The report highlights that COVID-19 seems to have accelerated the move online, with companies providing digital services in finance, payments, trade facilitation, and healthcare all making headway. It also notes that Silicon Valley investors, as well as those in Asia and Europe, have discovered the potential in the African start-up scene, particularly in the tech hubs of Lagos, Cape Town, Johannesburg, Nairobi, and Cairo.
According to San Francisco-based tech and digital investment platform Partech, African tech start-ups raised $5.2bn in 2021, three times more than the previous year, indicating the growing interest and investment in the African start-up ecosystem. The report also shows that African companies are gaining attention from international investors, leading to increased valuations.
The top two fastest-growing companies in Africa are from Nigeria. Afex Commodities Exchange, based in Abuja, offers brokerage and trade finance services for commodities such as maize, sorghum, cocoa, and rice, and recorded a compound annual growth rate (CAGR) over three years of more than 500 per cent, putting it in first place. Lagos-based Moniepoint, which provides banking services for small businesses, rates second, and was an early funder of venture capital group Novastar.
Kenya’s Wasoko, which headed the list the previous year, comes in third place. The e-commerce company helps small traders access inventory through more efficient supply chains in seven African countries.
Start-ups dominate the list, but more established companies in metals and mining, telecoms, and construction also make the top 100. The fintech, IT, and software sectors are important, but a noticeable feature of the top 100 is the sheer variety of corporate activity. The fastest-growing companies include a Namibian winery, a Kenyan fish farm, a South African company that conducts remote hearing tests, and renewable energy companies in the Democratic Republic of Congo and Sierra Leone.
| Rank | Company Name | Brand | Country | Sector | Absolute growth rate (%) | Compound annual growth rate (CAGR, %) | Revenues 2021 ($mn) | Revenues 2018 ($mn) | Number of employees 2021 |
|---|---|---|---|---|---|---|---|---|---|
|
1 |
AFEX Commodities Exchange Ltd. |
AFEX |
Nigeria |
Agriculture, Forestry & Fishing |
22,076.31 |
505.289 |
102 |
0.5 |
278 |
|
2 |
Moniepoint, Inc. (formerly TeamApt, Inc.) |
Moniepoint |
Nigeria |
Fintech, Financial Services & Insurance |
7,372.70 |
321.204 |
62.6 |
0.8 |
538 |
|
3 |
Sokowatch Ltd. |
Wasoko |
Kenya |
E-commerce |
3,901.40 |
242.035 |
136.9 |
3.4 |
1,490 |
|
4 |
Altech |
Altech |
Democratic Republic of Congo |
Energy & Utilities |
3,017.43 |
214.726 |
17 |
0.5 |
4,000 |
|
5 |
The Africaworks Group of Companies |
Africaworks |
Mauritius |
Real estate |
2,314.43 |
189.027 |
6.8 |
0.3 |
105 |
|
6 |
Deimos Cloud Pty Ltd. |
Deimos |
South Africa |
IT & Software |
2,029.62 |
177.184 |
9.5 |
0.5 |
68 |
|
7 |
Daystar Power Group |
Daystar Power |
Mauritius |
Energy & Utilities |
954.621 |
119.297 |
