VivaTech is hosting the third edition of the AfricaTech Awards. This initiative aims to acknowledge startups dedicated to making a positive difference in Africa. At the heart of Africa's tech revolution, the sector is experiencing a boom that is attracting investors from across the globe. Sectors of FinTech, E-commerce, Climate Tech, and Health Tech are not only growing but will be on display at VivaTech this year through the top 9 finalists.
A total of .4 billion was raised by African tech firms in the first nine months of 2023, with 92,418,000 raised in just the third quarter. The most significant funding goes to major startup hubs like Lagos, Nairobi, and Cape Town. However, obtaining funding remains challenging, especially for early-stage companies, as most of it comes from foreign investors.
As the industry continues its dynamic evolution, we are thrilled to unveil this year's AfricaTech Awards finalists and delve into their innovations:
FinTech & E-commerce Finalists
The number of users in Africa's e-commerce market is predicted to grow steadily between 2024 and 2029, adding an estimated 83.5 million users and with a remarkable compound annual growth rate of 32%, Africa is the continent with the fastest rate of development in terms of fintech revenue worldwide.
agriBoRA: With origins in Germany and Kenya, this agri-fin-tech startup aims to transform agriculture on the African continent. Farmers can access marketplaces and banking services through its platform, turning small agri-merchants into centers. To increase agricultural profitability, they provide services including input loans and crop monitoring with analytics and phone functions.
Inclusivity Solutions: Born in Cape Town, the company combines their digital insurance platform, ASPin, with open APIs, their solution allows distribution partners and insurers to enter the market quickly. They provide their partners with customized and ideal insurance products by offering specialist consumer, analytics, and statistical services.
SecondSTAX: By providing investment firms, the company founded in Ghana, with a centralized platform, they seek to streamline the African capital markets and make it easier for them to access high-growth equities throughout the continent. With their wealth of technological and financial market expertise, the SecondSTAX team is well-positioned to transform the African capital markets with financial technology solutions.
Climate Tech Finalists
Climate tech development is crucial for resilience. Despite global investment, African businesses received minimal funding in 2020, yet the continent holds potential for green development and is rising in this sector.
Schoolz: Founded in 2020, the company offers a secure platform for staff and student mobility. They provide subscription packages, outfitted buses, and real-time tracking to ensure punctual deliveries and to provide the best daily transportation service by putting customer comfort and safety first. Through ridesharing, users will not only be able to save money, but also decrease emissions from personal vehicles.
Hysper Tech: Founded in 2017 in Zambia, Hysper Youth Enterprise is a flexible cooperative organization that specializes in agroforestry operations. They are experts in planting trees that are essential for many uses, including energy production, poles, lumber, and soil enrichment, and in supplying nurseries for agro-forestry.
Solar Dev: Facilitates the development of solar energy infrastructure in Burkina Faso to support local businesses. They provide integrated financing solutions, covering the entire process from design to maintenance of solar power systems. This enables clients to access reliable and affordable green energy, reducing their carbon footprint and energy costs while supporting economic growth.
Health Tech Finalists
Africa's healthcare industry suffers from resource and budget constraints, but technology offers chances to improve access to treatment. Driven by progress sparked by the pandemic, health technology in Africa is poised for substantial growth.
Rology: Established in 2017 in Egypt, Rology links hospitals throughout the world with certified radiologists. They provide effective MRI teleradiology services that guarantee accurate and quick diagnostic reports, preventing delays and enhancing patient care. To improve radiology services globally, initiatives including funding for education, teleradiology programs, and AI integration are being used.
Thalia Psychotherapy: Originally from Kenya, the company is incorporating mental health screening into triage and stationing specialists in all medical facilities. They are revolutionizing mental health treatment in Africa. This guarantees early detection and intervention, increasing everyone's access to and affordability of care.
Zencey: a business from Cote d'Ivoire supported by Techstars, utilizes telehealth, artificial intelligence, and well-designed health plans to increase the affordability and accessibility of quality healthcare for millions of uninsured individuals and workers in sub-Saharan Africa.
Get Ready for the Big Reveal
These nine startups will have the chance to present their innovative solutions at VivaTech 2024. Each startup will pitch onstage to a team of business experts during the awards ceremony on Friday, 24 May, on Stage 1. One winner will be chosen in each category. During VivaTech's four days, attendees can engage with these startups at the AfricaTech Lab. Don't forget to book your pass at VivaTech to check out this years' finalists!
