The rise of African tech unicorns
African unicorns have made big news in recent months, with four startups having recently reached a $1 billion valuation or more this year alone, taking the total up to seven. Two of the new entrants are in fintech, one in edtech, and one in general technology. These and other technology-enabled sectors are where emerging market investors are betting a flurry of new African unicorns will follow suit in the near future.
Unicorns are privately held, fast-growing startups with a valuation equal to or above $1 billion. Unicorns are “rare creatures,” hence the term, which, according to Ian Lessem, managing director of HAVAÍC, says is expected to rise in Africa in the coming years.
The number of billion-dollar companies is growing faster than ever before; unicorns in Africa have been a rare bre...
