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Here are Africa’s biggest startups based on valuation
- Funding into African startups surpassed $2 billion last year, resembling pre-pandemic levels and hinting at a cautious outlook for 2025.
- The decline in mega-deals globally led investors to favor sustainable models and profitability, causing closures for some well-funded startups like Copia and Gro Intelligence.
- This shift signifies a turning point where even growth-stage startups face increasing risks, as shown by the closures of Dash and 54gene in 2023.
- Startups like Wasoko and MaxAB opted for strategic mergers to weather challenges, while others like Moniepoint, Moove, and TymeBank thrived on notable investments.
- African unicorns like Flutterwave, OPay, Wave, Andela, TymeBank, Chipper Cash, Interswitch, MNT-Halan, and Moniepoint have made significant strides in valuation and investor backing.
- Moniepoint and TymeBank emerged as leading contenders for unicorn status in 2024, with a valuation of $850 million and $965 million, respectively.
- Up-and-coming African 'soonicorns' like PalmPay, Moove, Yassir, Kuda, Wasoko, MaxAB, Clickatell, M-KOPA, Yoco, and Onafriq are poised to make waves based on their recent rounds.
- These startups, displaying resilience and growth potential, are pivotal in shaping Africa's tech landscape and are indicative of the continent's promising innovation.
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