Tech

Kenyan startups raised highest amount of funding in Africa in 2023– Report

Published

4 months ago

January 11, 2024

A report put together by a technology research firm, “Africa: The Big Deal”, has revealed that in the year 2023, Kenyan startups got the highest amount of funding in Africa.

The report published on Thursday noted that for the first time in many years, Kenya was able to attract more funding than the largest tech markets in the continent which are Nigeria, Egypt and South Africa.

“The year saw rebalancing of investments across four of the continent’s largest tech markets, Egypt, Nigeria, Kenya, and South Africa,” the firm said.

“For some time now, Nigeria has always received the biggest share of startup investments, however, in 2023, Kenya overtook the West African country, gaining the highest amount of tech funds on the continent,” it said.

The report noted that Kenyan startups raised a little under $800 million to claim the top spot in Africa.

‘’With just under $800m raised in 2023, Kenya attracted the most funding, 28% of the continent’s total.’’ the report reads.

‘’While it suffered a decline (-25% YoY), its share of Eastern Africa’s funding grew from 86% in 2022 to 91% in 2023. 93 start-ups raised $100k or more during the period (19% of Africa’s total),’’ the report reads.

The report also pointed out that Nigerian startups recorded a significant drop in funding in 2023, falling by 65.83 percent year-on-year to $410 million in 2023 from $1.2 billion in 2022.

‘’Nigeria is the country where the most dramatic change happened in 2023. While the country still claimed the highest number of startups to raise $100k or more (146, 29% of the continent), the amount they raised was divided by 3 YoY (-67%) to reach $410m, compared to $1.2b in 2022, and $1.7b in 2021,” the report said.

Kenyan President William Ruto, while acknowledging the feat by his country, attributed the increased funding to the strategic reforms that have enhanced Kenya’s business environment.

‘’Proud that Kenya leads Africa in startup capital, securing an impressive $800 million (Ksh 124 billion) in 2023,’’ he wrote on X.

‘’Our strategic reforms have enhanced the business environment, positioning Kenya as the preferred choice for investors.”

“This achievement reflects our commitment to fostering innovation and economic growth. The substantial funding is driving groundbreaking ideas, fueling technological advancements, and propelling job creation. ‘’ he added.

Related Topics:Featured Funding Kenya Nigeria Startups TECHNOLOGY

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Tech

RepAir, Cella partner to launch carbon capture in Kenya

Published

6 hours ago

April 27, 2024

Akanimoh Etim

Global Direct Air Capture (DAC) firm, RepAir, has entered into a partnership with carbon storage technology company, Cella, to launch a first-of-its-kind innovative Carbon Capture and Storage venture in Kenya.

In a statement on its website on Friday, RepAir said the venture will see a replication of its “cultivating partnerships” with storage firms in Europe, U.S. and Africa.

“This storage agreement will streamline the sale of high-quality carbon credits to off-takers, enabling corporations to meet evolving ESG standards, manage offsets and advance towards net zero goals,” the statement issued by RePAir CEO, Amir Amir Shiner, stated.

“Our solution sets a new standard, requiring only 600 kWh per ton of CO2 captured, marking the lowest energy consumption on the market.

“This agreement is perfectly aligned with the launch of our commercial demonstrator in 2025, empowering RepAir to offer high-quality carbon credits to our customers.

“It will see to the establishment of a storage partnership with Cella aimed at creating dedicated value chains for extracting CO2 from the atmosphere and permanently storing it underground through in-situ mineralization.

Corey Pattison, CEO, Cella, who also issued a statement on the partnership, said “by partnering with Cella at our first demonstration site, RepAir can capitalize on two critical resources: the potential for truly permanent, highly verifiable carbon storage via mineralization combined with Kenya’s abundant renewable energy sources.

“Together these resources provide a comprehensive solution for capturing and storing CO2 for off-takers. This collaboration represents an extraordinary opportunity to nurture mutual growth.”

Tech

Intel Liftoff Hackathon 2024 calls for applications from African AI startups

Published

1 day ago

April 26, 2024

Akanimoh Etim

Applications for the 2024 cohort of Intel Liftoff Hackathon has opened for African AI startups designed to bring together aspiring tech entrepreneurs, software developers, and AI enthusiasts to collaborate, innovate, and create solutions to concrete African challenges.

In its second edition, the hackathon welcomes pioneering early-stage AI startup teams from the African continent, delving into experiments with LLM technology, a statement on the website of the organiser stated.

It added that the Intel Liftoff Hackathon for African AI Startups, which will be held online on May 27-31, is themed “Hack and Connect”, and will take place in partnership with Modus Africa, University Mohamed VI Polytechnic, Morocco

Other partners include TUT Hub of Artificial Intelligence Institute of South Africa, Prosper Africa, UM6P Ventures, FAST Accelerator, Innov8 Technology Hubs, and Open Startups International.

“The hackathon will feature hands-on workshops that will allow learning of AI essentials; three days of challenges with mentors to test skills; exhibition opportunities to showcase startups and forge partnerships with industry leaders; and networking opportunities to engage with fellow startups and gain insights from domain experts in the AI ecosystem,” the statement said.

“Winners will be invited to join the Intel Liftoff for Startups programme, and receive unique mentoring sessions with ecosystem partners and marketing opportunities with blog articles,” it concluded.