CEO East Africa Analysis: Uganda’s Most Funded Startups from 2019 to 2024.

The startup ecosystem in Uganda has experienced remarkable growth over the past five years, with an increasing number of entrepreneurs launching innovative ventures across various sectors. As these startups seek to scale their operations and drive impact, they have turned to investors for funding support. This analysis delves into the funding landscape of Ugandan startups from 2019 to 2024, uncovering key trends and insights that shed light on the startups that have raised the most funding. 

For a startup to be included on this list, we had a cut-off of at least $1m raised in its lifetime and 16 startups made our list. This list may not feature all the startups that meet this threshold, or feature the correct amount of funding to the dot because startup founders are not obligated to announce these funding rounds. So our analysis is based on the publicly available funding data from Africa: The Big Deal which has tracked funding from 2019-2024. Some of the startups on this list may have raised much more, while some might have raised at least $1m and we haven’t included them here. 

The earliest Ugandan deal in this data is from January 2019 when SolarNow raised $9m while the latest deal was GOGO Electric’s $1.6m in May 2024. Africa: The Big Deal is a funding data set used across Africa by venture capital firms and other institutions to track funding data. It is maintained by Maxime Bayen and Max Cuvellier. 

In its first year in 2019, it tracked deals worth $1m only, and then starting from $500k in 2020 and then deals from $100k in 2021, 2022, 2023 and 2024. – For this database, only startups operating in Africa with their HQ in Africa or with their HQ outside Africa but with founders from Africa, have been captured. Based on this methodology, we tracked startups that were listed as Ugandan in this database. 

The total amount raised by the startups in the dataset is $150.06 million, with an average funding of $6.52 million per startup. On average, these startups required 2.04 funding rounds to secure their capital. Notably, Tugende and Asaak lead the pack with the most funding rounds, each completing 7 rounds. In contrast, several startups, including Grainpulse, SolarNow, SafeBoda, Emata, and GOGO Electric, managed to raise their required funds in just a single round.

The funding data for Ugandan startups reveals that the Financial Services sector has attracted the most investment, with several companies raising significant amounts of capital. Tugende and Asaak stand out as the most funded startups, each raising over $34 million across 7 funding rounds.

Numida, another Financial Services startup, raised $15.1 million over 3 rounds, demonstrating the sector’s ability to attract repeat investments. The prevalence of Financial Services startups among the most funded companies suggests that investors see significant growth potential in this space, likely driven by the large unbanked population and the increasing adoption of mobile money services in Uganda.

The Renewable Energy sector also emerges as a key focus area for investors, with SolarNow, Solar Sister, Zembo, and GOGO Electric collectively raising over $20 million. The sector’s strong performance can be attributed to the significant energy access gap in Uganda and the potential for renewable technologies to provide clean, affordable, and reliable electricity to underserved communities.

While the Financial Services and Renewable Energy sectors dominate the funding landscape, other sectors such as Agriculture and Healthcare have also attracted notable investments. Grainpulse, a leading agricultural company, raised $11 million in a single round, highlighting the potential for startups to secure large investments in a single tranche. 

The Healthcare sector, represented by Rocket Health, raised $5.2 million across 2 rounds, underscoring the growing interest in improving access to quality healthcare services in Uganda.

This funding raised by Ugandan startups that have secured at least $1 million amounts highlights the growing interest in the Ugandan startup ecosystem, particularly in sectors that address critical local needs.

For example, Uganda has a poor public transport system, and this led to the rise of boda bodas as one of the main means of public transport in the country. Hence it is no surprise that many startups on this list are involved in the boda boda economy in some way e.g. Tugende, Asaak, Zembo, GOGO Electric and SafeBoda. 

While challenges remain, such as access to capital and regulatory hurdles, the increasing interest from investors and a supportive environment position Ugandan startups for continued growth. By addressing critical challenges and leveraging innovative solutions, these startups can contribute to the country’s economic development and sustainability. The journey ahead is promising, with immense potential for impactful change in Uganda’s startup ecosystem.

1. Tugende ( $55.65m, Financial Services, 7 Funding Rounds)

Tugende is a Ugandan startup founded in 2012, aimed at empowering informal sector entrepreneurs through asset financing, primarily focusing on the boda boda (motorcycle taxi) industry. Tugenda is Uganda’s most funded startup, raising almost $20m more than its next competitor. 

The company was co-founded by Michael Wilkerson, who serves as the CEO, along with a dedicated team that includes Uzairu Nanseera as the Group Head of Finance, Patrick Asiimwe as General Manager in Uganda, Rachael Wanguru as General Manager in Kenya, Shaun Wilson as Chief Technology Officer and Sylvia Kushemererwa as the Head of Human Resources and Administration. 

Tugende’s mission is to help individuals gain ownership of their motorcycles, enabling them to achieve financial independence and improve their livelihoods.

Initially launched as “Own Your Own Boda,” Tugende began as a side project in 2010, to address the challenges faced by boda boda drivers in Uganda. Recognizing the need for affordable financing solutions, Wilkerson and his team transitioned the initiative into a formal enterprise, rebranding it as Tugende in 2012. 

Tugende’s innovative approach combines asset finance with technology, allowing clients to purchase motorcycles through manageable payment plans, ultimately leading to ownership.

The company leverages a customer-centric approach, focusing on the unique needs of informal sector entrepreneurs. 

By facilitating access to ownership, Tugende uplifts individuals from poverty and enhances their economic prospects. The startup has also expanded its offerings to include additional products like special hire taxis, matatus, boat engines, smartphones, salon equipment and shop fridges thereby diversifying its impact on the communities it serves.

Since its inception, Tugende has achieved several significant milestones. The company has grown its client base rapidly, reaching over 52,000 clients and expanding its operations across multiple locations in Uganda and Kenya. 

