East Africa accounts for 23% of the funds raised by African startups since 2019. Kenyan startups attracted most of those funds or some US$1.9 billion in two years and a half.
East African startups raised US$2.3 billion between 2019 and May 2022. The amount represents 23% of the overall funds raised by African startups during the period.
Most of the US$2.3 billion (84%) was raised by Kenyan startups. Indeed, during the period, Kenyan startups raised US$1.9 billion. "Of the 10 $50m+ deals recorded in Eastern Africa since 2019, 9 were in Kenya," the Big Deal indicated in an analysis posted today, June 14.
Tanzania and Uganda were the other two East African markets to attract more than US$100 million in total funding during the period. "Combined, the three countries leave very little room to their neighbors, with 96% of all the funding raised in the region since 2019," the platform added.
During the period, Tanzanian startups raised over US$152 million against about US$125 million for Ugandans. Ethiopia, Rwanda, and Sudan were the underdogs with respectively US$46 million, $23 million, and $6 million raised.
In the past 2.5 years, East Africa has captured nearly ¼ of all the funds raised on the continent. In 2019, they raised US$255 million, $646 million in 2020, $571 million in 2021, and $845 million from January to May 31, 2022.
Unsurprisingly, Kenya remains the powerhouse in that region. Its startups raised over US$780 million between January and May 2022, representing a 436% year-on-year increase.
Chamberline MOKO
Algeria launches bid for two NGSO satellite telecom licenses Move aims to expand broadband ac...
Four major operators—Mauritel, Mattel, Rimatel, and Chinguitel—submitted a combined bid of ...
(EBID) - EBID aims to allocate nearly 41% of its commitments to projects with environmental and...
Nigeria, Nestlé sign MoU for dairy training center in Abuja Center to train farmers in breeding, ...
Operators review 2025 investments, outline 2026 expansion plans Consumer complaints persist...
Ghana, JICA discuss road, bridge projects at IMF-World Bank meetings Kumasi Ring Road grant secured; talks focused on implementation...
Collaboration explores AI-RAN to improve network efficiency Nvidia provides computing power for real-time optimization Initiative aims to reduce...
$100 million facility targets fuel, medicines, and fertilizers Support comes amid rising global price pressures Deal reflects Burundi’s...
Ten-month program aims to strengthen macroeconomic management No financing attached, but key step toward re-engagement Progress hinges on...
Lomé is hosting the 9th edition of the International Film Festival of Togo (FIFTO) featuring 33 films. The event promotes African storytelling in...
Fally Ipupa plans a two-part album project combining urban sounds and traditional rumba. The first album “XX” releases on April 17, while “XX Delirium”...