📊 Kenya boasted over 80% of Eastern Africa's total funding in 2022
In 2022, Kenya recorded the strongest growth in Africa as the continent experienced a mouthwatering fundraising environment in the year. Venture volume hit a new record of $4.8 billion during the period.
Increased VC activity in the country saw it take the largest share of the regional funding in Eastern Africa hitting $1.1 billion, 86% of the total funding in the region, essentially driving Eastern Africa's VC investment volume to become the second highest in Africa behind West Africa.
Notable deals in the market include M-Kopa’s $75m round, Wasoko’s $125m Series B and Sun King’s $260m Series D.
CHART: Africa’s startup funding landscape by region in 2022
In the African funding landscape, startups raised a record $4.8 billion in 2022, after a pretty solid first half of the year, however, funding slowed down in the second half of the year. The Western African region remained firmly in the lead, despite experiencing a small decrease. Startups in