In this blog post, we will be discussing the startup scene in Zambia. We will cover funding and founders to help you get a feel for what it’s like to start a company in Zambia.
What is a startup?
A startup is a company or organization designed to grow fast. Being newly founded does not necessarily mean it is a startup. To be categorized as such, the business should exhibit several characteristics like:
– Rapid growth (employs more people than before and/or has higher revenues)
– Proprietary technology that contributes value to your business model
– A scalable business model that can be used to launch additional products or services quickly
In Zambia, being a startup is still relatively new. However, there have been many success stories of startups gaining traction and earning revenue within six months which gives hope for the future. Some examples are:
| Start-up name | Website | Launch | Tweet pitch | Sector | # of Founders | Amount raised $M | Type | Year | Investors |
|---|---|---|---|---|---|---|---|---|---|
| Rent To Own | https://rtoafrica.com/ | 2010 | High-impact assets to small scale-entrepreneurs and smallholder farmers in rural | Fintech | 3 | 1.1 | Seed | 2019 | Seed Capital and Business Development facility of the Dutch Good Growth Fund (DGGF) |
| Zazu | https://www.zazuafrica.com/ | 2015 | Prepaid card with a linked expense tracker app | Fintech | 3 | 1.4 | Series A | 2019 | N.a. |
| Lupiya | https://www.lupiya.com/ | 2016 | Branchless, digital microfinance platform that leverages technology to make the process of borrowing simpler and easier for people and businesses located across the country | Fintech | 2 | 1 | Venture Round | 2020 | Enygma Ventures |
| Good Nature Agro | https://goodnatureagro.com/ | 2014 | Agritech supporting smallholder farmers to improve their productivity through soil-enriching legume farming and links them to high-value legume markets | Agriculture & Food | 3 | 2.1 | Series A | 2020 | Goodwell Investments, Global Partnerships, FINCA Ventures |
| PremierCredit | https://premiercredit.co.zm/ | 2019 | Offers micro-loans to Zambian entrepreneurs and small scale traders | Fintech | 2 | 0.7 | Seed | 2020 | Enygma Ventures |
| WidEnergy Africa | http://widenergyafrica.com/ | 2016 | Last-mile delivery of clean, reliable and affordable energy and connectivity solutions | Energy & Water | 1 | 0.2 | Grant | 2021 | GSMA Innovation Fund |
| WidEnergy Africa | http://widenergyafrica.com/ | 2016 | Last-mile delivery of clean, reliable and affordable energy and connectivity solutions | Energy & Water | 1 | 0.1 | Debt | 2021 | Opes-LCEF |
Thank you for checking out this list of startups in Zambia and how much they have raised so far.