Tugende’s growth trajectory has been supported by multiple funding rounds, reflecting strong investor confidence in its mission and business model. In June 2022, Tugende raised an undisclosed pre-Series B led by Partech Africa. Other existing investors like Mobility 53, Enza and Global Partnerships participated. The startup also welcomed new investors like Women’s World Banking Capital Partners II. This was the seventh funding round that Tugende raised. 

Before that, in December 2021, it raised its biggest funding round, raising $17m in a debt round. This funding came from the Nordic Microfinance Initiative ($5m), Symbiotics ($6m) and Lendahand ($1m). The rest of the funding in this round ($5m) came from Goldfinch. 

Some of the other notable rounds raised by Tugende include a $3.6m equity round from Partech and Enza in March 2021 and a $6.3m Series A investment round from Toyota Tsusho. 

Tugende has garnered recognition for its impactful work in financial inclusion. The company was awarded the Inclusive Fintech 50 award in 2021 and the 2022 Financial Inclusion Award at the African Bankers Awards. These accolades highlight Tugende’s commitment to social impact and its role in supporting clients and staff during the economic disruptions. 

2. Asaak ($34.7m, Financial Services, 7 Funding Rounds). 

Tugende’s major competitor, Asaak is the second most funded startup in Uganda. Alongside Tugende, these two startups account for over 50% of all funding raised by the 16 startups on this list. 

Asaak is an innovative asset financing company based in Uganda. It was founded in 2016 with a mission to enhance financial inclusion and mobility for individuals, particularly in the informal sector. 

Just like Tugende, Asaak focuses on providing accessible loans for motorcycles, smartphones, and other essential tools, primarily targeting boda boda (motorcycle taxi) drivers and other informal entrepreneurs. It also empowers its clients by facilitating their access to affordable financing solutions, ultimately helping them grow their businesses and improve their livelihoods.

Asaak was co-founded by a team of passionate entrepreneurs, including CEO Kaivan Sattar. Other members of the Asaak leadership team include Anthony Leontiev, the Chief Technology Officer (CTO), Dylan Terrill, the Chief Business Officer (CBO), Edward Egwalu, the Chief Operations Officer and Catherine Kiwumulo, the HOO. 

The company was established to address the significant barriers faced by individuals in accessing credit, particularly within the informal sector. Asaak’s mission is to redefine financial inclusion by providing tailored financial products that meet the unique needs of its clients, enabling them to achieve their goals and aspirations.

Asaak operates on a straightforward business model that allows clients to apply for loans online or in person at their offices in Kampala and Jinja. The application process involves verification by Asaak’s credit officers, who work closely with clients to ensure a smooth experience. 

Once approved, clients can pick up their financed motorcycles or other assets, with repayment plans designed to be manageable and supportive of their income-generating activities.

The impact of Asaak’s services has been substantial. The company has disbursed hundreds of thousands of loans, helping clients build credit scores and access additional financial products as they repay their loans. Asaak is available in six cities, and a total of at least 142m km have been driven with Asaak-financed vehicles.

Asaak’s approach not only enhances individual livelihoods but also contributes to broader economic growth by supporting small businesses and entrepreneurship in Uganda.

Asaak’s growth has been significantly bolstered by various funding rounds as well. 

The startup raised the single biggest funding round ever raised by a Ugandan startup in January 2022 when it announced a $30m pre-Series A equity and debt funding. 

This round was backed by Resolute Ventures, Social Capital, HOF Capital, Founders Factory Africa, End Poverty Make Trillions, Decentralised VC and some angel investors. 

Other funding rounds include a $2.2m debt round in December 2020 raised on The Republic, an American investment platform that allows individuals to invest in startups, growth-stage pre-IPO companies, real estate, video games, and crypto companies. 

Asaak has raised four other funding rounds on The Republic including a $750,000 round, a $500,000m round and a $200,000 round. 

Asaak also made headlines in 2023 by acquiring a Mexican startup, FlexiClub, becoming one of the few Ugandan startups to ever directly expand to Latin America. This acquisition enabled Asaak to provide motor vehicle financing in Mexico City further solidifying its position in the global fintech space. 

This acquisition is a strategic move to leverage technology and expertise from the Mexican market, enhancing Asaak’s service delivery and operational efficiency.

3. Numida ($15.1m, Financial Services, 3 Funding Rounds).

Numida is a fintech startup founded in 2017 in Uganda with a mission to provide credit to small businesses through accessible and affordable financial services. 

The company focuses on providing unsecured working capital loans to micro and small enterprises, enabling them to digitise their operations and improve their financial management.

Numida was co-founded by Mina Shahid, the CEO and Catherine Denis, the COO. Mina Shahid has a background in market development and social entrepreneurship, having previously co-founded Kulemela, a social enterprise focused on providing working capital to small agribusinesses. 

His experience working on systemic issues in sub-Saharan Africa fueled his passion for improving financial access for small business owners.

Catherine Denis, also deeply committed to social impact, has a background in international development and has worked with various organisations to support smallholder farmers and enhance their business management capabilities in Uganda, Rwanda, Mali, Burkina Faso, Haiti and Colombia.

Her education at the Harvard Kennedy School, where she focused on economic development, further equipped her to lead Numida in its mission to support small businesses in Uganda.

Numida provides a suite of digital financial products designed to help small business owners manage their operations effectively. Through its mobile app, entrepreneurs can track their inventory, cash flows, and employee management while gaining insights into their business performance. 

Numida uses the data collected from its users to create credit scores, enabling the company to offer customised, unsecured working capital loans within 24 hours.

Since its launch, Numida has focused on addressing the unique challenges faced by micro and small businesses in Uganda, particularly those that lack access to traditional banking services. 

By digitising financial management and providing quick access to capital, Numida empowers entrepreneurs to grow their businesses and improve their livelihoods.

Numida has achieved several significant milestones since its inception: As of 2022, Numida had disbursed over $725,000 in unsecured credit to more than 1,700 Ugandan small businesses, with 36% of these businesses led by women. Clients using Numida’s services reported a 32% increase in median monthly revenue and had doubled their full-time staff within six months.

