NAIROBI, Kenya, Jan 5 – Kenyan start-ups raised a record Sh135.8 billion from international investors in 2022, helping the country occupy position two on the African continent.
The Big Deal, an American newsletter that covers startup deals in Africa, shows that Nigeria retained position one with Sh148.1 billion followed by Kenya Sh135.8 billion, Egypt Sh101.2 billion and South Africa Sh67.9 billion.
“While it has been coasting in H2, Kenya has had such a strong start of the year that it had topped 2021 numbers by March, and already records 2.5x YoY growth between 2021 and 2022,” The Big Deal data shows.
“Just a little push, and it could cross the $1bn mark. It is worth noting though that Kenya is really playing catch-up after a disappointing 2021: with -24% YoY, it was the only one of the Big Four to suffer a decrease in funding raised between 2020 and 2021, while its three peers were growing – exploding rather – by a factor of 4x to 5x,” the report added.
Across the continent, startups raised $4.8bn+ with 1000+ deals of over 100k.
“While our data currently adds up to $4,849m, we’re almost certain 2022 funding will eventually exceed $5bn. Indeed, December 31st round-ups are always underestimated,” it added.
“On December 31st, 2021 for instance, we had gathered deals worth $4,326m for the year; our latest tally is some $300m higher, at $4,626m. This is due to a delay in investors sharing deals confidentially with us, and to deals becoming known later (for instance, a start-up sometimes only releases data on their seed round when they announce their Series A round a year or two later).”
