New Report Shows Kenyan Startups Raised KSh 33 Billion In 2021

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Twiga Foods employees at work PHOTO/UGC

A new report has shown that Kenyan start up companies recorded 13.6 percent investment grown of the total African growth.

The African Tech Startups Funding Report 2021 showed that 564 businesses in Africa raised over KSh 248.4 billion in funding.

Of the 564 businesses, 87 are Kenyan owned and raised a total of KSh 33.9 billion in funding.

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Two Kenyan companies boosted the country’s growth after raising slightly over KSh 15.6 billion of the total funds.

The companies, AI Company Gro Intelligence and Twiga Foods raised KSh 9.8 billion in the Series B round and KSh 5.8 billion in Series C respectively.

Kenya was ranked among Africa’s four biggest economies for start up funding alongside Nigeria, Egypt and South Africa.

Nigeria raised KSh 104.9 billion worth of tech start-up funding with Egypt emerging second with KSh 51.7 billion.

Kenya is home to several startups, such as Twiga Foods and Komaza, attracting billions of shillings annually from international investors.

The most active investors in the continent are Launch Africa with more than 44 deals, Kepple Africa (32), Y Combinator (27), LoftyInc Capital (23) and Flat6Labs (19).

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On the other hand, South Africa came in at the third position with KSh 39 billion.

In January 2022, The East African reported that Kenyan startups by international investors declined to KSh 47.8 billion last year from KSh 63.7 billion in 2020.

The plunge came after Kenyan startups recorded a funding growth record of KSh 63.7 billion in 2020, up from KSh 21.3 billion in 2019.

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