In 2021, Numida became the first and only Ugandan startup, to date, to be accepted into Y Combinator, a prestigious startup accelerator known for supporting innovative companies including Uber and AirBnB.

The acceptance into Y Combinator not only provided Numida with valuable mentorship and resources but also included a $500,000 investment, which was instrumental in scaling its operations and enhancing its product offerings.

 In September 2022, Numida raised a further $12.3 million Series A equity and debt funding round led by Serena Ventures, a VC firm of tennis great Serena Williams. Other VC firms that participated in this round include Breega, 4Di Capital, Launch Africa, Soma Capital and Y Combinator. All these investors were making their first investment in Uganda. 

MFS Africa, a strategic investor, also made a follow-on investment while Lendable Asset Management also extended a $5m debt to the startup. 

Numida intended to use the funding to expand its reach and enhance its technology platform, allowing the company to serve more small businesses across Uganda and potentially into other East African markets.

Numida’s leadership also focused on continuing to innovate and expand its offerings to better serve small businesses. The company aimed to leverage the data it collects to introduce additional financial products, such as savings accounts, insurance, and payment solutions, creating a comprehensive ecosystem that supports the growth of micro and small enterprises.

As Numida continues to grow, it remains committed to its mission of empowering entrepreneurs and driving economic development in Uganda. With strong backing from investors and a clear vision for the future, Numida is well-positioned to make a lasting impact on the financial landscape for small businesses in Africa.

4. Grainpulse ($11m, Agriculture, 1 Funding Round). 

Grainpulse, formerly known as Savannah Commodities Company, is a Ugandan agritech startup that operates as a supply-chain platform for farmers. 

The company focuses on enhancing agricultural productivity and food security by providing a range of services, including fertiliser blending, crop sourcing, and market access for smallholder farmers. 

Grainpulse processes and exports coffee and mills grains and cereals, while also offering optimised fertilisers to increase crop yields for local farmers.

Grainpulse is one of the few startups on this list that needed just a single funding round to appear in our top 16. In December 2019, Grainpulse raised USD 11 million from the International Finance Corporation (IFC) and the Private Sector Window of the Global Agriculture and Food Security Program (GAFSP). 

This funding strengthened the startup’s farmer supply chain and expanded its services, positioning it as a one-stop shop for farmers. The investment also facilitated the launch of an online platform for farmers to access best practices and provide training for agro-input dealers on financial management. 

Grainpulse aimed to grow its reach from 36,000 farmers to over 300,000 by June 2023, contributing significantly to food security and economic growth in Uganda. 

5. SolarNow. ($9m, Renewable Energy, 1 Funding Round).  

SolarNow is a Uganda-based company specialising in off-grid solar energy solutions. 

Founded in 2013, the company established itself as a key player in providing sustainable energy access to underserved communities in Uganda and surrounding regions.

SolarNow focuses on delivering solar energy systems tailored for various sectors, including residential, agriculture, healthcare, and businesses.  It offers a range of products, including solar home systems and appliances, designed to meet the energy needs of its clients.

 By prioritising customer engagement, SolarNow aims to provide solutions that not only improve energy access but also promote sustainability and reduce carbon emissions. 

SolarNow has installed approximately 5 MW of solar capacity, serving over 50,000 customers and avoiding around 350,000 tons of CO2 emissions to date.

SolarNow has successfully secured multiple rounds of financing to support its growth and expansion. In January 2019, the company raised $9 million in debt financing, marking its largest funding round raised by a Ugandan startup at that time. This was toppled by Grainpulse’s $11m raise in December of the same year. 

SolarNow’s financing was facilitated by SunFunder, with contributions from Oikocredit and responsAbility. The funds were earmarked for deploying 17,500 new off-grid solar systems across Uganda, significantly enhancing energy access for an estimated 70,000 women in the region.

This financing round was part of a series of structured asset finance instruments arranged by SunFunder, which had previously supported SolarNow in 2016 and 2017. 

Overall, SunFunder invested three times in SolarNow over five years, reflecting a strong commitment to the company’s mission of improving energy access through high-quality solar solutions.

As the African solar energy market continues to evolve, SolarNow’s efforts are expected to play a crucial role in accelerating universal energy access and promoting sustainable development across East Africa.

6. Rocket Health ($5.2m, Healthcare, 2 Funding Rounds). 

Rocket Health, a telemedicine startup based in Uganda, has been making waves in the healthcare industry since its inception in 2012. Founded by a team of passionate medical professionals and tech enthusiasts, Rocket Health is revolutionizing the way healthcare is delivered in Africa.

At the helm of Rocket Health is Dr. Davis Musinguzi, a medical doctor and digital health entrepreneur. Musinguzi, who serves as the Chief Executive Officer, leads a team of dedicated individuals, including John Mark Bwanika (COO), Fiona Nuwamanya (CFO), Hope Achiro (Chief Pharmacist), and William Lubega (Chief Medical Officer).

Musinguzi believes that technology is the key to bridging the gap between healthcare professionals and patients in Africa, where the patient-to-doctor ratio is significantly lower than in developed countries. By leveraging technology and existing infrastructure, Rocket Health aims to provide quality healthcare to underserved communities.

Rocket Health offers an end-to-end healthcare experience, providing convenient doctor consultations 24/7 through chat, USSD, voice, and video calls. The startup also offers last-mile lab sample collection, testing, and pharmacy prescription delivery, as well as a self-service e-Shop (rockethealth.shop).

During the COVID-19 pandemic, Rocket Health experienced a significant increase in demand for its services, growing from a few thousand virtual consultations per year to about 400,000. This growth was driven by the need for remote healthcare and the convenience offered by Rocket Health’s services.

To further enhance its services, Rocket Health partnered with Ada, a Berlin-based end-user self-assessment platform, to integrate artificial intelligence into its teleconsultations. This integration allowed patients to receive personalized health advice and recommendations based on their symptoms, even before speaking to a doctor.

Rocket Health also partnered with 12 insurance companies across Uganda and East Africa, giving it access to a pool of customers within the region. This partnership allowed Rocket Health to offer its services to a wider audience, including those who may not have the means to pay for healthcare out of pocket.

As Rocket Health embarks on its next phase of growth, the startup plans to scale its services to more regions across Uganda and East Africa over the next two years. In the long term, Rocket Health aims to pursue growth opportunities in West Africa, with the ultimate goal of making healthcare easily accessible across the continent.

In 2023, Rocket Health announced a $5 million Series A funding round marking a significant milestone in its journey as a leading telemedicine provider in Uganda and East Africa. The funding was led by Creadev, an evergreen investment firm backed by the Mulliez family, known for their successful retail ventures. 

Alongside Creadev, early-stage African investors Grenfell Holdings and LoftyInc Capital Management also participated in the round. This infusion of capital enabled Rocket Health to accelerate its technology development and expand its geographical reach, allowing the company to deliver healthcare services more conveniently and efficiently to patients across Uganda and Kenya.

Rocket Health also used this financing to enhance its technological infrastructure, which is essential for scaling its operations. With the funds, Rocket Health planned to improve its digital health solutions, making them more user-friendly and personalized. 

This included expanding its 24/7 teleconsultation services, mobile laboratory capabilities, and prescription delivery systems. The startup also aimed to establish new branches in key regions such as Wakiso, Mukono, Mbarara, and Gulu, as well as launch operations in Nairobi, Kenya, within the next 12 months. 

This strategic expansion was designed to meet the increasing demand for accessible healthcare services, particularly in underserved areas. Rocket Health launched physical clinics starting with one in Gayaza, located along Gayaza – Kalagi road. The clinic is strategically positioned to address several community challenges, including high costs of medical care, high transport costs, limited specialist services, overcrowding, and unprofessional practices at health facilities. 

The clinic is also a convenient and reliable option for customers with medical insurance, as it accepts cash, mobile money, and insurance payments for all services offered. Clients appreciate the friendly staff and the option to be tested from home, with access to specialists like dentists available every weekday.

The Rocket Health hub in Gayaza was the first of a chain of healthcare transformation centres planned by the startup across Uganda and eventually across Africa. These hubs are designed to amplify the adoption of telemedicine and last-mile healthcare delivery to solve issues like long queues and time lost in transit in traditional healthcare. 

New additional walk-in services like imaging and dental will complete the end-to-end value chain of the Rocket Health solution. The launch of the Rocket Health Clinic in Gayaza is the beginning of an expansion campaign that also includes setting up a wholesale arm of the business to supply medical supplies and pharmacy products all over the country.

7. Solar Sister ($5m, Renewable Energy, 1 Funding Round). 

Another startup in the renewable energy sector on this list and one of the few led by a female CEO. Solar Sister started as a female-empowered startup that focused on distributing solar energy in developing countries, particularly in rural African communities. The startup was founded in 2010 by Katherine Lucey to empower women to bring clean energy solutions to their communities.

Solar Sister’s mission is to invest in local women entrepreneurs to start, grow, and sustain successful clean energy businesses. 

By offering women access to tools, training, and technology, Solar Sister Entrepreneurs can build their businesses, increase their income, and deliver clean energy to last-mile communities.

In September 2021, Solar Sister received a $5 million, multi-year commitment from Palmetto, a platform technology company accelerating the national adoption of clean energy. 

The partnership, announced in conjunction with the start of the 2021 Climate Week, was part of Palmetto’s new “Get Solar, Give Solar” program, which funded solar startups based on a percentage of Palmetto’s revenue to support future philanthropic partnerships in the fight against climate change.

With the $5 million funding, Solar Sister supported over 10,000 women to reach 10 million people with access to clean energy over the next three years. 

By working together, Solar Sister and Palmetto built resilience, created opportunity, and delivered real hope for a brighter future for all.

Since its inception, Solar Sister has linked over 6,000 entrepreneurs and reached more than two million individuals with affordable solar power, offsetting over 663,661 metric tons of CO2. 

Solar Sister believes that climate change and women’s economic inequality are the two most pressing issues of our time and that by empowering women, we can build a brighter future for all.

8. Zembo ($4.9m, Renewable Energy, 2 Funding Rounds). 

Zembo is a Ugandan startup focused on transforming the transportation landscape through electric motorcycles. 

Founded in 2018 by German and French founders, Daniel Dreher and Étienne Saint-Sernin, Zembo addresses the pressing issues of air pollution and economic instability faced by boda-boda drivers, who are a significant part of Uganda’s economy.

The startup emerged in response to the challenges faced by boda-boda drivers, who often struggle with high fuel costs that greatly impact their earnings. By leveraging electric motorcycles, Zembo aims to enhance drivers’ incomes while reducing environmental impact.

Zembo primarily serves boda-boda drivers in Uganda, a group that comprises over 600,000 individuals providing essential transportation services for more than a million trips daily. 

These drivers typically face financial challenges due to fluctuating fuel prices and high maintenance costs associated with traditional motorcycles. Fuel costs are the single biggest expenses incurred by boda boda drivers in Uganda.

Zembo’s electric motorcycles offer a more sustainable and cost-effective alternative, significantly improving the economic conditions for these drivers because electric motorcycles eliminate fuel costs.

Zembo operates on a pay-as-you-go lease model, allowing drivers to acquire electric motorcycles without the burden of high upfront costs. 

The company’s innovative “batteries-as-a-service” model enables drivers to swap discharged batteries at strategically located stations throughout Kampala, similar to refuelling at a gas station. 

This system not only enhances convenience but also promotes the use of renewable energy, as Zembo’s operations are powered by solar energy. 

The electric motorcycles have an estimated range of up to 42 kilometres on a single charge, making them suitable for daily use. Zembo’s impact is notable, with drivers reportedly experiencing a 65% increase in take-home pay compared to traditional fuel motorcycles. 

A study by the University of Michigan also highlighted that more than 90% reduction in harmful pollutants from Zembo’s electric motorcycles compared to gas-powered alternatives.

Zembo has successfully attracted significant investment to support its growth and expansion. Notably, the startup secured $3.4 million in funding in November 2021 from several prominent investors, including Mobility 54 Investment SAS (a subsidiary of Toyota Tsusho Corporation and CFAO Group), DOB Equity, and InfraCo Africa. 

This funding aimed at scaling operations, increasing the fleet of electric motorcycles, and expanding the network of charging and battery-swapping stations across Uganda.

The investment facilitated the addition of approximately 2,000 electric motorcycles and over 60 charging stations in Kampala, thereby enhancing the accessibility and convenience of electric mobility for boda-boda drivers. 

Zembo’s commitment to sustainability and economic empowerment aligns with global efforts to reduce carbon emissions and promote cleaner transportation solutions.

9. SafeBoda.($3.6m, Transport)

SafeBoda is a Ugandan super app. The startup initially started as a motorcycle ride-hailing app before spreading its wings to other complimentary services including delivery, car-hailing and financial services. 

SafeBoda was founded by Ricky Rapa Thomson, Maxime Dieudonné, and Alastair Sussock, emerging from a personal tragedy that highlighted the dangers of motorcycle taxis, or boda bodas, in Uganda. After losing a close friend in a motorcycle accident, Thomson, who was then a boda boda rider, recognized the urgent need for improved safety measures within the industry. 

He began by carrying an extra helmet and encouraging fellow riders to adopt safer practices. This grassroots initiative evolved into a formal business model aimed at enhancing safety and efficiency in the boda boda sector. Officially launched in 2015, SafeBoda quickly grew, focusing on training riders in safe driving and providing them with helmets, which were previously uncommon in Uganda.

 SafeBoda’s emphasis on safety and community empowerment led to significant growth, with tens of thousands of drivers signing up and a substantial customer base. Despite facing challenges, such as competition and rider dissatisfaction, SafeBoda continues to adapt and innovate, striving to improve urban mobility in Uganda and beyond.

SafeBoda operates an on-demand transport app that connects passengers with boda bodas, primarily serving urban commuters in Uganda. 

SafeBoda aims to provide a safe, reliable, and efficient transportation solution while empowering its drivers and enhancing the overall customer experience. Its customer base includes daily commuters, tourists, and businesses seeking efficient logistics solutions, with tailored services designed to help corporate clients manage transportation costs effectively.

SafeBoda has grown to become arguably the most popular Ugandan startup. It has over 50,000 riders in Kampala, Wakiso and Mukono, and it became one of the few Ugandan startups to ever hit 1M downloads in the Google Play store.

The startup has expanded its offerings to include food delivery services and other financial transactions, positioning itself as a super app in the region.  Food delivery and e-commerce were the new products launched by SafeBoda to counter the COVID-19 pandemic restrictions that saw its revenue plummet due to restrictions. The startup has since shut down those services. 

With its financial services, one can deposit money in their wallet, make payments and clear bills as well as savings. SafeBoda also launched SafeCar, the car-hailing service that quickly put it into direct competition with Uber and Taxify who were the leading players in the market. 

In addition to increasing its services, SafeBoda has expanded geographically. It expanded to Nairobi in 2018, before exiting the market at the height of Covid-19. SafeBoda expanded to Nigeria in 2021 as well, starting with the Southwestern city of Ibadan. 

It racked up 3 million rides completed and had over 10,000 riders and 100,000 passengers before it closed shop to concentrate on its key markets like Uganda. SafeBoda has since gone back to Kenya, but it is unknown if it will return to Nigeria. 

SafeBoda has raised many funding rounds, but many have been undisclosed. In 2016, SafeBoda raised $227,000 from GIF, Global Innovation Fund, in the form of a convertible note. The investment aimed to sustain the Ugandan motorcycle-hailing service while it proved there was a large enough market for their product.

At that time, SafeBoda had just started its journey of disrupting road safety. The startup created clever incentives for behaviour change by adapting lessons from group lending in microfinance. SafeBoda drivers sought to recruit safe drivers to their network, using financial incentives and peer pressure to promote safer driving practices. The company aimed to dispel the narrative that motorcycles, known as bodas, were an unsafe mode of transport by enforcing rigorous safety standards among its riders.

It followed this funding with a $1.1m funding round from undisclosed investors in 2018. In 2019, SafeBoda secured further investment in a round led by Allianz X, the digital investment unit of international financial services provider Allianz Group. This was Allianz X’s first investment in an African-headquartered company, with the firm co-investing with Go-Ventures, a venture fund whose cornerstone investor is GO-JEK.

Alastair Sussock, co-chief executive officer (CEO) and co-founder of SafeBoda said at the time the startup was excited to have Allianz X join its investor group, particularly as it deepened its platform and added important fintech services for drivers and passengers. “We are confident that collaborating with Allianz will enable us to grow the business and impact the wider community across East and West Africa,” he said.

Allianz X corporate development director Oliver Ullrich said at the time the investment in SafeBoda underlined his firm’s continued commitment to growth markets. “We are excited to participate in the development of ride-hailing ecosystems in Africa,” he said. “SafeBoda has successfully established itself in the ride-hailing market in Uganda and we look forward to supporting the company’s expansion into additional countries and services.”

With SafeBoda raising funding from Go-Ventures, a venture fund of GO-JEK, it was suspected SafeBoda was going to follow in the footsteps of the Indonesia-based giant. GO-JEK is one of Asia’s biggest super apps with tens of services in a single app from ride-hailing, car-hailing, laundry, home cleaning, bookings etc. SafeBoda followed this path as part of its recovery plan from COVID-19.

At the tail end of 2022, SafeBoda also secured funding from Yamaha Motor Company and existing investors. The funding amount is unknown. This was after Safeboda quit the Nigerian market to focus on profitability in Uganda. 

