Company News - Dec 14, 2023

Asafo & Co. is pleased to announce that it is partnering with MyAfricanStartup, a ranking that showcases 100 high-potential African startups.

MyAfricanStartup is an initiative launched in 2017 whose founders methodically evaluate the African market to identify a list of 100 promising African startups, which are contributing to the Continent’s future through their innovation, progressive technology, and pioneering business models. The ranking includes a diverse range of companies at different growth stages and aims to promote them to like-minded investors and entrepreneurs operating in Africa and internationally.

As an international law firm dedicated to Africa and focused on the key sectors that are driving progress across the Continent, Asafo & Co. is proud to support MyAfricanStartup. The initiative not only showcases the vitality and creativity of the 100 startups selected for the ranking, but it is also indicative of Africa’s heightened role in generating young companies with high innovation impact potential – the African and global champions of tomorrow.

As part of the partnership, Asafo & Co. will launch a dedicated program for the companies in the MyAfricanStartup ranking. The program, details of which will be announced in early 2024, will be designed to meet the specific needs of innovative entrepreneurs and investors, as well as help build relationships within the African and international entrepreneurial ecosystem.

The complete list of the MyAfricanStartup 100 Ranking for 2023 is available on the website:

Key points from the MyAfricanStartup Ranking published on Wednesday, December 13, 2023:

  • Countries represented: The most innovative startups in Africa come from 20 different countries.
  • 36% of the startups have a female founder or co-founder.
  • 25% of the startups are Fintechs.
  • The top 3 sectors (Fintech, Logistics and Transportation, E-commerce) represent nearly 50%, followed by health at 7%, education at 5%, and agriculture at 4%.
  • Kenya is leading with 22 startups, followed by Nigeria with 21.
  • Kenya, Nigeria, South Africa, and Egypt represent 60% of startups.
  • Ethiopia, Sudan, and Mali make their debut in the ranking for the first time.
  • Francophone countries: Among the 20 countries, 7 are francophone (Senegal is in the lead, ranking 4th with 8 startups), followed by 3 Arabic-speaking countries, and 1 Portuguese-speaking country.
  • 25% raised less than 1 million. The smallest fundraising was $50,000.