Africa's fastest growing companies 2023: A look at the top 100 companies
The recent annual ranking of Africa's fastest-growing companies by the Financial Times and Statista for 2023 reveals that companies in various sectors were able to develop their businesses even as the world shut down due to the pandemic. The ranking, now in its second year, shows that sectors such as fintech, renewable energy, healthcare, commodities, and agriculture were able to grow their businesses while much of the world was grappling with the pandemic's impact.
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.