10. Pura Organic. ($2.73m, Agriculture, 2 Funding Rounds). 

Pura Organic Agro Tech Ltd, established in 2011 and located in Nakasongola District, Uganda, is an agro-processing company focused on enhancing the cassava value chain. The company has been actively developing its nucleus farm and expanding its cassava acreage, while also producing cassava cuttings for smallholder farmers. 

Pura is now transitioning into cassava processing and value addition, aiming to contribute significantly to local food security and economic development. With a commitment to sustainable agriculture, Pura sources its raw materials from both smallholder and commercial cassava farmers, providing them with improved cassava varieties that are disease-resistant and higher-yielding.

Pura Organic secured a substantial funding boost of $2.5 million from the Yield Uganda Investment Fund (Yield Fund). This investment was structured as a combination of straight equity and patient debt, marking the Fund’s eighth investment in the Ugandan agriculture sector and its first significant value-addition investment in the cassava value chain. 

The funding enabled Pura to acquire and install a vertically integrated cassava processing plant, which is expected to produce a diverse range of products, including High-Quality Cassava Flour (HQCF), Tapioca starch, and Sago, an edible starch delicacy made from cassava. This move is anticipated to enhance the company’s operational capacity and further its mission of supporting local farmers.

In addition to the investment from the Yield Fund, Pura also received a grant of $225,250 from the International Fund for Agricultural Development (IFAD). This grant aimed to support the development of a cassava out-grower scheme, ensuring a consistent supply of cassava to the new processing plant. 

The investment is projected to have had a significant social impact by providing smallholder farmers with a sustainable market for their cassava produce, thus enabling them to commercialize cassava as a cash crop and improve their household incomes. With these funding initiatives, Pura Organic is poised to play a pivotal role in fostering industrialization in Uganda and reducing the country’s reliance on agro-processed imports.

11. Xeno ($2.5m, Financial Services, 2 Funding Rounds). 

Xeno is a Ugandan investment platform founded in 2017 by Aéko Ongodia, aimed at democratizing access to professional financial guidance and investment opportunities for individuals across Africa. Aéko, an economist and mathematician, had a robust background in finance, having worked in various capacities within commercial banking, central banking, and investment management. 

The startup is designed to help users plan, save, and invest for their financial goals, starting with as little as $3. This profile provides an in-depth look at Xeno’s origins, mission, milestones, challenges, funding, and future outlook

The inception of Xeno can be traced back to a pivotal moment in Aéko Ongodia’s career while he was working as a portfolio manager at the National Social Security Fund (NSSF) in Uganda. 

Aéko was approached by a colleague, Harriet, who was nearing retirement and was anxious about her financial preparedness. This encounter prompted Aéko to create a personalised investment program that transformed Harriet’s financial outlook. 

He observed a significant gap in the market for accessible investment advice for individuals, particularly in Africa, where many people lacked the knowledge or means to invest their savings effectively.

This experience ignited Aéko’s passion for helping individuals navigate the complexities of investment, leading him to establish Xeno. 

The platform seeks to change the narrative that “Africans do not save” by offering a user-friendly investment service that caters to the unique financial circumstances of its users.

The startup’s goals include democratizing access to professional investment management by making it accessible to everyone, regardless of income level; providing users with the knowledge and resources to make informed investment decisions through financial education; and expanding its services across Africa to reach millions of potential customers, showcasing its scalability aspirations.

Since its launch, Xeno has achieved significant milestones that highlight its impact on the investment landscape in East Africa. The platform has grown its user base to over 100,000 individuals across Uganda, Kenya, and Nigeria, demonstrating its effectiveness in meeting the financial needs of its clients. 

Before Xeno entered the market, Uganda had only 2,300 investment accounts, but the platform’s innovative approach has substantially increased this number. This growth reflects the trust and confidence that users have placed in Xeno to manage their investments, particularly through its goal-based investment service.

Xeno provides a tailored investment experience by allowing users to set financial targets and receive personalized investment plans based on their circumstances and risk tolerance. This approach not only democratizes access to professional investment management but also fosters financial education among users, enabling them to make informed decisions. 

By expanding its services and reaching a broader audience, Xeno is effectively transforming the investment landscape in Uganda and beyond, making financial security accessible to previously marginalized groups.

Despite its successes, Xeno has faced challenges typical of startups in the financial technology sector. One significant hurdle is market penetration, as the company must overcome scepticism surrounding digital investment platforms in regions where traditional banking practices dominate. 

Additionally, navigating the complex regulatory environment across different countries poses another challenge, as compliance is essential for building trust with users. Furthermore, addressing the low levels of financial literacy among potential users is crucial, as this can hinder their willingness to engage with investment products and services offered by Xeno.

Xeno has successfully secured funding to support its growth and expansion, achieving key milestones in its financial journey. In April 2020, the startup raised $150,000 in a pre-seed funding round led by Nordic Impact Funds. 

This initial investment was crucial for scaling marketing efforts and customer acquisition during the COVID-19 pandemic, which underscored the importance of financial planning. The funding helped boost Xeno’s total fundraising to $430,000, enabling the company to enhance its goal-based investment services and make professional investment management accessible to a broader audience.

In a significant boost to its operations, Xeno also raised $2 million in seed funding led by Beyond Capital Ventures. This investment furthered Xeno’s platform and expanded its reach across Africa, recognizing the extensive experience of CEO Aéko Ongodia and the startup’s potential for scalability. 

As part of this partnership, Eva Yazhari from Beyond Capital Ventures joined Xeno’s Board of Directors as an Observer, signalling strong investor confidence in the company’s vision and growth trajectory. This funding supported Xeno’s mission to democratize investment opportunities and improve financial literacy across the continent.

Looking ahead, Xeno is well-positioned to capitalize on the growing demand for accessible investment solutions in Africa. The startup plans to expand geographically, aiming to scale its operations across more African countries and tap into the vast market of over 428 million working individuals in Sub-Saharan Africa, who collectively generate $1.7 trillion annually. This expansion will allow Xeno to reach a broader audience, providing them with the tools necessary for effective financial planning and investment management.

