Two African startups, Cleva and tappi, have been recognized by CB Insights in its Future Tech Hotshots report, listing them among 52 global tech companies expected to achieve significant exits within the next five to ten years. The report highlights startups that are leveraging artificial intelligence (AI) or incorporating it as a core feature, spanning industries such as cybersecurity and agriculture. These companies stand out for their high exit potential, driven by factors like strong management teams, innovative technology, and backing from notable investors. CB Insights used proprietary data, including metrics such as Exit Probability, Commercial Maturity, Mosaic scores, headcount, patents, and funding, to identify these emerging players as future disruptors with strong exit potential. Cleva: Leading Financial Innovation for International Payments Cleva, a US-registered but Africa-focused fintech, is transforming the way individuals and organizations in Africa access US-based banking services. Founded in 2023 by Nigerian-born Tolu Alabi (CEO) and Philip Abel (CTO), Cleva allows users to open US dollar (USD) accounts using only their Bank Verification Number (BVN) and a government-issued ID. Backed by Y Combinator and other investors, Cleva raised $1.5 million in pre-seed funding in January 2024, led by 1984 Venture. The startup is now developing digital products, including USD cards and savings accounts in US assets, aimed at facilitating international payments and professional invoicing. tappi: Revolutionizing Digital Commerce for African SMEs Kenya’s tappi, founded in 2022 by Kenfield Griffith (CEO) and Louis Majanja, is an end-to-end digital commerce software-as-a-service (SaaS) platform that simplifies online business management for small and medium-sized enterprises (SMEs). Tappi enables businesses to create SEO-optimized websites in under two minutes, improving their online visibility and customer engagement. The company has already indexed over 5,000 business pages on Google, helping SMEs collect customer reviews and build their digital presence. In December 2023, tappi raised $1.5 million in a pre-seed round led by Mercy Corps Ventures and Chui Ventures, with participation from global investors like Digital Currency Group and Orbit Startups. The startup plans to use the funding to scale its operations, hire talent, and strengthen its brand in the digital commerce space. Africa’s Exit Potential in Tech The inclusion of Cleva and tappi in the CB Insights report underscores Africa’s growing presence in the global tech landscape. These startups demonstrate that African companies are not only innovating but are also poised to deliver significant exits, attracting attention from investors and corporations worldwide.
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