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Soonicorn Club: Top Tech Startups In South Africa To Watch Out For | Tracxn
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Soonicorn Club: Top Tech Startups In South Africa To Watch Out For


Last Updated: January 27, 2020


South Africa is often regarded as Africa’s most advanced markets for tech startups and ecosystems. The economy of South Africa is the second largest in Africa, after Nigeria. As a regional manufacturing hub, it is the most industrialized and diversified economy in the continent. South Africa is an upper-middle-income economy – one of only four such countries in Africa (alongside Botswana, Gabon and Mauritius) (source: the World Bank)

The South Africa startup ecosystem is one of the most robust and developed in the continent - thanks to several strengths, including significant consumer and business markets, sophisticated entrepreneurial talent, and strong corporate sector. South Africa has access to local capital and has ties to a growing number of international investors.

With over 3.3k emerging startups, South Africa is one of the rising African startup ecosystems in the new world order of the millenium.

We, at Tracxn, keep a track of the latest happenings in the world of startups and their associated ecosystems - including venture capital funds, private equity funds and investment banks amongst others.

In this edition, we have the ‘Soonicorn Club of South Africa’– an exclusive list of the most promising South African tech startups that have also reached significant valuation milestones over the previous few years.

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Soonicorns

The Soonicorns - soon to be Unicorns - are the handful of highly valued startups which have successfully grown out of their nascency to attract valuations of over a few hundred millions. Watch out for these companies in the coming years as they take on the journey to becoming the elite Unicorns.


Jumo

2015, Cape Town
USD 103M

Retail Capital

2011, Cape Town
USD 42M

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Minicorns

The Minicorns - are the high growth early stage ventures (Series A+). Watch out for these companies as they take the business to the next level, by scaling up for the accelerated growth.


Zando

2012, Cape Town
USD 26M

Zappi

2013, Cape Town
USD 23M

Yoco

2013, Cape Town
USD 23M

Wealth Migrate

2010, Cape Town
USD 10M

Lulalend

2014, Cape Town
USD 7M

Nomanini

2011, Cape Town
USD 6M

10X Investments

2007, Cape Town
USD 6M

WhereIsMyTransport

2015, Cape Town
USD 6M

hearX

2015, Pretoria
USD 5M

GovChat

2014, Pretoria
USD 5M

Aerobotics

2014, Cape Town
USD 5M

Snapt

2012, Cape Town
USD 5M

SweepSouth

2014, Johannesburg
USD 4M

Naked

2016, Johannesburg
USD 4M

Xineoh

2014, Sandton
USD 4M

The Sun Exchange

2014, Cape Town
USD 3M

HouseME

2015, Cape Town
USD 3M

Mobenzi

2007, Cape Town
USD 1M

Ozow

2005, Johannesburg
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Detailed List


Jumo Logo

Jumo

Mobile money marketplace for people, SMBs and MNOs

Disclosed Funding

USD 103M

Jumo is a mobile money marketplace for people, small businesses and mobile network operators. Offers lending products that enables entrepreneurs to avail loans & asset finance. The loan amount, life cycle and repayment method can be configured based on the individual's requirements. It offers an AI-powered technology stack that connects banks with traditionally inaccessible customers and enables banks to deploy loans, savings and insurance services.

Company Overview

Founded

2015

Location

Cape Town (South Africa)

Investors

Odey Asset Management, Finnfund, Vostok Emerging Finance and 6 Other Investors

Founders

  • Andrew Watkins-Ball

  • Retail Capital Logo

    Retail Capital

    Online business loans platform

    Disclosed Funding

    USD 42M

    Retail Capital is an online business loans platform for SMEs. The company offers merchant cash advance, business loan and asset finance. The company serves technology, medical, retail, manufacturing, printing & energy industries.

    Company Overview

    Founded

    2011

    Location

    Cape Town (South Africa)

    Investors

    Crossfin

    Founders

  • Karl Westvig

  • Zando Logo

    Zando

    Online platform offering multi-category fashion products

    Disclosed Funding

    USD 26M

    Zando is South Africa’s largest fashion e-commerce retailer offering choice and accessibility to customers. With hundreds of local and international brands there are thousands of styles to choose from. It offers free shipping and free returns, and has now expanded the inventory to include clothing, accessories, beauty projects, and sporting goods. The site has its own photo studio and warehouse, and uses a private courier company to deliver merchandise. Zando forms part of the Africa Internet Group(AIG) and was founded by Rocket Internet in 2012.

