Kenyan startups raise 669 billion in a decade
Kenyan start-ups have attracted venture capital funding in excess of $4.5 billion (Sh669 billion) in the past decade, led by fintech, clean technology, health and agriculture sectors.
Investment statistics compiled by the East Africa Venture Capital Association (EAVCA), advisory firm I&M Burbidge Capital and research and intelligence firm Briter Bridges show that the disclosed value of VC investments in East Africa between 2013 and June this year stood at $5.5 billion (Sh806.6 billion).
Kenya accounts for more than two-thirds of the investments, mirroring its lead in attracting private equity finance due to a diversified economy and ample supply of quality skills.
“Within this panorama, Kenya emerges as a frontrunner, boasting a commanding lead in deal volumes at surpassing the $4 billion mark. This significant figure loosely equates to a staggering 83 percent of the cumulative totals within the region,” said EAVCA in its report, The Evolution of Private Capital in East Africa.
“From a volumetric standpoint within the sectors, there exists an equilibrium between fintech and cleantech, with both sectors accounting for nearly equal portions of investment activity. Health and agriculture sectors trail closely behind.”