Kenya is a hub of innovation and entrepreneurship in Africa, with a vibrant startup ecosystem that attracts investors from around the world. In this article, we will look at the top ten most funded Kenyan startups, based on the amount of capital they have raised as of March 2021. These startups are solving various challenges and opportunities in sectors such as energy, agriculture, e-commerce, logistics, fintech, and health.
1. Mkopa
Mkopa is a leading provider of pay-as-you-go solar energy solutions for off-grid households and businesses in Africa. Founded in 2011, Mkopa has connected over one million customers to clean and affordable electricity, using mobile money payments and IoT technology. Mkopa has raised over Ksh.43.2 billion ($400 million) from investors such as CDC Group, Generation Investment Management, LGT Lightstone, and Shell Foundation .
2. Twiga Foods
Twiga Foods is a B2B e-commerce platform that connects farmers and food manufacturers to retailers and consumers in Africa. Founded in 2014, Twiga Foods leverages data and logistics to offer quality products at competitive prices and reduce post-harvest losses. Twiga Foods has raised over Ksh.23.5 billion ($217 million) from investors such as Goldman Sachs, IFC, TLcom Capital, and Creadev.
3. Copia Global
Copia Global is an e-commerce platform that serves the middle and low-income African consumers through a network of digital-enabled agents. Founded in 2013, Copia Global enables customers to order and receive goods from a variety of categories, such as groceries, household items, electronics, and farm inputs. Copia Global has raised over Ksh.15.4 billion ($142 million) from investors such as LGT Lightstone, Perivoli Innovations, Endeavor Catalyst, and Goodwell Investments.
4. Cellulant
Cellulant is a payments company that offers a single API platform that enables businesses to collect and disburse payments across Africa. Founded in 2004, Cellulant has connected over 40 million customers and 120 banks to its platform, which supports mobile money, cards, and bank transfers. Cellulant has raised over Ksh.8.1 billion ($75 million) from investors such as TPG Growth, Endeavor Catalyst, Satya Capital, and Velocity Capital .
5. AZA Group
AZA Group is a fintech company that provides cross-border payment solutions for businesses and individuals in Africa. Founded in 2013 as BitPesa, AZA Group has evolved into a multi-currency platform that offers FX trading, remittance services, and API integration. AZA Group has raised over Ksh.7.5 billion ($69 million) from investors such as Novastar Ventures, Greycroft Partners, Binance Labs, and FMO.
6. Carepay
Carepay is a health financing platform that enables users to access and pay for healthcare services using their mobile phones. Founded in 2015, Carepay connects patients, providers, insurers, and donors to create transparent and efficient health schemes. Carepay has raised over Ksh.6.7 billion ($62 million) from investors such as IFHA-II Cooperative U.A., ELMA Investments Ltd., Omidyar Network, and Safaricom.
7. Powerhive
Powerhive is an energy company that develops and operates mini-grid solutions for rural electrification in Africa. Founded in 2011, Powerhive uses smart metering technology and cloud-based software to provide clean and reliable electricity to off-grid communities. Powerhive has raised over Ksh.6.5 billion ($60 million) from investors such as Toyota Tsusho Corporation, Caterpillar Ventures, Energy Access Ventures, and Prelude Ventures
8. Lori Systems.
Lori Systems is a logistics company that connects cargo owners with transporters to move goods efficiently across Africa. Founded in 2016, Lori Systems uses data and technology to optimize rates and coordinate truck movement. Lori Systems has raised over Ksh.6 billion ($55 million) from investors such as Goldman Sachs Growth Equity Fund (GS Growth), Hillhouse Capital Group (Hillhouse), Crystal Stream Capital (Crystal Stream), Eight Roads Ventures (Eight Roads), TLcom Capital (TLcom), Y Combinator (YC), DST Global (DST), China-Eurasian Economic Cooperation Fund (CEECF), EchoVC Partners (EchoVC), Timon Capital (Timon), Raba Capital (Raba), Endeavor Catalyst (Endeavor), Alitheia IDF (Alitheia), Firstminute Capital (Firstminute), TRK Ventures (TRK), RLC Ventures (RLC), Betatron Venture Group (Betatron), Accion Venture Lab (Accion), and others.
9. Wefarm
Wefarm is a peer-to-peer knowledge-sharing network for smallholder farmers in the developing world. Founded in 2015, Wefarm enables users to ask and answer questions and share tips about agriculture and business, via SMS or online. Wefarm has raised over Ksh.4.8 billion ($44 million) from investors such as True Ventures, LocalGlobe, June Fund, AgFunder, Norrsken Foundation, and GFC.
10. Sendy
Sendy is a delivery platform that connects businesses and consumers with transporters to ship goods across Africa. Founded in 2014, Sendy offers a range of services, such as courier, package, cargo, and e-commerce delivery. Sendy has raised over Ksh.3.9 billion ($36 million) from investors such as Toyota Tsusho Corporation, Atlantica Ventures, Sunu Capital, Enza Capital, VestedWorld, and Safaricom .
The top ten most funded Kenyan startups demonstrate the potential and opportunities that exist for innovation and entrepreneurship in the continent.
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