Kenya continued its impressive investment run for the third consecutive semester in the first half of 2024, hauling in $244 million (Sh31.4 billion) in startup funding. In East Africa, Kenya accounted for 86 per cent of the region’s total funding, down slightly from 89 per cent in 2023 while overall, the region led the continent by attracting 37.5 per cent ($285 million) of total venture capital. Historically, Nigeria has raked in the lion's share of Africa's startup funding, a testament to its large population, entrepreneurial spirit and significant market potential. Kenya's and East Africa's successful fundraising trend could be signalling a shift in investor interest outside the traditional market leader. Nonetheless, Egypt still attracted 87 per cent of Northern Africa's total funding, similar to the previous year.

Source: Daily Nation August 06, 2024 13:50 UTC