State-owned Kenya Development Corporation is set to establish a technology innovation fund to finance start-ups, according to a local media report.

The Ministry of Investment, Trade & Industry Cabinet Secretary Moses Kuria said the fund, set up in collaboration with development partners, will ensure mature businesses in the technology and start-ups scale up, state-run Kenya Broadcasting Corporation reported.

"We are not doing it alone; we are putting up a very big coalition of development partners who want to use our platform to support the innovations," said Kuria.

The fund will support innovators and start-ups to access debt, equity capital and grants to grow their businesses, the official added.

In December 2022, Disrupt Africa report said that 63 start-ups raised 62.4 billion shillings ($507 million) in seed capital funding as of November 2022 in Kenya.

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

(Editing by Seban Scaria seban.scaria@lseg.com)