Despite the challenges posed by the ongoing funding winter, Kenya has maintained a strong position relative to its peers in the African startup ecosystem.
According to Africa: The Big Deal, Kenya has become a major player in the African startup ecosystem, attracting significant funding compared to its ‘Big Four’ counterparts, Nigeria, South Africa, Egypt, and Ghana. Since 2019, these heavy-weight countries have collectively secured over 80% of all startup funding on the continent, but Kenya is making a name for itself.
In both 2023 and the current year, Kenya has claimed the top spot in Africa for startup funding, capturing 27% of the total funding in 2023 and an impressive 31% year-to-date in 2024. This achievement is remarkable given that Kenya accounts for about 4% of Africa’s population and nominal GDP, placing it seventh overall in terms of economic size.
Since 2019, Kenya has consistently ranked among the top two countries for startup funding, with its current share of 31% marking the highest level it has reached in this period. The number of ventures in Kenya successfully raising at least $1 million has also shown positive trends.
Historically, Kenya’s share of these larger fundraising rounds has hovered around 20%, but recent data indicates a shift: it ranked second in 2023, following Nigeria, and second again in 2024 to date, this time behind Egypt.