In addition to geographic growth, Xeno intends to enhance its technology by leveraging artificial intelligence and data analytics to refine its investment algorithms and improve user experience.

12. Emata ($2.4m, Financial Services, 1 Funding Round).

Emata is a Ugandan agritech startup founded in March 2020 by Bram van den Bosch and his co-founders, with the mission of revolutionizing agricultural financing for smallholder farmers in East Africa. 

The company emerged from the founders’ frustration with traditional banking systems that failed to utilize modern technology and data to support farmers, who constitute a significant part of the economy yet receive minimal financial assistance.

Emata offers digital loans to farmers, leveraging technology and partnerships with agricultural cooperatives to provide affordable financing. 

The company utilizes alternative credit scoring methods based on farmers’ delivery history and other data points, eliminating the need for traditional collateral. 

This innovative approach allows Emata to approve and disburse loans quickly, often within five minutes, making financial support accessible to farmers who typically face barriers in obtaining loans.

The startup operates primarily in Uganda, with plans for expansion into Tanzania and other East African markets. Emata’s focus areas include dairy, coffee, oilseeds, and maize, with future aspirations to include potatoes. 

The company partners with cooperatives and farmer organizations to digitize operations and facilitate loan repayments, thereby embedding itself. 

In July 2024, Ugandan agritech startup Emata successfully raised $2.4 million in seed funding, comprising $800,000 in equity and $1.6 million in on-lending capital. 

This funding round was supported by several notable investors, including African Renaissance Partners, a venture capital firm focused on investing in East African entrepreneurs; Norrsken Accelerator, the investment arm of Europe’s largest impact tech ecosystem; Zephyr Acorn, an investor in early-stage technology businesses in East Africa; renowned Swedish angel investor Marcus Boström; and Draper Richards Kaplan Foundation, a global venture philanthropy firm.

The funds raised will be utilized to expand Emata’s agri-loan offerings across East Africa, enhancing its services in Uganda and facilitating entry into new markets, particularly Tanzania. The investment aims to address the substantial agricultural finance gap in Sub-Saharan Africa, estimated at $240 billion, and to leverage the potential of digital agri-loans, which are projected to significantly impact the livelihoods of farmers in the region.

Bram van den Bosch, the CEO of Emata, emphasized the transformative potential of the funding, stating that it enables farmers to overcome traditional financial obstacles and empowers them to enhance productivity and income. 

The startup’s innovative approach not only simplifies the borrowing process but also aims to elevate the agricultural sector’s contribution to the economy by making financing accessible to those who need it most.

13. GOGO Electric ($1.6m, Renewable Energy, 1 Funding Round).

GOGO Electric, formerly known as Bodawerk, is a Ugandan startup that is making significant strides in the electric mobility sector and is a competitor to another startup on this list, Zembo.  Founded in 2017 and headquartered in Kampala, the company is dedicated to assembling electric motorcycles and manufacturing lithium-ion batteries in its local factory.

GOGO Electric boasts an impressive production capacity of 60,000 units annually, positioning itself as a key player in the African ecological mobility market.  To facilitate the adoption of electric motorcycles, the company has established a network of battery-swapping stations across Uganda, making the transition from gas-powered vehicles seamless for users.

The startup’s focus aligns with the pressing need to decarbonize “boda bodas,” the ubiquitous motorcycle taxis in Uganda and East Africa. According to estimates by the Kampala Capital City Authority (KCCA), over 150,000 motorcycle taxis operate in the Ugandan capital alone, highlighting the significant potential impact of GOGO Electric’s solutions.

Since its inception, GOGO Electric has deployed over 1,300 electric motorcycles and established 65 battery-swapping stations in Uganda. The company estimates that these eco-friendly vehicles can offset emissions by 3,200 tonnes of carbon dioxide equivalent (CO2) annually, making a substantial contribution to environmental sustainability.

This year, the Electrification Financing Initiative (ElectriFI), funded by the European Union, has made its first investment in the African ecological mobility sector, committing $1.6 million to GOGO Electric. This investment serves as a validation of the company’s vision and positions it for accelerated growth in the future.

In a press release, Jakob Hornbach, GOGO Electric’s founder and CEO, expressed his enthusiasm for the investment, stating, “This investment is a tremendous validation of our vision to revolutionize Uganda’s transport sector through sustainable e-mobility solutions. With ElectriFI’s crucial support, we are positioned to accelerate our mission and make electric motorcycles a mainstream reality for Ugandans.”

As GOGO Electric continues to grow and expand its operations, it remains committed to its mission of revolutionizing Uganda’s transport sector through sustainable e-mobility solutions. With the support of investors like ElectriFI and Watu Credit, the startup is well-positioned to make a significant impact on the environment and the lives of Ugandans. 

14. Ensibuuko ($1.22m, Financial Services, 2 Funding Rounds).

Ensibuuko is a Ugandan fintech startup founded in 2014 by Gerald Otim. The company is dedicated to enhancing financial inclusion by providing digital financial products and improving access to mobile services, particularly in rural areas of Uganda.  It aims to address the challenges faced by village savings groups, which often rely on outdated paper records and lack the knowledge and skills to adopt digital solutions.

Ensibuuko was established out of a need to improve banking infrastructure in rural Uganda, where traditional banks are scarce. Gerald Otim, who grew up in a remote farming village, experienced firsthand the difficulties of accessing financial services, which motivated him to create a solution that would empower underserved communities. 

The company’s mission is to ensure that everyone has access to relevant and affordable financial products and services, along with the knowledge to use them effectively.

Ensibuuko operates a proprietary microfinance platform tailored for Savings and Credit Cooperative Societies (SACCOs) and savings groups. The platform automates operations, allowing these organizations to manage savings and loans more efficiently. Ensibuuko also provides digital skills training to rural customers, leveraging a network of digital field agents to enhance digital literacy.

