• Tech News
    • Games
    • Pc & Laptop
    • Mobile Tech
    • Ar & Vr
    • Security
  • Startup
    • Fintech
  • Reviews
  • How To
What's Hot

Elementor #32036

January 24, 2025

The Redmi Note 13 is a bigger downgrade compared to the 5G model than you might think

April 18, 2024

Xiaomi Redmi Watch 4 is a budget smartwatch with a premium look and feel

April 16, 2024
Facebook Twitter Instagram
  • Contact
  • Privacy Policy
  • Terms & Conditions
Facebook Twitter Instagram Pinterest VKontakte
Behind The ScreenBehind The Screen
  • Tech News
    1. Games
    2. Pc & Laptop
    3. Mobile Tech
    4. Ar & Vr
    5. Security
    6. View All

    Bring Elden Ring to the table with the upcoming board game adaptation

    September 19, 2022

    ONI: Road to be the Mightiest Oni reveals its opening movie

    September 19, 2022

    GTA 6 images and footage allegedly leak

    September 19, 2022

    Wild west adventure Card Cowboy turns cards into weird and silly stories

    September 18, 2022

    7 Reasons Why You Should Study PHP Programming Language

    October 19, 2022

    Logitech MX Master 3S and MX Keys Combo for Business Gen 2 Review

    October 9, 2022

    Lenovo ThinkPad X1 Carbon Gen10 Review

    September 18, 2022

    Lenovo IdeaPad 5i Chromebook, 16-inch+120Hz

    September 3, 2022

    It’s 2023 and Spotify Still Can’t Say When AirPlay 2 Support Will Arrive

    April 4, 2023

    YouTube adds very convenient iPhone homescreen widgets

    October 15, 2022

    Google finishes iOS 16 Lock Screen widgets rollout w/ Maps

    October 14, 2022

    Is Apple actually turning iMessage into AIM or is this sketchy redesign rumor for laughs?

    October 14, 2022

    MeetKai launches AI-powered metaverse, starting with a billboard in Times Square

    August 10, 2022

    The DeanBeat: RP1 simulates putting 4,000 people together in a single metaverse plaza

    August 10, 2022

    Improving the customer experience with virtual and augmented reality

    August 10, 2022

    Why the metaverse won’t fall to Clubhouse’s fate

    August 10, 2022

    How Apple privacy changes have forced social media marketing to evolve

    October 16, 2022

    Microsoft Patch Tuesday October Fixed 85 Vulnerabilities – Latest Hacking News

    October 16, 2022

    Decentralization and KYC compliance: Critical concepts in sovereign policy

    October 15, 2022

    What Thoma Bravo’s latest acquisition reveals about identity management

    October 14, 2022

    What is a Service Robot? The vision of an intelligent service application is possible.

    November 7, 2022

    Tom Brady just chucked another Microsoft Surface tablet

    September 18, 2022

    The best AIO coolers for your PC in 2022

    September 18, 2022

    YC’s Michael Seibel clarifies some misconceptions about the accelerator • DailyTech

    September 18, 2022
  • Startup
    • Fintech
  • Reviews
  • How To
Behind The ScreenBehind The Screen
Home»Tech News»In Africa, Kenyan startups have so far recorded highest funding growth this year – DailyTech
Tech News

In Africa, Kenyan startups have so far recorded highest funding growth this year – DailyTech

August 9, 2022No Comments3 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
In Africa, Kenyan startups have so far recorded highest funding growth this year – TechCrunch
Share
Facebook Twitter LinkedIn Pinterest Email

Kenyan startups raised nearly one billion dollars in the first half of 2022, surpassing what the country raised in the whole of 2021. Data shows that, of the big four in Africa – the quartet that includes Nigeria, Egypt and South Africa, and which receives most VC funding in the continent – Kenya has so far showed the greatest growth in funding gained this year.

This is after the East African country, through 76 deals, raised $820 million in the first half of the year, according to the Big Deal database. This is almost double the funding secured by the country’s startups last year. For Kenya, this represents a 422% growth in funding raised, when compared to a similar period last year.

The Big Deal’s 2021 report, places the funding secured by Kenya last year at $411 million while Partech data says the country raised $571 million. On both accounts, Kenya held the fourth position in Africa in terms of funding received.

However, the latest Big Deal data, which only takes into account deals that have been made public, shows that the country is currently second after Nigeria, which has so far signed 160 deals, attracting $864 million in VC funding — which is 128% increase when compared to the first six months of 2021.

As the top VC investment destination in Africa last year, Nigeria raised nearly $1.8 billion, which is triple the funding Kenya secured.

Egypt and South Africa are third and fourth in terms of funding raised in Africa so far, having secured $538 million (71 deals) and $392 million (53 deals), respectively. However, Egypt earned the second highest growth after recording a 244% growth in the first half of this year, when compared to similar period in 2021 — as South Africa attained a marginal 2% growth in VC funding raised.

See also  Disney+ shares first take a look at Nationwide Treasure: Fringe of Historical past

The quartet accounted for 87% of the funding raised, in Africa, in the first half of this year.

Mega Deals in Kenya

Kenya’s growth in VC funding was buoyed by an increase in the number of deals and mega rounds – which are deals that are equal to or exceed $100 million. Two notable mega rounds that happened by the close of June in Kenya are Sun King’s $260 million series D funding, and Wasoko’s $125 million series B funding. Sun King is a solar provider with operations across Africa and Asia, while Wasoko is a B2B retail and e-commerce platform.

Kenya’s growth is noteworthy given that it is soaring at a time when venture capital funding continues to slow down across the globe.

On the other hand, Kenya’s increased deal flow is indicative of the growing VC funding in Africa. The Big Deal’s data shows that Africa had by the end of June raised $3 billion, doubling what it had raised in the same period last year – despite this being a drop in the ocean when compared to other regions across the globe.

“If we look at the year on year (YoY) evolution of quarterly funding (comparing Q2 2022 to Q2 2021), Africa is simply the only region that continued growing YoY,” said Max Cuvellier, of The Big Deal in a post about funding in Africa.

Fintechs continue to attract the most funding in the continent. Africa is regarded as the world’s second-fastest growing payments and banking market after Latin America, according to this McKinsey study.

See also  Months after rejecting a $17B bid, Zendesk sells to private equity group for $10.2B – DailyTech

Source link

Africa DailyTech funding Growth Highest Kenyan recorded startups year
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Andrew Eweka On Bridging The Gap Between Africa And Global Business

September 24, 2023

Highest Paying Construction Jobs Of 2023

September 21, 2023

Nvidia Chip Shortages Leave AI Startups Scrambling for Computing Power

September 3, 2023

How To Leverage Growth Marketing To Boost Slowing Sales

August 27, 2023
Add A Comment

Comments are closed.

Editors Picks

Solidigm P44 Pro review

October 5, 2023

The AirPods Pro 2 will reportedly make an appearance at this week’s Apple event

September 4, 2022

HDD shipments drop by a 3rd yr over yr

July 17, 2022

Mount & Blade II: Bannerlord releases on PlayStation and Xbox this October

August 29, 2022

Subscribe to Updates

Get the latest news and Updates from Behind The Scene about Tech, Startup and more.

Top Post

Elementor #32036

The Redmi Note 13 is a bigger downgrade compared to the 5G model than you might think

Xiaomi Redmi Watch 4 is a budget smartwatch with a premium look and feel

Behind The Screen
Facebook Twitter Instagram Pinterest Vimeo YouTube
  • Contact
  • Privacy Policy
  • Terms & Conditions
© 2025 behindthescreen.uk - All rights reserved.

Type above and press Enter to search. Press Esc to cancel.