The African Tech Index (AT50) is a rules-based composite index created by Indexa Exchange Group to measure private market performance and public market readiness of leading African technology companies.
African Tech Index | AT50 Index
Africa's benchmark for private market visibility and public market readiness.
A rules based composite index bringing structure, comparability, and capital markets discipline to Africa's leading technology companies.
Methodology and governance release: January 2026IOSCO-aligned governance and disclosure design
AT50 Index
Illustrative index level (simulated): 1,374.0
Base: 1,000.0 at Q4 2023
Values shown are simulated for demonstration only. The AT50 Index has not yet launched and is not an investable product. Constituents will be published at launch with the January 2026 methodology release.
A new layer of institutional market infrastructure
The AT50 Index is a curated, rules driven benchmark of fifty technology companies that demonstrate clear signals of market readiness. It provides the structure, comparability, and discipline required to strengthen domestic markets while keeping alignment with global standards.
Africa's private markets are now too large and too important to operate without a credible benchmark. Significant value is created long before a company approaches an exchange. That value needs rules based signals that are transparent and comparable.
The AT50 Index fills that gap. It is designed as a bridge between private proof and public market readiness.
What the AT50 Index provides
- Benchmarking for institutional investors
- Readiness signals for exchanges and regulators
- Visibility for founders scaling real businesses
- A bridge from private proof to public readiness
Why this matters now
Private markets move billions, yet the data required to price value, assess readiness, and guide capital flows remains fragmented. The largest value creation on the continent now happens long before any company approaches an exchange.
Without clear, rules based signals:
- Investors rely on incomplete or incomparable data
- Exchanges see high quality companies too late
- Domestic markets struggle to retain and price value created at home
Africa's growth story must be priced locally but recognised globally. The AT50 Index is built to support that bridge by turning private market information into structured, repeatable, and comparable signals for capital markets.
A structured, multipillar composite methodology
The scoring model evaluates companies across six weighted pillars, combining quantitative and qualitative inputs into a composite signal of market readiness.
Valuation momentum (25%)
Scale, trajectory, and quality of capital raised over time, calibrated for African context.
Revenue strength (20%)
Durable revenue performance, grounded in evidence rather than projections, with attention to resilience and unit economics.
Liquidity visibility (20%)
Secondary transactions, strategic interest, and future liquidity horizons that indicate realistic exit pathways.
Governance maturity (10%)
Independent oversight, audited accounts, and control systems that meet institutional expectations for risk and transparency.
Strategic expansion (10%)
Cross border footprint, regulatory depth, and quality of market presence across key African and global corridors.
Market signal and narrative (15%)
Quality of public signal, media coverage, and market perception, grounded in verifiable facts rather than hype.
Hard gates and data discipline
Eligibility is governed by six non negotiable hard gates. Companies must meet each gate to be considered for inclusion.
- Revenue scale that reflects meaningful market traction
- Valuation or capital raised above defined thresholds
- Governance maturity and board level oversight
- Multi market operations across priority corridors
- Technology as a core driver of the business model
- Active company status and operating continuity
Institutional disclosure treatment
- All inputs are labelled as Verified or Analyst Estimated
- Disclosure language aligns to institutional benchmark expectations
- Constituents are internally locked and published at launch
IOSCO alignment is reflected in governance separation, documented methodology, quarterly review cadence, and controlled change procedures.
Independent, institution grade governance
Governance is designed in line with IOSCO's Principles for Financial Benchmarks, the global reference for credible index construction.
Methodology and Inclusion Committee (MIC)
Oversees rules, eligibility criteria, and composite scoring, with a focus on consistency, transparency, and methodological integrity.
Capital Markets Readiness Council (CMRC)
Advises on listing readiness, market structure, and alignment with global benchmarks and exchange expectations.
Independent Governance Secretariat
Administers processes, maintains documentation, and coordinates the quarterly review and disclosure cadence.
Governance is structured with clear separation of powers across methodology, oversight, and administration so that no single stakeholder group can influence outcomes. The index follows documented change control procedures for methodology updates.
Expanding the benchmark universe
The AT50 Index is the flagship within a broader family of indices designed to support visibility and discipline across private and public markets.
AT50 Index
Flagship African Tech Index, fifty high growth technology companies that meet strict signals of market readiness.
AT100 Index
Expanded universe of leading African technology companies, building depth and breadth around the core AT50 cohort.
AE2000 Index
SME credit and growth index, focused on the next generation of emerging companies where data, governance, and capital intersect.
FAQ
Is the index live and investable?
No. Content and index levels shown are illustrative and simulated. The AT50 Index has not yet launched and does not constitute investment advice.
Will you publish constituent companies?
Yes. AT50 Index constituents are internally locked and will be published at launch with the January 2026 methodology release.
How do you treat imperfect private market data?
All inputs are labelled as Verified or Analyst Estimated, with clear disclosure. The methodology and change control are governed through the MIC, CMRC, and the Governance Secretariat.
What is the purpose of AT50 Index?
To provide disciplined comparability and market readiness signals, connecting private proof to public market expectations, and strengthening domestic listing pathways while ensuring global alignment.