Kenyan startups received 91.4 billion shillings ($676 million) in funding from venture capital (VC) in 2022, African Private Equity and Venture Capital Association (AVCA) said in a new report.
The country accounted for 13 percent of Africa’s $5.2 billion raised in venture capital last year.
The country accounted for 102 deals out of the 786 in Africa, Business Daily newspaper reported, citing the report.
Nigeria startups received $780 million, followed by Egypt ($676 million), South Africa ($520 million), Ghana ($208 million) and Algeria ($156 million).
In terms of the number of deals, Kenya was ranked fourth behind Nigeria (172), Egypt (117) and South Africa (110).
Financials, industrials, information technology and consumer discretionary sectors accounted for the top value deals, with investors still inclined to startups with a multi-region geographic footprint.
On the other hand,at least six Kenya-based startups closed or made partial exits last year, the report noted.
(Editing by Seban Scaria seban.scaria@lseg.com )
