With $673 million in hand and counting, Kenya enjoyed a great 2023 even as the rest of Africa saw a drought.

Kenya is Africa’s start-up funding top destination

By VINCENT OWINO More by this AuthorKenya has defied a global funding drought for budding companies to post a 17 percent increase in new start-up investments, toppling Nigeria and Egypt as the continent’s largest destination for start-up financing.
“Unlike elsewhere on the continent, Kenya’s total funding is up,” said the report published this week.
Of the four African countries that have traditionally dominated start-up funding on the continent, two saw a drop.
Read: Africa PE and venture capital funding dipsNigeria’s total investments shrank almost three times from $976 million in 2022 to $399.9 million last year.
Egypt’s start-up investments also dropped from $811 million to $590 million in that period, while South Africa’s rose to $512 million, from $329 million in 2022.