Building a Unicorn in Africa: Startup a Company Valued at Over US$1 Billion

Building a Unicorn in Africa is a book written by the founder and CEO of Virtual Doctors Africa, Africa's leading telemedicine startup with a head office in Nigeria. The book chronicles the journey of top African unicorns, from founding to exit with valuations of over $200 million to $1 billion.

The book provides a candid and detailed account of the highs and lows of building a startup in Africa, including the challenges of fundraising, hiring and retaining talent, and navigating complex regulatory environments. The author shares his insights on what it takes to succeed as an entrepreneur in Africa, including the importance of resilience, adaptability, and a willingness to take risks.

Throughout the book, the author also highlights the broader social and economic impact of African startups, including their role in creating jobs, empowering small businesses, and increasing access to affordable goods and services for millions of people across Africa.

"Building a Unicorn in Africa" is a must-read for anyone interested in entrepreneurship, technology, or the future of Africa's economy. It provides valuable insights and lessons for entrepreneurs, investors, policymakers, and anyone else looking to build and scale a successful startup in Africa or beyond.

Background Information

Africa has seen a surge in entrepreneurship and startup activity in recent years, driven by a growing population, increasing access to technology and digital platforms, and a rising middle class.

In 2021, Chippers cash a fintech startup hit a $2 billion valuation after raising its first Series C round of $100 million led by SVB Capital. Andela, a global talent network that connects companies with engineering talent raised a total of $381 million in funding in multiple rounds with the latest funding raised in September 2021 from a Series E round bringing the company's valuation to $1.5 billion.

OPay, a company that enables users to accomplish more with their money was founded in 2018 by Yahul Zhou, a Chinese billionaire entrepreneur. The company raised a total of $570 million in funding over 3 rounds with its latest funding raised in August 2021 from a Series C round and is currently worth over $2 billion. Wave - an African mobile money provider recently raised $200 million in a Series A round valuing the company at $1.7 billion.

Flutterwave - a fintech company based in Africa that provides a payment infrastructure for global merchants and payment service providers across the continent raised a total of $234.7 million in funding in over 11 rounds. Their latest funding was raised in March 2021 from a Series C round which pushed the company's valuation to over $1 billion. Interswitch - an integrated digital payments and commerce company designed to make payments an easy and enjoyable experience achieved unicorn status in 2019 after a $200 million equity investment by Visa gave it a $1 billion valuation however, its latest funding was raised in November 2019 from a corporate round.

Esusu - a credit-building startup reached unicorn in January 2021 after a $130 million Series B funding led by Softbank and reflecting over a $1 billion valuation. Jumia was launched in Nigeria in 2012 and in 2016, the company rose to become the continent's first unicorn valued at over $1 billion in April 2019, it went public on the New York Stock Exchange (NYSE), raising $196 million in net proceeds. So far, Jumia has gone through different phases of ups and downs in terms of valuation, the company gained its highest at $11.97 per share price to a value of $1.18 billion in 2022.

Starting a unicorn in Africa is a challenging endeavor, with entrepreneurs facing a range of challenges, including limited access to funding, a challenging regulatory environment, and a lack of supportive infrastructure.