Wasoko tops the List as 10 Kenyan startups feature in Africa’s Fastest Growing Companies 2022 Report

Wasoko tops the List as 10 Kenyan startups feature in Africa’s Fastest Growing Companies 2022 Report

Whilst Kenya might be closing next to it’s Unicorn, a couple of Companies manage to scale very fast beyond Funding. After few years of the recent challenges in operating within the tough restrictions introduced by many African governments to combat Covid-19. In the end, outside of South Africa and parts of north Africa, the health impact has been less severe than many feared. But the economic consequences of lockdown — especially in crowded urban settings where many live hand to mouth — have been devastating.

Kenya’s Wasoko which Recently raised $125mn in a Series B funding round. Toping the FT list,  Wasoko, formerly Sokowatch, which is on the top of the ranking, is one of several in the continent seeking to cut the cost of doing business in the massive informal commerce sector (Fast-Moving Consumer Goods (FMCG ), by helping to deliver goods to traders more efficiently. The Kenyan company achieved the highest compound annual growth in revenues between 2017 and 2020.

Kenya is the third most represented country in the ranking, with nine companies, behind South Africa (24) and Nigeria (20), and ahead of Egypt (six). These are also the markets that have attracted the most venture capital and where unicorns (companies valued at $1bn+) and would-be unicorns have proliferated.

Wasoko (formerly SokoWatch) grew 8782.6% between 2017 and 2020 and is Africa’s fastest growing company. Its revenues grew from Sh34.7 million in 2017 to Sh3.17 billion in 2020. Founded in 2016, It supplies fast moving goods to shops and kiosks to thousands of shopkeepers in EA.

Flocash Kenya grew 5160.6% between 2017 and 2020 and is the 2nd fastest growing company in Africa. Its revenue from from Sh11.6 million in 2017 to Sh742 million in 2020. Founded in 2013, It enables cross-border payments across 60 countries in Middle East and Africa.

Lori Systems Kenya grew 762.3% between 2017 and 2020 and is Africa’s 7th fastest growing company. Its revenues grew from Sh336 million to Sh2.89 billion. Founded in 2017, It provides long-haul transport solutions in Kenya, Uganda and Nigeria.

Africa’s Talking Kenya grew 296.2% between 2017 and 2020 and is Africa’s 13th fastest growing company. Its revenues grew from Sh394 million to Sh1.54 billion. Founded in 2010, It provides a variety of communication and payments API products to over 25,000 developers in Africa.

Copia Kenya grew 243% between 2017 and 2020 and is Africa’s 20th fastest growing company. Its revenues grew from Sh707 million to Sh2.36 billion. Founded in 2013, it allows Kenyans to shop and send goods upcountry affordably and conveniently to over 30,000 collection points.

ASA microfinance grew 127.4% between 2017 and 2020 and is Africa’s 32nd fastest growing company. Its revenues grew from Sh278 million to Sh602.9 million. Founded in 2012, it provides low-income female business owners small loans to start or grow businesses.

East African Business Company grew 87% between 2017 and 2020 and is Africa’s 41st fastest growing company. Its revenues grew from Sh185 million to Sh347 million. Founded in 2011 but started operating in 2015, it provides farmers with pesticides and agricultural equipment.

M-KOPA grew 63.8% between 2017 and 2020 and is Africa’s 51st fastest growing company. Its revenues grew from Sh6.2 billion to Sh10.2 billion. Founded in 2011,it has enabled 1 million customers to access solar lighting, televisions and fridges, smartphones and cash loans.

Impax grew 41.5% between 2017 and 2020 and is Africa’s 67th fastest growing company. Its revenues grew from Sh173 million to Sh243 million. Founded in 2003,it provides consultancy services in financial and accounting systems, business process automation and mobile apps.

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