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According to the poll, the country boasts more than 100% mobile penetration, 90% internet coverage, and a diverse set of B2C e-commerce merchants, lowering business costs.
Thus far in 2022, 242 tech firms have raised $1.28 billion between January 2015 and November 2022. They raised $506.6 million last year alone, nearly doubling the $291.9 million raised in 2021 and setting a new yearly total for the ecosystem.
According to the report, which mapped 47 counties, 58% of Kenyan entrepreneurs have a presence in Nairobi and have been growing to other regions of the nation.
Although 53% of them are based in Kenya, there is significant interest in expanding to other East African and West African nations. 91% of the firms that responded to the poll attempted to obtain capital from investors.
Just 6% of startups are utilizing their own money, while 3% did not respond. Of the 33 firms that attempted to generate funds, 97% were able to do so through various means such as loans, investments, and grants. Just two startups were acquired or merged with another firm.
According to the report, 97% of startups found it difficult to raise capital, while only 3% found it simple. The majority of startups (65%) want investments in return for a stake in the firm, while 15% seek a combination of loans and investments and others (12%) seek only loans. A few (8% of the population) are seeking grants or safe notes.
Fintech is the most populated sub-sector of the Kenyan start-up space in terms of levels of activity with 93 firms, making up 30.2% of the country’s ventures cementing its ability to solve fundamental problems at a time tech solutions are received well and quickly adopted at.
Last year, at least 308 tech start-ups were in operation across Kenya, employing more than 11,000 people.