Investors lose Sh93bn in Kenya startup failures

Kenyan startup Twiga Foods has entered administration amid financial turmoil, joining a group of 13 once-promising ventures that have collapsed over the past five years after raising capital in excess of Sh93 billion.

The business failures, including that of Koko Networks, Lipa Later and Copia, highlight the heavy losses that financiers and investors, mostly venture and private equity firms based in Western countries, have suffered.