Kenyan health-tech start-ups were the second most attractive to funders in 2023 in Africa after an undisclosed number of firms raised a combined Sh7.5 billion ($52 million) in the year, a new report shows.
A report by healthcare consultancy firm, Salient Advisory shows that funding for innovators in Kenya increased by 32 percent in 2023. They received Sh7.5 billion ($52 million) compared to Sh5.6 billion ($39 million) in 2022, placing Kenya second after Nigeria.
Online pharmacy solutions bagged the majority of investor capital, with 38 percent ($63 million) of all funding raised by African health-tech innovators in 2023.
In Kenya, Kasha and MYDAWA raised the highest funds after they secured Sh3 billion ($21 million) and Sh2.9 billion ($20 million) respectively, driven by three Series B rounds.
Last year signified a record-breaking year for Kenya when at least 180 health-tech start-ups were in operation across the country, employing thousands of people between them.
“Nigeria, Kenya, and Egypt were the top three destinations for funding in 2023 as innovators in these countries raised 87 percent translating to $146 million of all funding,” read the report.
In the year under review, Tech startups in Africa raised over $2.4 billion(Sh350.42 billion), of which $674 million(Sh98.4 billion) was secured by startups in Kenya.
