Kenya ranked third as the most preferred startup investment destination in Africa after South Africa and Nigeria. It was able to attract 73 deals in which 107 and 136 pacts were signed.
Report by The Venture Investments Report 2018 by WeeTracker, a firm that focuses on the African start-up ecosystem indicated that in 2018, 458 deals were done with a total value of Sh72.6 million. The number of deals rose by 127 per cent with the funding growing by 300 per cent.
Financial technology was considered the most lucrative sub-sector after fintech companies recording the highest funding.
“The demand for traditional business is as high as technology-driven enterprises, but when both are combined, what we get is an exceptional business… Fintech appears to be the ever-growing sector in Africa, with most of the companies trying to work around payments and remittances,” the report said.
The cellulant’s billion-shilling deal which ended on may last year ranked fifth largest to be signed in Africa same year.
Fintech intends to use the funds in upgrading its payment system and entering into new markets across Africa.
Naspers’ investment in Webuycars.co.za and Jumo’s a south African lending platform toped in Africa for their Sh9.5 billion and Sh6.75 billion respectively.
Kenya solar providers managed to have Sh6.6 billion equity injected while Zola Electric from Tanzania had Sh5.5 billion funding.
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