New data shows that startups in Kenya have already raised nearly one billion dollars during the first half of the year.
According to the Big Deal database, out of the big four countries in Africa — Egypt, Kenya, Nigeria, and South Africa — Kenya saw the highest growth of venture capital funding this year so far at $820 million compared to last year, largely led by the fintech industry.
However, analysis from the Big Deal only accounts for public deals, making Kenya come in second to Nigeria who has seen $864 million in funding this year.
Egypt and South Africa came in third and fourth, with the two countries solidifying $538 million and $392 million in VC funding, respectively.
Altogether, the four countries make up 87% of startup funding seen across the entire continent.
This is particularly notable as VC funding has slowed down nearly everywhere else in the world as disappointing stocks and high inflation lead inventors to clutch their wallets.
“If we look at the year on year (YoY) evolution of quarterly funding (comparing Q2 2022 to Q2 2021), Africa is simply the only region that continued growing YoY” said Max Cuvellier, cofounder of The Big Deal.
