Yearly Funding For Kenyan Start-ups to Hit Sh100Bn by 2025

“Start-ups dealing in payments and remittances will receive the highest amount of investment.”

NAIROBI, Kenya Jun 21 – Yearly funding for Kenyan start-ups is projected to hit Sh100 billion in the next three years.

Speaking during the opening ceremony of Digital and Technology Week in Nairobi, Go Gaga Experiential Chief Executive Officer Norah Muthoni Mumo said start-ups dealing in payments and remittances will receive the highest amount of investment.

“The payment and remittances sector addresses a huge fundamental issue of how to pay and get paid affordably. The space has big companies with great track records, and investors like spaces that have proven value and have already attracted big investors,” She said.

In the first three months of 2022, Kenyan Startups raised Sh48 billion in venture funding more than the country did in all of 2021 when start-ups raised Sh41 billion.

Kenya is now among the Big Four countries in Africa attracting massive funding with Nigeria leading the way with Sh60 billion.

“Kenya is a leading hub for entrepreneurship on the continent because of a growing number of engaging international investors, a huge population with access to technology, and a growing number of startup support organizations active in the ecosystem,” Mumo revealed.

She attributes the projected growth to investment from corporate Kenya in accelerators, incubators and innovation programs as well as investments in innovation funding coupled with a growing community of successful investors, and entrepreneurs.

Start-ups in Africa have raised over Sh100 billion in the first quarter of 2022, breaking the record established in the third quarter of 2021 by just a few million. Compared to last year, there’s been 2.5x more funding raised in Q1-22 than in Q1-21.

However, despite the huge growth, funding flowing to African startups is still a drop in the ocean of global venture funding representing just one percent of global venture funding.

“Governments in Africa must invest in this space through reducing the burden of regulation, embedding incentives within legislation and investing in science and technology skills, ” Mumo added.

The 7th edition of Digital and Technology Week (DTW) 2022 formally Social Media Week attracted over 600 participants in Africa.

DTW is the leading Digital and Technology Platform in Africa providing unrivalled Industry Insights, Exploring Emerging trends & Research and a Product/Brand Launch Pad.

The 4-Day event attracts Corporates, Agencies, Government, Media, and Technology companies both local and International and features an array of activities including Key notes, Master Classes, Workshops, Networking Sessions, Fireside Chats, Panel sessions, Case-studies, Product launches and Brand-Agency engagements.

 

ABOUT DTW

DTW is the leading Digital and Technology Platform in Africa providing unrivalled Industry Insights, Exploring Emerging Trend & Research and a Product/Brand Launch Pad. The 4-Day event attracts over 600+ Corporates, Agencies, Government, Media and Technology companies both local and International.

DTW is organised by Go Gaga Experiential and features an array of activities including Key Note, Master Classes, Workshops, Networking Sessions, Fireside Chats, Panel sessions, Case-studies, Product launches and Brand-Agency engagements.

The event culminates in Digital Media Awards, the leading Award Recognition Platform, celebrating the very best of Digital Marketing & Technology innovations and campaigns in Kenya.

DMA redefines the boundaries of Tech innovation, Digital Content Creation and Execution. The Annual Awards recognise brands, agencies and individuals who have delivered unique and original campaigns.

ABOUT GO GAGA EXPERIENTIAL

Established in 2013, Go Gaga Exp is an agency founded on the values of innovation & creativity, passion, accountability and efficiency.

We are committed to providing digital training, mentorship management, brand management, conferencing & event management.

Our key focus is on offering our clients the peace of mind that comes along with having a professional, secure and solid organization dedicated to creating exemplary work.

At Go Gaga Experiential, we understand and capitalize on the fact that human beings are predominantly visual and thus stimulate this sense in everything we do.

 

PR, Media & Marketing Agency