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Kenyan start-ups secure record funding in Africa
Monday May 03 2021
The entrepreneurial spirit has been growing across Kenya’s agri-tech, e-commerce, fintech and logistics sub-sectors.
The growth has attracted large funding rounds from international venture capitalists (VCs) and institutions on solid and proven investments.
Between 2015 and 2020, for example, investments in the country increased to Sh26 billion from Sh20.8 billion ($191.4 million), representing a 27.3 percent of the continent’s total investment.
Nigeria came second with Sh16.3 billion followed by South Africa (Sh15.5 billion), Egypt (Sh15.4 billion), Ghana (Sh2.2 billion) and Morocco at Sh1.1 billion.
“This is the largest amount of funding ever achieved by a single country. The record was previously also held by Kenya, when in 2019 the country’s start-ups netted Sh16.2 billion ($149.2 million),” Disrupt Africa Tech Startups 2020 Funding report shows.