Africa has been known for many things, from being the home to wonderful resorts, cultural heritage, home to afrobeat music, and many endangered species you only get to see on the screen and in journals.
Talking about endangered species, unicorns have always been a case for debate among a few, depending on the age difference. For the kids, it remains sensational as they even have cartoon characters and merchandise in this guise to fan their fantasies. However, for the older generation, it is just a myth and finds use in idiomatic expressions, just as it is described in this article.
In today’s article, I will share with you some of the other amazing things Africa has been up to in recent years, other than being a resort or a hotspot for afrobeat music. And by the way, if you ever consider any reason to engage in web development, web design, digital marketing, and all the wonders of SEO, The Watchtower-Web Design Agency Dubai is a good name to save you the stress.
What is a unicorn?
According to Investopedia, a unicorn is a term used in the venture capital industry to describe a startup company with a value of over $1 billion. The term "unicorn" was first coined by venture capitalist Aileen Lee in 2013, and the world has seen some popular unicorns like SpaceX, Robinhood, and Instacart.
I bet you have read several books, from history to pure fiction, and some merchandise that always gets the kids fired up. Anyway, this is for those in the financial sector, likewise business management.
Unicorns have earned their name from their rare ability as startups to enjoy funding from a private investor or a venture capitalist without the need to be listed on the stock market for the public.
Are there unicorns in Africa?
Africa is pretty much as wide as a continent and therefore an easy hotspot for creatives who are phenomenal to enjoy the spotlight from global investors, especially in the tech industry. Currently, Africa has over four unicorns, and this is just the beginning of quantum leaps for this continent.
While these companies are tech startups, an organization like O-pay, which started as a logistics/motorbike service before diversifying into being a payment platform, among other exciting tentacles, has grown and has also been doing exceptional things.
Examples of businesses in Africa that have enjoyed the leap to being evaluated at USD 1 billion and more are Chipper Cash, O-Pay, Andela, Flutterwave, and Wave.
What to expect now that unicorns are in Africa?
This act is an essential feat for Africa and anyone who has something going on. While the sight of neighboring startups that got seed investment remains a catalyst for other firms looking to be problem solvers,
All of Africa has come to the actual realization that the world is indeed a global village, all thanks to the digital space that has brought us all closer. It is more assured that if there is a solution and the right visibility, there is going to be funding and growth for any enterprising firm.
In Nigeria, we have seen the likes of Andela, and Flutterwave launch within 5 years, therefore it is no surprise that we have more people joining the tech community, creating platforms, and more importantly easing process flow.
According to reports, the top leading sectors that made the list of unicorns were fintech, raising $305,430,000 valued at 71.7%, energy tech contributed 8.4%, and mobility/logistics accounted for 7.7%.
After a detailed study of trends, it is evident that the Fintech industry in Africa, especially Nigeria, is lucrative. This year alone, African start-ups have raised over $ 2 billion.
You had better get acquainted with this article, as I will be considered a prophet in the future, having seen what tomorrow brings for these unicorns in Africa.
Africa is ready to raise more creative youngsters with life-changing developments that will be joyfully graced by venture capitalists and seed funders.
Fast forward to a few years from now, if not months away, we will see more businesses emerge and enjoy massive funding. Likewise, we will see new unicorns that will impact the world globally from Nigeria.
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