Serrari Group

Kenya has taken the lead in start-up investments across Africa in the first half of 2024, despite a downturn in overall venture funding on the continent. According to data from Africa: The Big Deal, Kenyan start-ups secured $244 million (Ksh. 31 billion), capturing a significant 32% share of the total $780 million raised by African start-ups, excluding exits.

This performance highlights Kenya’s pivotal role alongside Nigeria, Egypt, and South Africa—the continent’s ‘Big Four’ nations—which together received 79% of the total funding. There has been a noticeable decline in funding compared to previous years, with a 31% drop from the second half of 2023 and a sharp 57% decrease from the first half of 2023, marking the quietest semester since late 2020.

Key players benefiting from Kenya’s vibrant start-up environment include M-Kopa, known for its solar lighting systems and financial services, which secured a $51 million loan from the United States International Development Finance Corporation (DFC). Spiro, an e-mobility start-up with operations in Kenya, also received a $50 million loan from the African Export-Import Bank (Afreximbank).

In terms of sectors, transport and logistics attracted the most funding, followed by fintech and energy-related start-ups. However, the report underscores ongoing disparities, with most funding flowing to ventures led by male CEOs and lacking female founders.

The slowdown in funding is attributed to economic uncertainties such as inflation and fluctuating currency values, which have prompted international investors to exercise caution and redirect capital away from emerging markets.

Kenya’s leadership in 2024 reaffirms its status as a key player in Africa’s start-up landscape, navigating challenges while continuing to attract significant investment.

Photo source: Google

By: Montel Kamau

Serrari Financial Analyst

10th July, 2024

Share this article:
Article and News Disclaimer

The information provided on is for general informational purposes only. While we strive to keep the information up to date and accurate, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability, or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk. is not responsible for any errors or omissions, or for the results obtained from the use of this information. All information on the website is provided on an "as-is" basis, with no guarantee of completeness, accuracy, timeliness, or of the results obtained from the use of this information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.

In no event will be liable to you or anyone else for any decision made or action taken in reliance on the information provided on the website or for any consequential, special, or similar damages, even if advised of the possibility of such damages.

The articles, news, and information presented on reflect the opinions of the respective authors and contributors and do not necessarily represent the views of the website or its management. Any views or opinions expressed are solely those of the individual authors and do not represent the website's views or opinions as a whole.

The content on may include links to external websites, which are provided for convenience and informational purposes only. We have no control over the nature, content, and availability of those sites. The inclusion of any links does not necessarily imply a recommendation or endorsement of the views expressed within them.

Every effort is made to keep the website up and running smoothly. However, takes no responsibility for, and will not be liable for, the website being temporarily unavailable due to technical issues beyond our control.

Please note that laws, regulations, and information can change rapidly, and we advise you to conduct further research and seek professional advice when necessary.

By using, you agree to this disclaimer and its terms. If you do not agree with this disclaimer, please do not use the website., reserves the right to update, modify, or remove any part of this disclaimer without prior notice. It is your responsibility to review this disclaimer periodically for changes.

Serrari Group 2023