
Article by Alvin V, Cheeks a strategic leader, investor, and policy advocate with a mission to drive sustainable growth and foster transformative opportunities in Sub-Saharan Africa. Cheeks’ work centres on promoting investment by the African Diaspora and creating the right environment for these investments to thrive, unlocking the region’s potential for economic and social impact.
The Future of African Startups: Where to Spot Unicorns

Have you ever wondered where the next billion-dollar startup could emerge from—and how you can be part of its story?
Sub-Saharan Africa is becoming a global hotspot for innovation, and the rise of African startups is a phenomenon no serious investor can afford to ignore. Fueled by a young, tech-savvy population, increasing mobile connectivity, and an entrepreneurial spirit unmatched anywhere else in the world, the region is poised to produce the next wave of unicorns—startups valued at over $1 billion.
The Unicorn Potential: Why Africa, Why Now?
The African startup ecosystem has matured significantly in the past decade. In 2022 alone, African startups raised over $5 billion in venture capital, a record-breaking achievement. What’s even more compelling is the diversity of sectors driving this growth—fintech, edtech, agritech, and healthtech are just a few examples of industries brimming with disruptive potential.
Take the fintech sector, for example. Companies like Flutterwave, Paystack, and Chipper Cash have not only transformed the financial landscape across the continent but also attracted global attention. These companies highlight the massive opportunities for innovation in a region where more than 60% of the population remains unbanked or underbanked. Similarly, edtech startups like uLesson are revolutionizing education for Africa’s youth, while agritech companies such as Twiga Foods are streamlining agricultural supply chains and addressing food security challenges.
Where to Spot the Next Unicorns
Investors looking to identify Africa’s next unicorns should pay close attention to the following hubs:
- Nigeria: Often referred to as the “Silicon Valley of Africa,” Nigeria’s startup ecosystem continues to lead the continent in funding rounds and innovation. With a population of over 200 million, its market size is a magnet for entrepreneurs.
- Kenya: Known as the “Silicon Savannah,” Kenya has a robust tech infrastructure and a vibrant community of innovators. The country’s success stories include M-Pesa, a trailblazer in mobile money, which has paved the way for fintech dominance.
- South Africa: As one of the continent’s most developed economies, South Africa’s startups often serve as gateways to broader African markets. Sectors like healthtech and insurtech are particularly promising here.
Actionable Steps for Diaspora Investors
To make the most of these opportunities, African Americans and other members of the African Diaspora must consider several strategies:
- Leverage Networks: Tap into existing Diaspora networks to identify co-investment opportunities and trusted partners.
- Engage in Due Diligence: Understand the local markets, regulatory environments, and cultural nuances before investing.
- Support Ecosystem Builders: Invest not only in startups but also in accelerators, incubators, and educational programs that nurture entrepreneurship.
Why This Matters
Investing in African startups isn’t just about financial returns; it’s about contributing to a movement that is transforming the continent’s economic trajectory. It’s about creating jobs, improving lives, and building a legacy of empowerment and innovation. The African Diaspora has both the resources and the responsibility to play a pivotal role in this journey.
Ready to Act?
The time to invest in Africa’s future is now. Don’t wait for the next Flutterwave or Twiga Foods to emerge before you act. The African Diaspora Direct Investment Initiative (ADDII) is looking to create collaborations that identify and nurture the next wave of transformative startups.
Contact us at ADDII today to explore partnerships and co-investment opportunities in Sub-Saharan Africa. Together, we can shape the future of African innovation.
Disclaimer: The information provided in this article is for informational purposes only and should not be considered financial, investment, or legal advice. It does not constitute an offer to sell or a solicitation to buy any securities. Readers are encouraged to conduct their own research and consult with qualified professionals before making any investment decisions. Alvin Cheeks and the African Diaspora Direct Investment Initiative do not endorse any specific investment or guarantee financial outcomes.
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