    Company Overview

    Founded

    2012

    Location

    Cape Town (South Africa)

    Investors

    Tengelmann Ventures, Summit Partners, JPMorgan and 1 Other Investors

    Founders

  • Peter Allerstorfer
  • Manuel Koser
  • Eugen Petersen
  • Emilian Popa

  • Zappi Logo

    Zappi

    Cloud-based consumer insights platform for retailers

    Disclosed Funding

    USD 23M

    Zappi is a cloud-based consumer insights platform for retailers. It collects multi-channel customer's data and provides actionable insights using machine learning algorithms. It enables retailers to make advertising decisions based on customers' insights. Clients include Verizon, Amazon, Pepsico, McDonald's and more.

    Company Overview

    Founded

    2013

    Location

    Cape Town (South Africa)

    Investors

    Cipio Partners, Prime Ventures

    Founders

  • Steve Phillips

  • Yoco Logo

    Yoco

    Provider of mPOS solutions to offline businesses

    Disclosed Funding

    USD 23M

    YOCO enables small businesses to transform their smartphone into a card payment terminal. Merchants can download the app and use the Yoco card reader to receive payments through debit/ credit cards. Through the app, merchants can track sales, send digital receipts to the customer. The company offers two types of card readers - Plug-in card reader and Wireless card reader with various specification changes, like the Plug-in reader doesn't support android devices.

    Company Overview

    Founded

    2013

    Location

    Cape Town (South Africa)

    Investors

    FMO, Accion, Futuregrowth and 9 Other Investors

    Founders

  • Lungisa Matshoba
  • Katlego Maphai
  • Carl Wazen
  • Bradley Wattrus

  • Wealth Migrate Logo

    Wealth Migrate

    Real estate investment platform

    Disclosed Funding

    USD 10M

    WealthMigrate provides an online platform for real estate investments. It enables investors to invest in commercial and residential properties. It helps in deal discovery and portfolio management. It also offers an online platform for raising funds and managing investors.

    Company Overview

    Founded

    2010

    Location

    London (United Kingdom), Cape Town (South Africa)

    Investors

    Tiberius, Bambino Capital

    Founders

  • Scott Picken

  • Lulalend Logo

    Lulalend

    Online business loans platform

    Disclosed Funding

    USD 7M

    LulaLend is an online business loans platform. Users with 1+ years in business and a revenue of over R500,000 can apply for loans on the platform. They can avail loans for purchasing inventory, hiring employees, launching marketing campaigns, purchasing equipment, remodeling/renovating, opening new locations, managing cash flow, handling unexpected expenses and bridging receivables gaps. The platform uses its proprietary scoring algorithm for evaluation of loan applicants.

    Company Overview

    Founded

    2014

    Location

    Cape Town (South Africa)

    Investors

    IFC, Quona Capital, Accion and 2 Other Investors

    Founders

  • Trevor Gosling

  • Nomanini Logo

    Nomanini

    Financial inclusion solution provider

    Disclosed Funding

    USD 6M

    Nomanini provides financial inclusion solution for banks & retail ecosystem. The solution turns mobile devices into a retail point-of-sale solution for informal merchants that is connected to an interoperable merchant wallet. The interoperable merchant wallet allows merchants to offer services such as digital banking (including cash-in/cash-out), mobile recharge and utility bill payments.

    Company Overview

    Founded

    2011

    Location

    Cape Town (South Africa)

    Investors

    Standard Bank, Goodwell, IDC and 3 Other Investors

    Founders

  • Vahid Monadjem

  • 10X Investments Logo

    10X Investments

    Retirement planning and saving management platform

    Disclosed Funding

    USD 6M

    10x Investments provides retirement planning and saving management platform. It offers investment management services for users to invest in retirement, annuity, and index funds. It provides the My10x platform for individuals to track investments and make retirement plans.