6.4 |
0.6 |
130 |
|
8 |
Sankore Ltd. |
Sankore |
Nigeria |
Fintech, Financial Services & Insurance |
810.692 |
108.829 |
16.6 |
1.8 |
71 |
|
9 |
Easy Solar Ltd. |
Easy Solar |
Sierra Leone |
Energy & Utilities |
792.83 |
107.455 |
7.2 |
0.8 |
264 |
|
10 |
Chari. Ma |
Chari |
Morocco |
E-commerce |
642.609 |
95.098 |
1.8 |
0.2 |
110 |
|
11 |
Globe Medex For Trade And Distribution |
Globe Medex |
Egypt |
Healthcare & Life Sciences |
642.488 |
95.088 |
2 |
0.3 |
12 |
|
12 |
Bluesky Digital Solutions Pty Ltd. |
Bluesky |
South Africa |
IT & Software |
636.649 |
94.575 |
11.1 |
1.7 |
149 |
|
13 |
Africa Healthcare Network |
Africa Healthcare Network |
Kenya |
Healthcare & Life Sciences |
618.437 |
92.958 |
5.4 |
0.7 |
272 |
|
14 |
Achill Island Investments Pty Ltd. |
Achill |
Namibia |
Agriculture, Forestry & Fishing |
578.639 |
89.327 |
9.8 |
1.6 |
115 |
|
15 |
Victory Farms Ltd. |
Victory Farms |
Kenya |
Agriculture, Forestry & Fishing |
563.023 |
87.864 |
17.3 |
2.8 |
563 |
|
16 |
Lipa Later Ltd. |
Lipa Later |
Kenya |
Fintech, Financial Services & Insurance |
525.803 |
84.28 |
3.5 |
0.6 |
25 |
|
17 |
Alpha Morgan Capital Managers Ltd. |
Alpha Morgan Capital |
Nigeria |
Fintech, Financial Services & Insurance |
508.477 |
82.564 |
8.6 |
1.6 |
59 |
|
18 |
Neveah Ltd. |
Neveah |
Nigeria |
Logistics & Transportation |
442.931 |
75.758 |
14.8 |
3.1 |
25 |
|
19 |
Al Karm For Solar Energy S.A.E. |
Karmsolar |
Egypt |
Energy & Utilities |
442.646 |
75.727 |
5.1 |
0.8 |
102 |
|
20 |
Bluecamp Ltd. |
Bluecamp |
Nigeria |
Construction & Engineering |
442.585 |
75.721 |
3.4 |
0.7 |
12 |
|
21 |
Poa Internet Kenya Ltd. |
Poa Internet |
Kenya |
Media & Telecommunications |
409.044 |
72.022 |
1.5 |
0.3 |
86 |
|
22 |
Veritasi Homes And Properties Ltd. |
Veritasi Homes |
Nigeria |
Real estate |
357.195 |
65.972 |
48.3 |
11.8 |
32 |
|
23 |
Northam Platinum Holdings Ltd. |
Northam Platinum |
South Africa |
Metals & Mining |
332.02 |
62.868 |
2,117.20 |
587.5 |
18,288 |
|
24 |
Comercio Partners Ltd. |
Comercio Partners |
Nigeria |
Fintech, Financial Services & Insurance |
322.152 |
61.618 |
3.8 |
1 |
35 |
|
25 |
Silverlands Vineyards Pty Ltd. |
Silverlands Vineyards |
Namibia |
Agriculture, Forestry & Fishing |
311.785 |
60.284 |
13.3 |
3.5 |
134 |
|
26 |
Zambia Seed Company Ltd. |
Zamseed |
Zambia |
Agriculture, Forestry & Fishing |
282.466 |
56.386 |
12.8 |
5.9 |
166 |
|
27 |
Tropical General Investments Ltd. |
TGI Africa — Foods |
Nigeria |
Food & Beverages |
273.357 |
55.134 |
542 |
162.2 |
4,557 |
|
28 |
Vertice Medtech Holdings Pty Ltd. |
Vertice Medtech |
South Africa |
Healthcare & Life Sciences |
262.693 |
53.643 |
78.4 |
23.7 |
589 |
|
29 |
Impala Platinum Holdings Ltd. |
Implats |
South Africa |
Metals & Mining |
261.396 |
53.46 |
8,408.30 |
2,789.20 |
43,820 |
|
30 |
Talenteum Africa |
Talenteum. Com |
Mauritius |
Employment Services |
258.552 |
53.056 |
4 |
1.1 |
200 |
|
31 |
Routed Hosting Pty Ltd. |
Routed Hosting |
South Africa |
IT & Software |
247.84 |
51.516 |
24.9 |
7.1 |
5 |
|
32 |
