Kenyan Startups Leading the Way in African Funding 2024
Kenyan startups have raised the most funding of any African country in the first half of 2024.
According to Intelpoint, Kenyan startups raised $200 million in the first half of the year and accounted for 17.9% of the startups represented; second only to Egypt in startup representation. The country's momentum from 2023 shows growing investor confidence, solidifying its position as a hub for innovation and entrepreneurship. Nigeria, Egypt, and South Africa follow, with the top four countries raising $488 million.
This is an exciting time for entrepreneurs in Kenya. If you're considering starting a venture, check out our article on How to Start a Kenyan Startup for insights and practical steps.
Welcome to this week's edition, today we are looking at:
The Impact of Gro Intelligence's Shutdown on the Agritech Industry
Top 9 Startup Incubators and Accelerators in Kenya
Kenya’s Skincare startup, Uncover Raises $1.4M to enter US, Ghana, and Uganda markets
The Impact of Gro Intelligence's Shutdown on the Agritech Industry.
Gro intelligence, a Kenyan and US-based agricultural insights platform shuts down after operating for over a decade.
Founded in 2012, Gro Intelligence had an ambitious vision that drew significant investor interest. By 2021, they had raised $117 million in funding. Leveraging the power of AI, Gro Intelligence set out to decode vast and intricate datasets—everything from weather patterns and soil composition to satellite data. Their technology promised precise crop yield predictions, market trend navigation, and insights into future climate conditions. Despite these advancements, Gro ceased operations in June 2024.
What led to the downfall of this once-promising Agritech giant?
Read the full story behind their shutdown and what it means for the future of agricultural technology.
Top 9 Startup Incubators and Accelerators in Kenya.
The African market is challenging for new startups, with numerous economic pressures and diverse target markets. Amidst these challenges, Kenya, often referred to as the African Silicon Valley, has become home to many innovative startups solving problems in Africa with the potential for global expansion. Founders need all the support they can get to start and grow successful businesses. Incubators and Accelerators in the country play a crucial role, offering the training and mentorship necessary for building thriving businesses.
We've compiled a list of 9 incubators and accelerators in Kenya that provide the support and resources founders need to succeed.
Kenya’s startup, Uncover Skincare Raises $1.4M to Enter US, Ghana, and Uganda Markets.
Uncover Skincare, a Kenyan online marketplace for skincare products, is making waves in the beauty industry. With a recent $ 1.4 million seed II funding round, the company is set to expand into new markets, including the United States, Ghana, and Uganda. CEO and co-founder, Sneha Mehta said “What’s exciting is that we are starting in Africa but seeing global demand and opportunity for our solution.” EQ2 Ventures and IgniteXL Ventures led the recent funding round, with additional contributions from Chui Ventures, Samata Capital, and Altree Capital.
Since its founding in 2021, Uncover Skincare has been on a remarkable growth trajectory. Their journey began with a $100,000 pre-seed round, followed by a $1 million seed funding round in 2022. They have been able to scale operations and achieve a tenfold increase in revenue, positioning it on a strong path toward profitability.
Sneha Mehta (CEO), Jade Oyateru (COO), and Catherine Lee co-founded Uncover for personalized skincare using a data-driven approach to create skin-care products, leveraging K-Beauty technology and innovation. Uncover's success is driven by its strong digital presence and data-driven approach. The company has built a digital community of over 200,000 users in Kenya, Nigeria, and the diaspora. Its interactive online platform uses data to understand and meet customer preferences and skincare needs.
Uncover's distribution strategy includes online stores and offline retail partnerships with pharmaceutical chains like Goodlife and Medplus in Kenya and Nigeria. This multi-channel approach ensures customers easily access their products, online or in stores.
Did you know?
According to a report by Intelpoint, African startups with all-male founders secured 92% of the total funding received in the first half of the year. Startups with both male and female co-founders accounted for 8% of the funding, while all-female founding teams raised less than 1%.
Recommended resources for founders.
These awesome startups are hiring,
Interested in working with an African Startup?
Risevest Technologies is hiring for a Social Media Manager(Lagos, Nigeria)
Reliance Health is looking for an Underwriting Team lead
Africa Re is looking for a Assistant Underwriting Officer(Lagos, Nigeria).
Branch is hiring for several roles in Nigeria and Kenya as well as other remote roles, check them out here.
That's all for today, until next time.
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