Press Release - Paris-Kigali - December 13 , 2023
MyAfricanStartup 100 Ranking: Fintech Continues to Lead, and a Notable Rise in Female Entrepreneurship Among the Top 100 Most Innovative Startups in Africa in 2023
Following the Kigali Economic Forum held in Rwanda, MyAfricanStartup announces the release of the annual MyAfricanStartup 100 Ranking, a 100-page brochure showcasing innovations from the continent. This third edition signifies a significant milestone in commitment to African entrepreneurship and establishes itself as a barometer of innovation in Africa, supported by prestigious partners such as the African Development Bank, Asafo&Co, HEC Paris, and Air France.
Key highlights for this year emphasize the following trends within this selection:
1. Geographic Diversity: The most innovative startups in Africa hail from 20 different countries.
2. Focus on Women: 36% of startups have a female founder or co-founder.
3. Dominant Sectors: 25% of startups are in Fintech, with Fintech, Logistics and Transportation, and E-commerce sectors representing nearly 50%.
4. Sectoral Distribution: The health (7%), education (5%), and agriculture (4%) sectors also experience significant growth.
5. Regional Leaders: Kenya leads with 22 startups, followed by Nigeria with 21.
6. Regional Concentration: Kenya, Nigeria, South Africa, and Egypt make up 60% of the startups.
7. New Entrants: Ethiopia, Sudan, and Mali make their debut in the rankings for the first time.
8. Rapid Rise of Egypt: Egypt makes a remarkable breakthrough this year with four times more startups in three years.
9. Francophone Dynamics: Among the 20 countries, 7 are francophone, with Senegal leading in 4th place with 8 startups.
10. Fundraising: 25% raised less than 1 million, with the smallest fundraising being $50,000.
The major innovation this year is the launch, in January 2024, of 70 captivating video podcasts complementing the brochure, highlighting some of the top 100 innovative startups on the continent, along with investors. This dynamic initiative provides companies and investors the opportunity to share their inspiring stories, offering valuable insights into the dynamic world of entrepreneurship in Africa.
Christian Kamayou, founder of MyAfricanStartup, is delighted with the growing impact of this initiative: "Over the past five years, the MyAfricanStartup 100 Ranking have gainedmomentum, stimulating creativity, innovation, and economic growth across Africa. We are proud to celebrate these startups that push the boundaries of what is possible and shape the future of our continent."
The MyAfricanStartup 100 Ranking, created with the participation of students from HEC Paris selected by the HEC Junior Conseil association, serves as a showcase for the most promising African startups, promoting entrepreneurial excellence, capturing investor interest, inspiring future generations, and fostering networking and collaboration. This year, more than ever, Africa's ingenuity, determination, and potential in entrepreneurship are celebrated.
The impact of this initiative over the past five years is undeniable. It has nurtured talent, encouraged innovation, and propelled economic growth within this ecosystem. African startups now play a crucial role in transforming Africa, creating opportunities, pushing the boundaries of what is possible, and contributing to sustainable development.
This ranking is not just a selection; it is, above all, an invitation to discover and explore the entrepreneurial dynamism of Africa. It underscores the importance of innovation and entrepreneurial dynamism for the continent, providing a rich and inspiring vision of what Africa has to offer to the world.
A concise excerpt and the complete brochure of the MyAfricanStartup 100 Ranking for 2023 are available for free download on the website: www.myafricanstartup.com
About MyAfricanStartup:
Press Contact - Victoria Bohela:
hello@myafricansartup.com
Founded in 2017, MyAfricanStartup is a non-profit associative initiative dedicated to promoting entrepreneurship and innovation in Africa. The annual MyAfricanStartup Ranking celebrate and showcase the most promising African startups, contributing to the strengthening of the entrepreneurial ecosystem on the continent.
