KenyaStartup and Funding

Kenya Takes the Lead: Africa’s Hottest Start-up Funding Hub Revealed

1 Mins read

Kenya Takes the Lead: Africa’s Hottest Start-up Funding Hub Revealed

Kenya has defied a global funding drought for budding companies to post a 17 percent increase in new start-up investments, toppling Nigeria and Egypt as the continent’s largest destination for start-up financing.

In 2023, 62 Kenyan start-ups raised an estimated $673.78 million from local and international investors, a rise from the $574.8 million raised in 2022, even as the rest of the continent saw a drop in funding, data by start-up research organisation, Disrupt Africa shows.

Nigeria and Egypt, which dominated the start-up funding space in Africa over the past decade, 2023 recorded a drop, which resulted from a global slowdown in investments due to a cocktail of macroeconomic challenges across the world.

“Unlike elsewhere on the continent, Kenya’s total funding is up,” said the report published this week. “Kenya had an overall positive year in 2023, with its total amount of funding actually rising on 2022 levels, although the number of start-ups to secure funding was down like most other destinations.”

In Kenya, most of the funding raised last year went to energy start-ups, with off-grid solar pay-as-you-go firms M-Kopa and Sun King raising $465 million, or 69 percent of the start-up funding received.

Source: Theeastafrican.co.ke

Related posts
Investor ActivityKenyaMaking the news

Kenya Allocates $83 Million for Inaugural Nuclear Reactor

2 Mins read
Kenya Allocates $83 Million for Inaugural Nuclear Reactor Kenya will require at least Ksh11 billion (about $83 million) as the initial cost…
Startup and FundingTechnology

Clusterlab, Born in Tunisia, Secures $600,000 Pre-Seed Funding to Advance Artificial Intelligence

3 Mins read
Clusterlab, Born in Tunisia, Secures $600,000 Pre-Seed Funding to Advance Artificial IntelligenceClusterLab, the Tunisia-born and now UAE-based startup behind the Arabic audiobook…
BusinessfintechStartup and Funding

Nala Expands its Services to Include a B2B Payment Platform for Seamless Transactions

3 Mins read
Nala Expands its Services to Include a B2B Payment Platform for Seamless Transactions Payments company Nala pivoted to offer remittance service in 2021, tapping…

Leave a Reply

Your email address will not be published. Required fields are marked *