Browsing: Kenyan startups

• Kenya’s tech industry regulator says Kenyan startups have the potential to drive up to 70 percent of Kenya’s digital transformation.
• However, latest data shows about eight out of 10 Kenyan startups tend to close shop within the first three years of operation.
• Communications Authority CEO Ezra Chiloba says by forming strategic partnerships, startups can receive valuable insights and support for growth.

Despite a majority of Kenyan startups failing to reach three years into operation since launch, stakeholders in the sector maintain that they are key to the country’s digital transition.

According to Ezra Chiloba, the CEO of industry regulator the Communications Authority, startups have the potential to drive up to 70 percent of Kenya’s digital transformation. However, many of them face significant obstacles such as funding and compliance constraints, leading to a high rate of closure within the first year.

Chiloba highlighted that around 80 percent of startups tend …

• WorkPay has received KSh 341.3 million (US$2.7 million) from international investors to expand in Africa
• The Kenyan HR and payroll solution said the pre-series A round was led by several companies including Acadian Ventures, Fondation Botnar, P1 Ventures, and Kara Ventures
• The funding will assist WorkPay to expand in 40 countries in Africa

WorkPay, a Kenyan human resource (HR) and payroll solution startup WorkPay, has received KSh 341.3 million from international investors to expand in Africa. The startup offers cloud-based human resources management and payroll solution for small and medium-sized businesses (SMBs) in Africa.

On February 22, 2023, WorkPay announced that the investment, a pre-series A round, was led by several companies including Acadian Ventures, Fondation Botnar, P1 Ventures, and Kara Ventures.

The funding will assist WorkPay to expand in 40 countries in Africa.

Commenting on the funding, WorkPay CEO and Co-Founder Paul Kimani told TechCrunch that the company has …

• Eastern Africa startups raised $1.2 billion in 2022 a 115 percent increase compared to 2021 where startups raised $600 million. 
• Western Africa, despite a small decrease in funding in the period under review, remains firmly in the lead in the continent.
• The region’s startups received funding worth $1.8 billion in 2022 from $2 billion in 2021. 

Eastern Africa startups raised $1.2 billion in 2022 a 115 percent increase compared to 2021 where startups raised $600 million. 

Latest data from The Big Deal indicate that this is a huge milestone as the region reached the $1 billion mark for the first time resulting in its revenue share for continental funding more than doubling from 12 percent in 2021 to 26 percent in 2022. 

According to the report, Western Africa, despite a small decrease in funding in the period under review,  remains firmly in the lead in the continent. The region’s startups …

• The Kenyan Startup ecosystem has employed 11,000 people according to the latest analysis by Disrupt Africa. 

• The Kenyan Startup Ecosystem 2022 report indicates that at least 308 tech startups were in operation across Kenya as of November 2022. 

• At least 242 Kenyan tech startups raised a combined US$1,281,918,200 between January 2015 and November 2022. 

A new report by Disrupt Africa has revealed that jobs by Kenyan startups hit 11,000 in 2022. 

The data dubbed ‘Kenyan Startup Ecosystem 2022’ indicates the jobs were created by 308 tech startups across Kenya as of November 2022. 

According to the report, these startups are also supported by a strong investment ecosystem. At least 242 Kenyan tech startups raised a combined US$1,281,918,200 between January 2015 and November 2022, a figure bettered only by Nigeria. 

By mid-November, 63 Kenyan startups had raised funding in 2022, with the country’s running total for the year standing at US$506,686,000. …

• Kenyan-headquartered company MarketForce has closed $40 million Series A round, the largest Series A round of its kind in East and Central Africa
• Through the funding, the company will expand its business and avail more digital financial and banking services through its extensive merchant network
• MarketForce is a leading B2B Commerce and Fintech marketplace that empowers informal merchants in Africa to order, pay and receive inventory digitally and conveniently

MarketForce, a company headquartered in Kenya, is the latest startup to receive millions in funding.

On Tuesday, February 22, MarketForce revealed it closed a $40 million Series A round, the largest Series A round of its kind in East and Central Africa.

The company said it will use the funding plans to scale merchant inventory financing and expand in existing markets.

The company said it will avail more digital financial and banking services through its extensive merchant network. MarketForce has a …

• Kenyan-based health startup Afya Rekod has raised $2million in Seed funding to expand its business and speed up the launch of its patient portal
• The platform allows organisations, health providers, and medical experts to interact and connect with patients, even remotely, in real-time while providing tools to store, manage and analyse health records
• The company’s Founder, John Kamara, said the investment would help them achieve their mission of empowering patients

Health Data Platform

Afya Rekod, a Kenyan-based health data platform, has raised $2million in Seed funding to expand its business and speed up the launch of its patient portal

The company has a health record management platform built to assist users with better healthcare services.

Its platform allows organisations, health providers, and medical experts to interact and connect with patients, even remotely, in real-time whilst providing tools to store, manage and analyse health records and manage hospitals and facilities.

Its …

• Amitruck has secured $4m in a seed funding round that had the participation of investors from Africa, Asia, Europe, the Middle East, and the United States
• The company will use the new funding to expand its presence across Africa and hire new talent
• Better Tomorrow Ventures (BTV), a San Francisco-based venture capital firm that targets early-stage startups, led the funding

Amitruck receives funding

Amitruck receives funding of around $4m in a seed funding round that had the participation of investors from Africa, Asia, Europe, the Middle East, and the United States.

Better Tomorrow Ventures (BTV), a San Francisco-based venture capital firm that targets early-stage startups, led the funding.

Also in the round were supply chain and mobility venture capital Dynamo Ventures, an investor to Berlin-based Digital Freight Forwarding unicorn, Sennder GmbH.

Other investors included Rackhouse Ventures, founded by Kevin Novak, one of the early members of Uber Freight; Flexport …