A total of 63 start-ups in Kenya raised 62.4 billion shillings ($507 million) in seed capital funding as of November 2022, Business Daily newspaper said, citing the Disrupt Africa report. 

The report found that 242 firms secured investments between January 2015 and mid-November 2022. 

“Those start-ups secured a combined $1.28 billion between them, a figure bettered in that time only by Nigeria,” the report stated. 

At least 308 tech start-ups were operating across Kenya as of November 2022, employing more than 11,000 people. 

Fintech is the most populated sub-sector of the Kenyan start-up space, with 93 firms registered. 

Nairobi-based M-Kopa Solar start-up bagged the largest funding of $75 million this year, compared with the $85 million raised by Gro Intelligence in 2021, the report noted. 

(Editing by Cleofe Maceda; Cleofe.maceda@lseg.com)