    Company Overview

    Founded

    2007

    Location

    Cape Town (South Africa)

    Investors

    DiGAME, Old Mutual

    Founders

  • Steven Nathan

  • WhereIsMyTransport Logo

    WhereIsMyTransport

    Big data platform for transportation information

    Disclosed Funding

    USD 6M

    Where Is My Transport is an end-to-end web-based transport infrastructure solutions provider. The company aims to use commuter data to improve transport infrastructure. It collects/source data through consumer-facing applications and on-ground partners (data collectors/mobility specialists). The company makes this data available to enterprises to improve transit operations. Also offers decision making and data analysis tools. Offers 'Findmyway', a consumer-facing app that offers point-to-point journey planning through public transport and alternate modes of transport (taxis, rentals, etc). It won 2015 Global Grand MobiPrize and was the first to be invited by WWF to sign calls for climate action in the Paris summit.

    Company Overview

    Founded

    2015

    Location

    Cape Town (South Africa)

    Investors

    Goodwell, Liil Ventures, Global Innovation Fund and 4 Other Investors

    Founders

  • Dave New
  • Devin de Vries
  • Chris King

  • hearX Logo

    hearX

    Provider of smart digital hearing test solutions

    Disclosed Funding

    USD 5M

    hearX Group provides clinical smartphone hearing test solutions. Its offerings include HearScreen which provides clinically-validated and mobile hearing screening. It is used at primary healthcare facilities and schools, the app allows identifies individuals that may have hearing loss or hard-of-hearing and refers them for further diagnostic tests. The company also provides HearTesta which provides clinically-validated and mobile diagnostic hearing testing. The apps can be integrated with a mHealth Studio platform to store data and get a comprehensive patient overview across all applications. It also offers rapid self-test hearing screening devices for the patient. The products are FDA, CE and ISO certified.

    Company Overview

    Founded

    2015

    Location

    Pretoria (South Africa)

    Investors

    Founders

  • Herman Myburgh
  • De Wet Swanepoel

  • GovChat Logo

    GovChat

    AI-based citizen engagement platform

    Disclosed Funding

    USD 5M

    GovChat is an AI-based citizen engagement platform. It provides the facility to connect with a public representative directly and report community problems. It also includes an early warning system that provides real-time analytics and predictive modeling to connect with citizens. It also provides a facility to create a digital identity based on facial recognition and fingerprint technology.

    Company Overview

    Founded

    2014

    Location

    Pretoria (South Africa)

    Investors

    Capital Appreciation

    Founders

  • Eldrid Jordaan

  • Aerobotics Logo

    Aerobotics

    Provider of farm monitoring and pest management solutions

    Disclosed Funding

    USD 5M

    Aerobotics specializes in providing farm monitoring and pest management solutions. Its offerings include AI-enabled pest detection, disease detection, drone imagery services, orchard management, yield management, and more.

    Company Overview

    Founded

    2014

    Location

    Cape Town (South Africa)

    Investors

    Paper Plane ventures, Nedbank, AgFunder and 9 Other Investors

    Founders

  • Benjamin Meltzer

  • Snapt Logo

    Snapt

    Application delivery and acceleration

    Disclosed Funding

    USD 5M

    Snapt provides open-source software for application delivery. Snapt’s aim is to make sure an application is always online, to distribute requests between servers, and optimize and offload content to make sure websites and applications load quickly. Their primary solution is the Snapt Application Delivery Controller. The solution is software delivered and can run on an existing solution or use it as a standalone product, or even as a virtual appliance. The other solutions include load balancing, security, caching and acceleration for websites, applications and/or services. Customers include NASA, MTV, Elabs, and Target.

    Company Overview

    Founded

    2012

    Location

    Atlanta (United States), Cape Town (South Africa)

    Investors

    Convergence Partners, Nedbank, Sanari Capital and 1 Other Investors

    Founders

  • Dave Blakey

  • SweepSouth Logo

    SweepSouth

    Online marketplace for booking on-demand cleaning service professionals

    Disclosed Funding

    USD 4M

    SweepSouth is an online marketplace for booking of on-demand cleaning service professionals. Users can book a home cleaning from phone, tablet or computer in minutes. Trusted, experienced and insured cleaner arrives at a requested location. It also offers office cleaning and BnB cleaning services. Users can rate the professionals via the platform. Its mobile app is available for Android and iOS devices.

    Company Overview

    Founded

    2014

    Location

    Johannesburg (South Africa)

    Investors

    Michael & Susan Dell Foundation, Smollan, Vumela Enterprise Development Fund and 8 Other Investors

    Founders

  • Aisha R. Pandor

  • Naked Logo

    Naked

    AI-based car insurance

    Disclosed Funding

    USD 4M

    Naked Insurance provides AI-based car insurance. It offers chatbot for usage-based quotes and prices. It also offers an app-based platform for quoting, buying, and claiming policies. The app is available for IOS platforms.