Since its inception, Ensibuuko has made significant strides in promoting digital financial literacy. Notably, it reached over 236,000 members of rural savings groups, with more than 60% being women. 

The company has also expanded its digital skills training initiatives to Malawi, registering an additional 50,000 users through partnerships with organizations like the United Nations Capital Development Fund (UNCDF) and Community Savings and Investment Promotion (COMSIP).

Ensibuuko has successfully raised funds through various rounds to scale its operations. In its early funding phase in 2016, the company secured $20,000 to support its initiatives. Two years later, in 2018, Ensibuuko received $500,000 in grants to further its efforts. The most significant milestone came in 2020 when the company raised $1 million, which was instrumental in expanding its services in Uganda. 

Ensibuuko also obtained a grant from GSMA to enhance its platform capabilities and digital skills training efforts. These funding rounds have enabled Ensibuuko to grow its impact and reach in Uganda, demonstrating the potential of its digital financial services platform to drive financial inclusion in underserved communities. 

15. Eversend ($1.12m, Financial Services, 2 Funding Rounds). 

Eversend is a financial technology (fintech) company founded by Stone Atwine and Ronald Kasendwa in 2017. It aims to provide accessible financial services primarily for the African market, focusing on empowering individuals and businesses through a multi-currency digital wallet platform.

Stone Atwine serves as the CEO of Eversend. He has a background in fintech, having previously co-founded Yetu Credit Finance, a microfinance company in Uganda, and useremit.com, a remittance service. 

Stone’s experience includes working with various banks in East Africa, enhancing their loan collection processes through technology. He has been recognized multiple times as a top young African leader under 40 by the Institut Choiseul in Paris and was selected by the French government as an exceptional talent in entrepreneurship.

He established Eversend in 2017, to address the financial challenges faced by many Africans, such as high costs and limited access to banking services. The company participated in the Techstars Berlin Accelerator in 2019, which helped to refine its business model and expand its reach.

Eversend’s mission is to promote economic stability and well-being through financial empowerment, aiming to democratize finance for all. The company values customer-first approaches, continuous improvement, openness, equality, and social impact.

As of now, Eversend supports nine currencies, has over 700,000 customers, operates in seven countries, and employs a team of 22 members. The company has gained recognition for its innovative approach to financial services in Africa, particularly in regions where traditional banking is limited

Eversend offers a comprehensive range of financial services designed to enhance user convenience and accessibility. Its multi-currency wallets allow users to hold and manage multiple currencies, facilitating seamless currency exchange and reducing the impact of high exchange fees. 

The platform also enables cross-border money transfers, making remittances easy and affordable. Additionally, Eversend provides virtual cards for online payments, personal and group savings options, and loans, catering to various financial needs. 

Furthermore, the service supports merchant payments, empowering businesses with efficient payment solutions that streamline transactions across different currencies and regions. Eversend continues to expand its services and reach, focusing on creating a more inclusive financial ecosystem for Africans and the diaspora.

Eversend completed a crowdfunding campaign on Seedrs in July 2020, raising €897,000 (approximately $1.015 million), significantly surpassing its initial target of €550,000 (around $613,000). 

The campaign was oversubscribed, reflecting strong investor interest and confidence in Eversend’s business model. This funding round valued the company at approximately €6.6 million (about $7.37 million) and involved offering 7.67% equity to investors. 

The funds raised are intended to support product development, user acquisition, and regulatory compliance, as well as to facilitate Eversend’s planned expansion into Nigeria, Francophone Africa, and Europe.

The Seedrs campaign was part of a broader fundraising strategy that included potential institutional investors, aiming to create a community of user-investors who have a stake in the company’s success. 

Eversend’s growth trajectory, with over 40,000 registered users at the time of the funding, highlights its rapid expansion and the increasing demand for its digital financial services, which include cross-border money transfers, multi-currency wallets, and upcoming offerings like personal loans and savings products.

16. Zofi Cash ($1.1m, Financial Services, 2 Funding Rounds). 

Zofi Cash, a Ugandan fintech startup, is on a mission to break Africa’s 30-day pay cycle and provide a lifeline for employees facing financial emergencies. 

Founded in October 2021 by Paul Kirungi (CEO) and Gordon Turibamwe (CTO),  Zofi Cash offers a digital platform that allows employees to access up to 50% of their monthly net income as an instant salary advance, regardless of payday. 

The process is simple: employees register on the Zofi Cash mobile app, and once approved by their employer, they can receive the advance via mobile money or bank transfer.

The startup’s dynamic and low service fees make it a more attractive option compared to predatory money lenders. By partnering with over 1,500 employers, Zofi Cash aims to serve the growing demand for payroll advances in Africa, which is expected to reach approximately $12 billion by 2025 according to a report by McKinsey.

In 2023, Zofi Cash raised a  $1 million pre-seed round, entirely debt-funded by, Advancly. The funding enabled Zofi Cash to serve 50-60% of the employees on its waiting list, up from the then-current 15%. Advancly, a business-to-business financing company based in Lagos, Nigeria, believes in Zofi Cash’s mission to innovate access to credit and build a more robust financial ecosystem in Africa. Advancly has backed many other startups across Africa with debt funding. 

Despite the challenges of raising funding during the current global funding winter, Zofi Cash remains committed to its mission. In its first year, the startup has facilitated transactions worth $300,000 and is confident in its ability to continue delivering on its promise while expanding its reach with the support of its partners and investors.

Zofi Cash’s innovative approach to salary advances is not only transforming the financial landscape in Uganda but also improving the lives of employees. By providing access to funds during emergencies, the startup helps alleviate financial stress and enables employees to focus on their work and personal growth.

As Zofi Cash continues to grow and expand its reach, it stands as a testament to the power of fintech in driving financial inclusion and empowering individuals in Africa. With its commitment to breaking the 30-day pay cycle and its innovative solutions, Zofi Cash is poised to make a lasting impact on the financial well-being of employees across the continent. Within the agricultural value chain.