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New taxes, protests cut Kenya’s startup funding by Sh20 billion
In Kenya, at least three startups have just recently either gone into administration or ceased operations completely, after failing to raise follow-up funding to sustain their activities.
Venture Capital (VC) funding to Kenyan startups dropped by Sh20 billion ($155 million) in 2024, new data shows, as political tensions and new taxes spooked international investors and stalled the growth of local companies.
Kenya, which was in 2023 the second highest recipient of startup funding on the continent after South Africa, has now been relegated to fourth place following the steep drop that allowed Nigeria and Egypt to overtake it as more attractive investment destinations.
