Kenyan startups attracted highest funding last year

Written By: O'Brien Kimani

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Kenyan technology startups attracted the highest funding in Africa last year with total funding jumping to 35 billion shillings.

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Kenyan signed over 44 investment deals in the tech sector in 2018 up from 25 deals in 2017.

According to Partech Africa report the bulk of the investments went into fintech companies.

The Partech Africa report shows that investments into African tech start-ups grew from 56 billion in 2017 to 102 billion in 2018, an improvement of 108 percent.

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Kenya led the pack with a total funding of 35 billion shillings while South Africa and Nigeria came in second and third place with each of them bagging investments worth 31 and 25 billion shillings respectively.

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More African nations got tech funding compared to the previous year.

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Most investments went into fintech companies showing the rise of financial technology businesses in the country.

Some of the companies that received the highest amount of funds are; Tala, Cellulant, Dlight, Branch, Twiga Foods, M-Kopa, Africa’s Talking, Lori Systems, Mobius, Bitpesa, and Wefarm.

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The above firms each received funding to the tune of half a million shillings and above.

The Partech Africa report focuses on start-ups whose primary markets are in Africa with investments ranging between 20 million to 10 billion shillings.


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