After Africa ended 2025 without minting a single new tech unicorn, attention is shifting to a wider pool of startups that could revive the continent’s late-stage funding and IPO pipeline in 2026, as investor sentiment gradually improves.
This is even as about 18 companies across fintech, mobility, energy, healthtech and property are now being closely watched by investors, following a year in which equity funding for African unicorns fell to its lowest level since 2020 and IPO discussions largely stalled.
Fintech: M-Kopa, Stitch, LemFi, valU, PalmPay, Kuda, Yoco, Onafriq
Fintech remains the deepest pipeline for potential unicorns. M-Kopa stands out after raising about $166 million in a Series F round in 2025 and posting its first-ever profit, strengthening its case for a $1 billion-plus valuation.
Other fintechs drawing attention include Stitch, which raised roughly $55 million, LemFi with about $53 million, and valU, which secured around $27 million in equity. Consumer-focused platforms PalmPay, Kuda and Yoco, alongside payments network Onafriq, are also frequently cited by investors as unicorn or IPO candidates, despite limited late-stage funding disclosures last year.
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Mobility: Moove, Spiro, Yassir, Gozem
The mobility sector remains a key focus for late-stage investors. Moove fuelled sustained speculation throughout 2025 over a potential $300 million equity round and a much larger debt transaction that could push its valuation beyond $1 billion, although no deal was announced.
Spiro, which raised $100 million in equity in 2025, is widely viewed as one of the strongest mobility contenders, while Algeria-based Yassir is expected by some investors to pursue either a large Series C round or a potential IPO in 2026. Gozem, which raised $30 million split between equity and debt, also remains on the watchlist.
Energy: Sun King, d.light, SolarSaver, PowerGen
In energy, startups such as Sun King and d.light continued to tap structured and securitised financing markets, with Sun King also raising $40 million in equity late in 2025. While capital-intensive business models can limit valuation upside, these companies are seen as potential scale leaders.
Additional players, including SolarSaver and PowerGen, both of which raised more than $50 million during the year, are also drawing investor interest as the sector matures.
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Other Sectors: Nawy, LXE Hearing
Beyond fintech, mobility and energy, real estate platform Nawy, which raised about $52 million in equity and $23 million in debt, has emerged as a notable growth-stage contender. In healthtech, LXE Hearing raised $100 million through a merger in 2025, placing it among the best-capitalised startups outside fintech.
The renewed attention on these nearly 20 startups follows a subdued 2025, when African unicorns raised just $100 million in equity and IPO activity was limited to two non-unicorn listings, Optasia in South Africa and Cash Plus in Morocco, the continent’s first public offerings in more than six years.
Whether any of these companies reach unicorn status or the public markets in 2026 will depend on the return of late-stage capital, clearer valuation benchmarks and improved global risk appetite. For now, they represent Africa’s broadest pipeline of potential unicorns and IPO candidates since the funding slowdown began.
