Kenya’s tech startup ecosystem witnessed a decline in overall investment in 2024 compared to the record highs of 2022 and early 2023. Yet, the country’s resilient innovators still managed to attract significant funding, solidifying Kenya’s position as one of Africa’s leading startup hubs.
In the first half of 2024, Kenyan startups accounted for a remarkable 32% of all funding raised across Africa, securing $244 million out of the $780 million invested continent-wide, according to Africa: The Big Deal. Kenya’s vibrant tech ecosystem, part of Africa’s “Big Four” alongside Nigeria, Egypt, and South Africa, continued to make its mark on the global stage.
Here’s a closer look at the top 10 Kenyan startups that drove this success in 2024:
1. M-Kopa: $51 Million
Asset financing leader M-Kopa raised $51 million in debt financing from the U.S. International Development Finance Corporation in May.
Founded in 2010 by Nick Hughes, Chad Larson, and Jesse Moore, M-Kopa empowers underbanked customers by providing affordable access to essential products like solar lighting systems, televisions, fridges, smartphones, and digital financial services. Its innovative credit model enables customers to make small deposits, access products instantly, and pay in micro-installments.
2. BasiGo: $44 Million
Electric vehicle (EV) startup BasiGo was another big winner in 2024.
Founded in 2021 by Jit Bhattacharya and Jonathan Green, the company offers electric buses under a pay-as-you-drive model. In March, BasiGo received a $3 million investment from CFAO, Toyota’s parent company, and later secured $42 million in a debt-equity Series A round in October. With plans to deliver 1,000 electric buses across East Africa by 2026, BasiGo raised over $44 million in total funding this year.
3. SunCulture: $27.5 Million
SunCulture, a pioneer in solar-powered irrigation, raised $27.5 million in a Series B round in April.
Founded in 2012 by Samir Ibrahim and Charles Nichols, the company provides affordable solar irrigation systems to smallholder farmers across Kenya, Uganda, and Ivory Coast. Farmers can purchase these systems through a flexible installment repayment plan, helping to boost agricultural productivity in rural areas.
4. Roam Motors: $24 Million
Roam Motors, a Swedish-Kenyan EV startup, raised $24 million in February through a Series A debt-equity round.
Founded in 2017 by Albin Wilson, Filip Lövström, and Mikael Gånge, Roam initially focused on EV conversions before shifting to vehicle assembly. Today, it designs and deploys electric buses and motorbikes tailored for Africa’s unique needs.
5. Pula: $20 Million
Insurtech company Pula raised $20 million in a Series B round in April to expand its agricultural insurance products globally.
Founded in 2015 by Thomas Njeru and Rose Goslinga, Pula provides insurance to smallholder farmers across Kenya, Nigeria, Zambia, Malawi, and Mozambique. The startup protects farmers against risks such as pests, diseases, and climate-related disasters, and has plans to expand into Asia and Latin America.
6. Mawingu: $15 Million
Internet service provider Mawingu secured $15 million in November to fund its first international expansion.
Founded in 2012, Mawingu provides internet services to rural and peri-urban communities in Kenya. It acquired Tanzanian ISP Habari in 2024 and continues to serve homes, small businesses, and enterprises with affordable internet solutions.
7. Workpay: $5 Million
Workpay, an HR payroll platform, raised $5 million in a Series A round in August.
Launched in 2019 by Paul Kimani and Jackson Kungu, Workpay provides a cloud-based platform for processing salaries, filing taxes, and managing employee attendance. Backed by Y Combinator, Workpay also supports businesses with cross-border payroll and compliance.
8. Ilara Health: $4.2 Million
Health-tech startup Ilara Health secured $4.2 million in debt and equity during a pre-Series A round in February.
Founded in 2019 by Emilian Popa, Maximilian Mancini, and Sameer Farooqi, Ilara Health enables health centers to acquire medical supplies on credit. The company is scaling its operations to improve access to healthcare across Kenya.
9. Octavia Carbon: $3.9 Million
Octavia Carbon, a direct air capture (DAC) startup, raised $3.9 million in seed funding in October.
Founded in 2022 by Martin Freimüller and Duncan Kariuki, Octavia Carbon aims to build machines capable of capturing 1,500 tons of CO₂ annually by 2025, contributing to the fight against climate change.
10. Chpter: $1.2 Million
E-commerce startup Chpter secured $1.2 million in a pre-seed round in September.
Founded in 2022 by Mesongo Sibuti, Kuria Kevin, Mark Kiarie, and Tesh Mbaabu, Chpter provides AI-powered tools to help merchants sell more effectively on platforms like WhatsApp and Instagram. It currently operates in Kenya and South Africa.
A Resilient Ecosystem
Despite the funding slowdown, Kenyan startups showcased resilience, securing investments across diverse sectors such as fintech, agriculture, health, and electric mobility. With innovative solutions tailored to Africa’s unique challenges, Kenya remains a powerhouse in the continent’s tech scene.
