The recent years have proved highly fortunate for the African tech scene. In 2021, about 564 tech startups were able to get US$2 billion in investment in the African continent. Africa is one of the ripe markets for tech startups as it stands among the top countries with the youngest population.

People are yearning and fast adopting the new trends in technology, such as online books. Africa is a developing continent, and tech investments can make the GDP of most countries there soar. With such extensive opportunities in Africa, it is no wonder that there are several innovative startups popping up everywhere.

Here are the top 5 hottest startups in the African continent to check out.

1.      Chipper

Chipper is a fintech startup that began in the year 2018, but it actually took off from 2020 onwards. The company was able to raise a whopping $150 million by the end of 2021 in a seed funding round. In another seed funding round six months earlier, this company closed a deal of $100 million. The total funding for the company as of now is over $305 million.

This is a financial services company that allows the user to send money across borders in a few simple steps. It is as easy as sending a text message. Besides this, there are more financial services incorporated in the app as well. This super fintech startup is privately held as of now and is expanding services in various countries of Africa.

2.      Komaza

Many African countries rely on agriculture for sustenance. Komaza is a tech-driven startup for sustainable forestry practices. It is targeted toward the 200 million farmers in Sub-Saharan Africa. This startup partners with small farmers to plant trees to be sold as sustainable wood products.

Komaza was able to secure $28 million in a seed funding round and aims to plant one billion trees by 2030. It has already planted over 6 million trees.

3.      Payhippo

Payhippo is a financing startup that provides loans to SMEs in Africa in under 3 hours. Their first target was Nigeria which has 40 million SMEs alone. The startup was able to raise $3 million in seed funding in 2021. SMEs make up about 96% of Nigerian businesses.

It is located in Lagos and has total funding of $4 million up until now.

4.      Raise

Raise is a startup for startups and more. As previously, most of the equity work was stored on papers and through manual work; raise aims to modernize that. The users of the application can set valuations, track the stock of employees, form documents and licenses for the government of Nigeria and Kenya, and more.

It also helps companies, investors, law firms, and others with corporate compliance, managing deals, and creating cap tables. Raise also helps startups deal with the issue of liquidity.

It is a remote company backed by Binance Labs.

5.      Vendease

Vendease is a food supplier company for hotels and restaurants in Africa. It enables the food places and eateries to order and get the required supplies directly from the farms and food manufacturers in the form of organic materials.

Besides selling their food services, Vendease has an incorporated data collection service as well, which will allow them to monetize data in the future by embedding financing and banking services.

The main office of the startup is located in Lagos, Nigeria. This tech startup was able to get $3.22 million in seed funding in October 2021.

Splendid Business Potential

More and more people from Africa are using the internet now, and the youth wants in on the latest technologies. There is so much potential for business in Africa with a burning market ready to buy. These startups are just the tip of the iceberg.