Five Kenyan startups emerged among the top 10 companies that secured the highest amount of capital in Africa.
A report by research and publishing firm, Weetracker, indicates that Kenya’s Cellulant was among the most funded startups in the last six months.
Cellulant secured a record Ksh4.8 billion investment emerging top among other Kenya-based startups that sourced funding.
Other startups that topped the continental list on funding include Branch (mobile lender app), M-Kopa Solar, Africa’s Talking (software firm) and WeFarm ( an Agritech startup).
Reports indicate that Branch secured Ksh350 million capital investment deal based on a commercial paper issuance that was arranged by Barium Capital, a capital-raising advisory firm.
The startup raised Ksh9.17 billion surpassing over half of the Ksh17 billion capital that went to 118 deals across Africa during the first half of 2018.
In 2017, African startups secured 72 deals valued at Ksh5 billion which makes the 2018 figures represent a 3.5 times increase in the amount invested.
Although Kenya secured the highest funding, Nigeria topped in securing funding at 31 startups, followed by Kenya (23), Egypt (21) and South Africa (19).
Interestingly, Kenya secured almost three times of the total funding received by Nigeria despite having 8 fewer startups in the category.
The funds meant to spur development of startups are sourced from 15 funds including African Guarantee Fund, Goodwell Investments, A24 Media and African Development Bank (AFDB).