Venture Capital (VC) funding still remains a big challenge for startups in Kenya. Many startups with great products and services usually find it hard to get funding, or majorly relying on private funding from family members and friends.
As 2019 comes to an end, we would want to have a quick look at the Kenyan startup landscape in terms of funding with the aim of helping entrepreneurs understand into what type of startups the VC money has been flowing into.
Top 10 Kenyan startups in terms of funding during 2019
Below is a list of 10 Kenyan startups that have raised a significant amount of money in 2019, including the amounts they have raised in Kenyan Shillings. The list includes only those figures that were mentioned publicly, and there should be many other startups that have not publicly disclosed their funding.
Twiga Foods – 3.48 billion KSh
Twiga Foods sources for produce from Kenya's farmers and delivers to vendors in urban areas. This helps bridge a critical gap where farmers have produce but they cannot access the market, or where vendors can’t get stock on time.
Twiga Foods plans to use the money raised to strengthen its technology and logistics assets, and to expand to other countries in Africa.
Lori Systems – 3.0 billion KSh
Lori Systems is a logistics and transport company that connects cargo owners to transportation. The company said that the money raised would be used to ramp up operations, build up their technology and hire a team that can drive global revolutions in logistics.
Copia – 2.8 billion KSh
Copia is a retail platform which targets to reach middle- and low-income consumers in Africa. They work with a network of agents to ensure that the people who are out of reach of formal retail and e-commerce are reached using a mobile commerce platform.
The money raised is to be used to launch into other African countries.
AZA Group (BitPesa) – 1.5 billion KSh
Aza Group, previously known as BitPesa, is a digital foreign exchange and payment platform in Kenya, Nigeria, Ghana and Morocco. The startup plans to use the funds raise to expand to the emerging markets in Northern and Southern Africa as well as the Middle East.
Apollo Agriculture – 810 million KSh
Apollo Agriculture is a technology company that provides financing, farm inputs, advice, insurance, and market access to farmers. No much details about the funds was released.
MyDawa – 300 million KSh
MyDawa is an online pharmacy which seeks to provide a convenient, private access to authentic medication and wellness products at good value. The money raised was to be used to accelerate countrywide expansion in Kenya.
Eneza Education – 290 million KSh
Eneza Education is a company that offers revision and learning material via basic feature phones, thus enabling learners in poor societies to access high quality education support. They did not disclose how they intended to use the money.
SokoWatch – 250 million KSh
SokoWatch is a business to business e-commerce platform in Kenya and Tanzania. It allows retailers to order fast-moving consumer goods at any time through SMS or mobile app for same-day delivery. The funds were to be used to expand to Kigali and Kampala, as well as Mombasa and Nakuru in Kenya.
Shortlist – 200 million KSh
Shortlist is a HR technology startup operating in Kenya and India. The company said that the funds would be used to expand their reach and relationships with top job seekers and improve how they match those job seekers with amazing career opportunities, as well as continue their geographic expansion across Africa.
Sendy – 200 million KSh
Sendy is an on-demand transport and logistics startup in Kenya. It plans to use the funds to expand its operations reach to cover all East Africa.
Other startups that raised some significant amounts include M-Tiba, and Turaco.Share this via: