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Kenya Received Highest Investment Funding in Africa in 2020- Report

[PHOTO/ COURTESY]

Kenya has been ranked as the leading country attracting the most Startups investments in Africa by Startup List Africa. According to the report, Kenya received 25 percent of the total funding channeled to Africa in 2020.

The industry that attracted the highest investments was renewable energy which has attracted a lot of interest.

The report showed that Kenya led with $266 million worth of investments, followed by Nigeria with $237 million, South Africa was next with $198 million, Egypt at $125 million and finally Ghana with $90 million.

The industries that topped the investment list in Africa include renewable energy, Agritech and logistics.

Read: Six Kenyan Startups Selected For Google Accelerator Africa Programme 2020

Greenlight Planet led with $90 million private equity fund followed by Twiga Foods with $29.4 million loan, Komaza got $28 million, Sendy $20 million and Sokowatch $14 million.

Investors have been attracted to Kenyan Startups and have increased funding in the last five years. In 2016, a total of $101 million was raised, 2017 $357 million, 2018 $210 million and 2019 $152 million. In five years, Kenya has amassed  a total of $1.09 billion in funding, which is second to Nigeria’s $1.74 billion.

The Briter Bridges 2020 report on Startup funding in Africa revealed that $2.4 billion investmentment funding was channeled to Africa in 2020 with Fintech and renewable energy firms getting a huge chunk. The report placed Kenya at the top with most startups to have received funding having their headquarters here.

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Written by Vanessa Murrey

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