These 3 African companies are worth over $1 billion

A research group, CBInsights lists three African startups among unicorn companies in the world.

The companies are Jumia Group, Cell C and Promasidor Holdings.

The report highlights private companies around the world with billion-dollar valuations.

Three African private companies have been valued above $1 billion in market value and among the top 310 unicorn companies in the world, according to a research conducted by CBInsights.

A unicorn startup or unicorn company is a private company with a valuation of over $1 billion.

The report highlights private companies around the world with billion-dollar valuations. The database mapped all 310 global unicorn companies valued at over $1 billion in the primary markets.

Check out the companies in Africa that made list:

Jumia Group – $1.044 billion

A Jumia warehouse

Jumia is an online marketplace in Africa for electronics, and fashion among others. The company introduces and accelerates the internet business in Africa.

The company currently has a presence across 14 African countries. In 2016, it secured €300M from key investors. 

Latest reports have it that the company is preparing to float IPO on the New York Stock Exchange later this year and one of its key investor, MTN, may sell shares to clear its debt. 

Investors: AXA, CDC Group, Goldman Sachs, MTN Group Ghana and Orange.

Cell C – $1 billion

Cell C South Africa (Tech Financials)

Cell C is a mobile provider that offers a wide range of products and services, including voice, data, and messaging services in South Africa.

Since 2001, Cell C has increased its customer base pushing various regulatory changes such as lower and asymmetrical mobile termination rates. 

The company is currently facing a legal dispute over the renewal of supply agreement with Huge Cellular in South Africa.

Investors: Blue Label Telecoms and Net1 UEPS Technologies.

Promasidor Holdings – $1.593 billion

Promasidor office in Nigeria

Promasidor Holdings is a supplier of quality, nutritional, and affordable food products across 30 African markets. Some of its products include dairy products, beverages, food enhancement products, and a non-dairy creamer under a variety of brands.

In Nigeria, the company organises annual Cowbell Mathematics competition – Cowbellpedia – a mathematics competition for High School students.

Investors: Ajinomoto and International Finance Corporation.

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