By Kimani Kuria
Alongside excelling in long–distance athletics and cultural diversity, Kenya remains among the most ideal business ecosystems in the continent. Startups raised a collective total of over USD 222 million (over 20 Billion Kenyan Shillings) in 2020. The economic growth forecasts show an upwards trajectory with the economy expected to grow by 5.9% in 2022. In this article, we look at some of the most funded startups in Kenya and their Founders.
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Founded by Chad Larson, Nick Hughes, and Jesse Moore, in 2011, M–Kopa is headquartered in Nairobi, Kenya that is enabling low–income citizens to access affordable energy solutions. M–Kopa offers a “pay as you go” design to its clients currently not covered under the national power grid.
In terms of funding, the company is a beneficiary of over 20 investors, aggregately raising over USD 180 million (over KSh 20 billion).
Twiga Foods was established by Grant Brooke, Peter Njonjo in the year 2013 and is based in Nairobi, Kenya. The company provides a platform that connects farmers and other produce manufacturers with retailers in urban areas with digital payments integration
Twiga Foods has raised over USD 101 million (over KSh11 billion) in start–up funding from 19 among them AlphaMundi Foundation, Creadev, and Endeavor.
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Jonathan Lewis and Tracey Turner founded Copia Global in 2012 setting up the head office in Nairobi, Kenya. Copia provides an online platform for their customers who can then browse through online catalogs of stores around them picking the items they require.
From six startup funding rounds, this solution compelled investors to pump Copia Global with a total of USD53 million (over KSh5 billion) from 10 investors.
Sendy is an Android and iOS app–based provider of hyperlocal B2B delivery services. The solution connects delivery partners and courier services with individuals and businesses for the delivery of packages while allowing for online payments. Sendy was founded in 2014 by Evanson Biwott, Malaika Judd, Don Okoth, and Meshack Alloys
The company raised USD 27M in funding from Africa Tech Ventures, Kernel, Atlantica Ventures, and 14 other funders.
Apollo Agriculture is an online marketplace for farm loans. The company offers a platform for farmers to access credit and farm inputs through crop health assessment and customized advisory services on the platform. Apollo Agriculture was established in 2016 by Benjamin Njenga and Eli Pollak.
Apollo Agriculture raised USD 18 million from investors such as Anthemis Group, Flourish, Mastercard Foundation, and 13 Other Investors
This middle–sized fin–tech was established in 2013 by Charlene Chen, Amy Ludlum, and Elizabeth Rossiello. The company has its headquarters in Nairobi.
AZA Finance offers a solution that allows their clients to carry out the digital foreign exchange of currencies and make payments leveraging blockchain technology.
Since its inception in 2013, it has gone on to be among the most heavily invested Kenya startups raising a total of USD50 million (KSh5.534 billion) from 12 investors.
Lendable is among the most vibrant fintech startups in Kenya that concentrates on procuring debt financing to other fintech startups in less–developed, but high–potential markets. Lendable was established by Arjun Batra, Dylan Fried, and Daniel Goldfarb.
Since kicking off operations, the company has raised USD12 million (KSh1.328 billion)
SunCulture develops and offers smart solar–powered irrigation systems by combining solar–powered water pumping with low–pressure drip irrigation systems. The company was established in 2012.
SunCulture has attracted over USD 14M from an assortment of investors among them Unreasonable, Partners Group, Aster Capital, and 9 Other Investors.