At least eight Kenya-born tech start-ups have closed down in the past two years while a ninth one appears distressed despite having raised close to Sh35 billion in investor funding in total, dampening hopes of the country achieving its Silicon Savannah dream.
A Business Daily analysis has established that the eight startups collapsed after absorbing a combined total of Sh11.2 billion (in current exchange rates) while agri-tech firm Twiga Foods, which has taken up Sh23.4 billion in venture capital, is presently sending disturbing signals.