Kawai Technologies Ltd. |
Kawai Technologies |
Nigeria |
Logistics & Transportation |
241.465 |
50.585 |
6.7 |
2.2 |
10 |
|
33 |
Sibanye Stillwater Ltd. |
Sibanye Stillwater |
South Africa |
Metals & Mining |
239.925 |
50.358 |
11,641.70 |
3,823.50 |
84,981 |
|
34 |
Paga Group Ltd. |
Paga |
Nigeria |
Fintech, Financial Services & Insurance |
238.072 |
50.085 |
59.1 |
19.5 |
230 |
|
35 |
Copia Global, Inc. |
Copia |
Kenya |
E-commerce |
236.929 |
49.915 |
30.1 |
8.9 |
659 |
|
36 |
Herholdt’S Group Pty Ltd. |
Herholdt’S Group |
South Africa |
Energy & Utilities |
230.403 |
48.941 |
100.6 |
34 |
201 |
|
37 |
Luxity Pty Ltd. |
Luxity |
South Africa |
E-commerce |
229.477 |
48.802 |
1.9 |
0.6 |
24 |
|
38 |
Linkfields Innovations Pty Ltd. |
Linkfields Innovations |
South Africa |
IT & Software |
220.67 |
47.464 |
4.7 |
1.6 |
119 |
|
39 |
Foodco Nigeria Ltd. |
Foodco |
Nigeria |
Retail |
203.837 |
44.837 |
24.2 |
8.9 |
785 |
|
40 |
Leatt Corp. |
Leatt |
South Africa |
Retail |
197.126 |
43.763 |
72.5 |
24.4 |
98 |
|
41 |
Nclose Pty Ltd. |
Nclose |
South Africa |
IT & Software |
191.798 |
42.898 |
9.6 |
3.7 |
71 |
|
42 |
Purple Group Ltd. |
Purple Group |
South Africa |
Fintech, Financial Services & Insurance |
191.64 |
42.873 |
13.5 |
5.4 |
NA |
|
43 |
Fourth Generation Capital Ltd. |
4G Capital |
Mauritius |
Fintech, Financial Services & Insurance |
186.536 |
42.034 |
17.3 |
6 |
541 |
|
44 |
Suez Canal Bank S. A. E |
Scbank |
Egypt |
Fintech, Financial Services & Insurance |
180.367 |
41.008 |
208.2 |
65.5 |
1,411 |
|
45 |
Entelect Software Pty Ltd. |
Entelect |
South Africa |
IT & Software |
180.088 |
40.961 |
82.8 |
31.9 |
1,033 |
|
46 |
Cairo For Investment And Real Estate Development |
Cira Education |
Egypt |
Education & Social Services |
168.716 |
39.027 |
88.6 |
29.2 |
4,263 |
|
47 |
Iser Pty Ltd. |
Expert South Africa |
South Africa |
E-commerce |
165.391 |
38.451 |
120 |
53.4 |
126 |
|
48 |
Hearx Group |
Hearx |
South Africa |
Healthcare & Life Sciences |
160.523 |
37.599 |
2.7 |
1 |
112 |
|
49 |
Pan African Resources Plc |
Pan African Resources |
South Africa |
Metals & Mining |
152.727 |
36.212 |
368.9 |
146 |
NA |
|
50 |
M-Kopa Holdings Ltd. |
M-Kopa |
Kenya |
Fintech, Financial Services & Insurance |
144.922 |
34.796 |
142.9 |
58.3 |
2,028 |
It is worth noting that many fast-growing companies are privately held and do not publicly disclose detailed financial data, making this ranking an exercise in approximation. The screening process, which requires senior executives to sign off on the figures submitted by their companies, adds credibility to the ranking, which offers a helpful guide to the companies and sectors that are managing to do business in a complex and fast-changing environment.
This year’s ranking reflects a time of significant changes and opportunities for African businesses. The pandemic has accelerated the shift to digitalisation, and companies providing digital services in finance, payments, trade facilitation, and healthcare have made remarkable progress.