egypt | Nigeria, Ghana, Kenya |
| 29 | Autocheck | Auto tech | Nigeria | Uganda, Kenya (through Cheki acquisitions) |
| 30 | Copia Global | Ecommerce | Kenya | Uganda |
| 31 | Treepz (Formerly Plentywaka) | Mobility | Nigeria | Ghana (through Stabus); Uganda (via Ugabus) |
| 32 | Flutterwave | Fintech | Nigeria | Ethiopia; East Africa (through partnership with Amole and Airtel) |
| 33 | Bento | Digital payroll platform | Nigeria | Kenya, Rwanda, Ghana |
| 34 | ImapliPay | Financial health platform for gig economy | Kenya | South Africa |
| 35 | Homzart | Furniture marketplace | Egypt | Saudi Arabia |
| 36 | Capiter | Fintech | Egypt | Dubai, UAE |
| 37 | Ampersand | Mobility | Rwanda | Kenya |
| 38 | MED | E-health | Tunisia | Morocco |
| 39 | Stitch | Fintech API | South Africa | Nigeria |
| 40 | JUMO | Fintech | South Africa | Tanzania |
| 41 | Moove | Mobility Fintech | Nigeria | South Africa |
| 42 | Flow | Prop-tech | South Africa | Australia |
| 43 | Sabi | B2B marketplace | Nigeria | Kenya |
| 44 | WorkPay | HR Payroll solutions | Kenya | Nigeria |
| 45 | Peach Payments | Fintech | South Africa | Mauritius |
| 46 | Klasha | Ecommerce | Nigeria | Ghana |
| 47 | Bboxx | Solar Energy | Togo | Nigeria |
| 48 | MFS Africa | Fintech | South Africa | Nigeria |
The Patterns Behind The Expansion
- The majority of African startups’ expansions this year were accomplished through acquisitions in other countries. Mobility startups across the continent were most likely to expand through acquisition (Autochek; SWVL; Treepz, among others).
- Nigerian startups, unlike those in other African countries, were more diverse in their regional expansions, expanding across western, eastern, southern, and even outside Africa.
- Expansions from Sub-Saharan Africa to North Africa, and vice versa, were rare, with both regions preferring to expand towards the Middle East rather than into each other’s.
- While Kenya and Uganda are the most popular destinations for expanding startups in East Africa, Nigeria and Ghana are the most popular destinations in West Africa, and South Africa is the most popular destination in Southern Africa.
- The majority of the expansions are driven by startups in mobility, fintech, solar energy, and e-health.
Startups Africa 2021 Startups Africa 2021
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer