Finance

Kenya: NSE reaches deal to connect tech start-ups with potential investors

Wednesday, 27 October 2021 18:15
Kenya: NSE reaches deal to connect tech start-ups with potential investors

(Ecofin Agency) - The Nairobi Securities Exchange (NSE) has signed a partnership with the Konza Technopolis Development Authority (KoTDA) to connect Kenyan tech startups with potential investors. The agreement is part of the knowledge economy and innovation program of KoTDA's second strategic plan (2021-2025) for technology startups and SMEs.

Both entities want to establish an ecosystem to effectively support technology entrepreneurship. To this end, KoTDA is assessing funding models that can be created in partnership with the NSE to help the beneficiaries raise funds and enable more Kenyans to participate in the development of Konza Technopolis. The latter is a technology hub being built 64 km south of Nairobi, Kenya's capital.

“KoTDA is focusing on creating partnerships that will help Kenyan tech start-up companies to grow into global entities,” said John Tanui, KoTDA's CEO. Last year, tech startups raised $189 million and the amount is expected to double this year. David Ogiga, president of the Association of Countrywide Innovation Hubs (ACIH), says the NSE's initiative will help grow investment in local startups in the years to come.

Adoni Conrad Quenum (intern)



 
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