Eighteen startups in hunt for $1bn Unicorn valuations

Eighteen companies across fintech, mobility, energy, healthtech and property are now being closely watched by investors, following a year in which equity funding for African unicorns fell to its lowest level since 2020 and IPO discussions largely stalled.

Fintech remains the deepest pipeline for potential unicorns. M-Kopa stands out after raising about $166 million in a Series F round in 2025 and posting its first-ever profit, strengthening its case for a $1 billion-plus valuation.

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Other fintechs drawing attention include Stitch, which raised roughly $55 million, LemFi with about $53 million, and valU, which secured around $27 million in equity. Consumer-focused platforms PalmPay, Kuda and Yoco, alongside payments network Onafriq, are also frequently cited by investors as unicorn or IPO candidates, despite limited late-stage funding disclosures last year.

Mobility: Moove, Spiro, Yassir, Gozem

The mobility sector remains a key focus for late-stage investors. Moove fuelled sustained speculation throughout 2025 over a potential $300 million equity round and a much larger debt transaction that could push its valuation beyond $1 billion, although no deal was announced.

Spiro, which raised $100 million in equity in 2025, is widely viewed as one of the strongest mobility contenders, while Algeria-based Yassir is expected by some investors to pursue either a large Series C round or a potential IPO in 2026. Gozem, which raised $30 million split between equity and debt, also remains on the watchlist.

Energy: Sun King, d.light, SolarSaver, PowerGen

In energy, startups such as Sun King and d.light continued to tap structured and securitised financing markets, with Sun King also raising $40 million in equity late in 2025. While capital-intensive business models can limit valuation upside, these companies are seen as potential scale leaders.

Additional players including SolarSaver and PowerGen, both of which raised more than $50 million during the year, are also drawing investor interest as the sector matures.

Other sectors: Nawy, LXE Hearing

Beyond fintech, mobility and energy, real estate platform Nawy, which raised about $52 million in equity and $23 million in debt, has emerged as a notable growth-stage contender. In healthtech, LXE Hearing raised $100 million through a merger in 2025, placing it among the best-capitalised startups outside fintech.

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The renewed attention on these nearly 20 startups follows a subdued 2025, when African unicorns raised just $100 million in equity and IPO activity. This was limited to two non-unicorn listings, Optasia in South Africa and Cash Plus in Morocco, the continent’s first public offerings in more than six years.