It was a great year for Kenyan startups as they continue to shatter fundraising records after attracting a record US$187.4 million of investments over 41 disclosed deals in 2019. This represented a 32% increase from 2018 signifying the growth of the country as a destination for startup and tech investors.
In its second year of release, this report highlights the sectors where investors are banking their capital. The AgriTech sector continues to attract the most funding having bagged US$50.8 million with Twiga Foods leading the pack. The sectors also attracted the most number of deals than any other sector.
Despite the increase in female-focused programs in the ecosystem, funding for women founded (led) startups is still very low. Out of the total 55 deals. Only 21% went to women-founded startups. This can also be further observed in startups that have raised more than US$1 million in 2019 where only 3 companies were women-owned.
The Year 2019 also had more than 14 startups raising at least more than a US$1 million in total disclosed funding in 2019. This has been catalyzed by the presence of more than 90 investing institutions taking part in various funding activities in the country.
The year 2019 was also marked by an increase in the M&A activities where 5 major exits were registered.
Other key details in the report include:
- Analysis of diversity and inclusion across the landscape.
- Data on the list of investors involved.
- Sector analysis by count and value.
- Data on the deals that attracted more than US$1M