With 54 million people and the largest economy in hashtag

#EastAfrica, Kenya drives over 50% of regional GDP and serves as a major trade hub linking Africa, Europe, and the Middle East. Take a look at these intriguing facts about the Silicon Savannah 👀

🇰🇪 Kenya attracted 32% of all start-up funding on the continent in H1 2024. Kenya led African start-up funding for the third consecutive semester, raising $244 million and accounting for 32% of the continent's total, a 5 percentage point increase from 2023. Eastern Africa, with Kenya at the forefront, secured 37.5% ($285 million) of all funding.

Source: Africa: The Big Deal

🧑‍💻 Kenya's tech sector contributed $1 billion to the country's GDP in 2023. Unlike other tech ecosystems in Africa, which are mainly driven by fintech equity deals, Kenya saw a decline in fintech funding, accounting for only 12% of total sector funding. Instead, Agritech, Cleantech, and E-Commerce, Mobile Commerce & social commerce emerged as the dominant sectors.

Source: African Development Bank Group

💸 In 2023, Kenya led as the top destination for VC investments in Africa, securing $800 million USD via over 80 deals, including 67 equity deals. This placed Kenya ahead of South Africa (with over 60 deals) and Ghana (over 35 deals). However, overall VC funding across Africa declined last year, with active investors decreasing by 50%, prompting startups to focus on maximising existing capital. Aligned with continental trends, Kenya also saw a 50% decrease in investor participation from 2022 to 2023. Notably, despite the overall decline in investment, gender parity in funding improved, with Kenyan female-founded startups accounting for 25% of the total capital raised by female founders in Africa during 2023.

Source: TechCrunch

🇰🇪 It is home to five of our portfolio companies across different sectors: OkHi Smart Addressing, Ndovu, AIfluence Inc. Twende Mobility & Triply.co