African Startups Reach Unicorn Status
Nine African startups have reached unicorn status, achieving valuations of $1 billion or more, despite a challenging market environment. These companies showcase the potential of African innovation, particularly during the COVID-induced funding boom of 2021. Africa’s unicorn numbers remain low compared to the rest of the world, highlighting the continent’s nascent market. Experts like Bernard Ghartey stress the importance of building revenue-generating businesses. Key players include Nigerian fintechs Interswitch and Flutterwave, along with others like OPay and Wave. Recently, funding challenges have slowed progress, but growth opportunities persist.
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