East African start-ups raised $2.3 billion between 2019 and May 2022, i.e. +23% of the funds raised by all start-ups on the continent since 2019

Nearly 23% of the funds raised by all African start-ups since 2019 have been made in East Africa. Kenya alone attracted the majority of its financing, nearly $1.9 billion in two and a half years.

East African start-ups raised $2.3 billion between 2019 and May 2022. This represents 23% of the funds raised by all start-ups on the continent since 2019.

The vast majority of these funds were raised in Kenya, at 84%. This represents more than $1.9 billion. “Of the 10 transactions of more than $50 million recorded in East Africa since 2019, 9 have been in Kenya,” said the platform Africa: the big deal, in a recent analysis published on June 14.

Tanzania and Uganda are the other two East African markets to have attracted more than $100 million in total funding during the period. “Together, the three countries leave very little room for their neighbors, with 96% of all funding raised in the region since 2019,” we learn.

Thus, Tanzania comes in second place with more than $152 million raised. Uganda ranks third with more than $125 million. Ethiopia, Rwanda and Sudan complete this picture with respectively over $46 million, over $23 million and over $6 million in funds raised.

For two and a half years, East Africa has captured nearly ¼ of all the funds raised on the continent. From $255 million raised in 2019 alone, East African start-ups reached $646 million in 2020, then $571 million in 2021 and $845 million since the beginning of the year until May 31, 2022.

Unsurprisingly, Kenya remains the powerhouse of East Africa. More than $780 million was raised between January and May 2022 by Kenyan start-ups. This represents +436% year-on-year.