    Company Overview

    Founded

    2016

    Location

    Johannesburg (South Africa)

    Investors

    Hollard

    Founders

  • Sumarie Greybe
  • Alex Thomson
  • Ernest North

  • Xineoh Logo

    Xineoh

    Machine learning-based campaign automation

    Disclosed Funding

    USD 4M

    Xineoh is a machine learning-based advertising technology company that provides solutions for optimizing campaign performance. It provides an automated platform for managing the campaigns. It also provides the optimal bid amount and channel preference solutions. It can be used in sectors such as retail, media & entertainment, and e-commerce.

    Company Overview

    Founded

    2014

    Location

    Sandton (South Africa)

    Investors

    Wade Flemons, KING

    Founders

  • Vian Chinner
  • Beatrix Chinner

  • The Sun Exchange Logo

    The Sun Exchange

    Decentralized crowdsourcing based solar project investment platform

    Disclosed Funding

    USD 3M

    The Sun Exchange is a decentralized crowdsourcing based solar project investment platform. Individual and business investors can purchase or take solar photovoltaic cells on lease through crowd-lending solutions. Post the installation of the cell, users can lease these projects to businesses, hospitals, schools, among others. Users can avail lease rentals in the form of fiat and cryptocurrencies based on solar electricity consumption and usage.

    Company Overview

    Founded

    2014

    Location

    Cape Town (South Africa)

    Investors

    Alphabit, Network Society Ventures Management, Kalon Venture Partners and 4 Other Investors

    Founders

  • Abraham Cambridge

  • HouseME Logo

    HouseME

    Property management solution for rental properties

    Disclosed Funding

    USD 3M

    HouseME is an online platform to manage rental properties. The solution enables users to create property listings, advertise them on various portals, schedule bookings, screen tenants, digitally sign leases, collect & manage rental payments, and more. Tenants can use the portal to find properties, submit offers, make the payment, and more. The company has partnered with Watson Ferguson, Sage Pay, and getToD, among others. The company earns revenue by charging a monthly fixed fee for the services offered.

    Company Overview

    Founded

    2015

    Location

    Cape Town (South Africa)

    Investors

    Gumtree, Geddes Capital

    Founders

  • Benjamin Shaw
  • Kyle Bradley

  • Mobenzi Logo

    Mobenzi

    Field force management software to manage the field employees

    Disclosed Funding

    USD 1M

    Mobenzi provides field force management software to manage filed employees. Its features include mobile data collection, workflow automation, offline case management, contextual communication, workforce management, data management, instant reporting, fingerprint biometrics integration, signature capture, offline data capture, API integration, and data security. It offers a subscription-based pricing model. Oxfam, World Vision, UCLA are part of its clientele.

    Company Overview

    Founded

    2007

    Location

    Cape Town (South Africa)

    Investors

    Vumela Enterprise Development Fund

    Founders

  • Andi Friedman

  • Ozow Logo

    Ozow

    EFT payment service provider

    Disclosed Funding

    -

    Ozow offers an EFT payment service for merchants. Allows users to make online payments directly into the bank account. Users can receive payments online through Ozow’s QR code solution. Allows users to integrate Ozow's solution into their e-commerce stores. Supports e-invoicing via email. Customers can make payments via SMS using the Ozow link.

    Company Overview

    Founded

    2005

    Location

    Johannesburg (South Africa)

    Investors

    Kalon Venture Partners

    Founders

  • Mitchan Adams
  • Thomas PAYS

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    Selection Process

    The Soonicorn Club comprises of Unicorns - companies with over $1 billion valuation, Soonicorns - companies with high valuation and good chances of soon becoming Unicorns, and Minicorns - early-stage companies that have the potential to be Unicorns in the long term.

    Tracxn Soonicorn Club provides a handpicked selection of high potential and high growth companies. The shortlisting is based on a combination of multiple publicly available signals and detailed analysis of the company by our internal sector specialist teams. The companies that make the cut are the ones that show promising performance on multiple parameters - market size, investment by marquee investors, execution excellence and future growth prospects.


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