As talent across the African continent consistently rises in numbers, its tech ecosystem is growing right along with it. From securing millions of dollars for funding initiatives such as for climate change to creating innovative technology that aims to disrupt industries, there is a movement of African founders and tech entrepreneurs who aim to build a promising future.
At the same time, there are global events taking notice of this powerful movement and bringing it to center stage including AfroTech Executive D.C. On May 11, executive leaders will join together to discuss Africa’s growth in the tech industry.
Ahead of AfroTech Executive D.C., Prosper Africa, the leading U.S.-Africa trade and investment initiative, has partnered with the Africa Fintech Summit.
Africa’s fintech sector, leaders, and pioneers will also convene in Washington, D.C. on April 12 to have conversations about solutions for changing the industry.
To register for the anticipated event, click here.
*Delegates get 25% on tickets by using the discount code “AFROTECH25” at checkout.
In light of the rising tech trailblazers, AfroTech is highlighting African startups that are not only making waves but are gearing up to make a lasting impact.
Back in 2021, Damilola Olokesusi, founder of Shuttlers, became one of the few women to receive major venture capital in Africa after raising $1.6 million to improve the continent’s mobility industry. Now, in April 2023, the Nigerian mobility company has raised $4 million in a new funding round led by Verod-Kepple Africa Ventures (VKAV) and is on its way to going live in five more cities, according to TechCrunch.
“We have built an infrastructure that allows us to expand into different geographies within and outside Nigeria and supports multiple stakeholders, from partners and drivers to marshals and administrative bodies,” Olokesusi told the outlet. “Our main focus is to take over the bus-sharing space and be this huge startup that, you know, is very profitable.”
Co-founded and launched by Eric Sewankambo and Joseph Rutakangwa in 2021, Rwazi is a market intelligence startup that supports brands in sourcing critical data before entering into markets, as previously reported by AfroTech. With a network of over 50,000 consumers, the Mauritius-based startup collects data directly from users by them logging their purchases in an app. In March 2023, Rwazi raised a $4 million seed funding round for its expansion. As of this writing, Rwazi’s products are available in 40 African countries and in South Asia and Latin America markets.
Afriex, based in Lagos, Nigeria, and San Francisco, CA, provides reliability for its users to send and receive money. According to Crunchbase, Afriex has raised a $11.4 million over five rounds. The funding went toward its core money transfer product and vision to launch a stablecoin.
”Because we are building this network of connected financial institutions, we have built on-ramps for local Nigerian banks and on-ramps for local currency exchanges,” co-founder Tope Alabi told Forbes. “We are building this web3 mesh of financial institutions that could almost become something like the next Visa.”
Chibuzo Opara and Adham Yehia are the co-founders of DrugStoc — Africa’s leading health tech platform. The Nigerian tech startup was launched in response to the barriers within the continent’s broken pharmaceutical supply chains.
As AfroTech previously told you, not only is the startup committed to supporting those in need of pharmaceutical products but also healthcare providers.
In 2021, DrugStoc raised $4.4 million in a Series A funding round led by Africa HealthCare Master Fund. Other investors included Vested World, the German Development Bank, and others.
Vendease’s ultimate mission is to provide a solution to combat Africa’s food supply issue. In September 2022, the Nigerian marketplace, which helps African restaurants and hotels, raised $30 million in a Series A funding round, TechCrunch reported.
“We’re building technology to efficiently move food from the point of production to the point of consumption,” CEO Tunde Kara told the outlet. “Everything we build at Vendease — financing, logistics, warehousing, inventory management — is tailored towards ensuring that food flows efficiently from that point of production to the point of consumption.”