Kenya is the absolute leader in startup funding, with $3.3 billion raised in the past six years.
The rest of East Africa is way behind, with Tanzania ($286M), Uganda ($183M), and Rwanda ($91M) being the next in line. But collectively, they don’t even match 20% of the funding Kenya received.
The total funding raised across East Africa from 2019 to 2024 is $3.94 billion, which means Kenyan startups alone secured more than 8 out of every 10 dollars invested in the region.
Investor confidence is highly concentrated in Kenya, largely due to its well-developed venture capital ecosystem, startup accelerators, and government support for innovation.
Kenya dominates East Africa’s startup funding, securing over 83% of all funds raised between 2019 and 2024 — a clear indication of its position as the region’s startup capital.
Kenya’s startup funding share has remained consistently above 80% since 2020.
2023 and 2024 saw Kenya secure nearly 89% of all funds, marking its strongest position.
Other East African countries combined have not received more than 30% of the funding in any year since 2019.
The lowest share of funding Kenya secured was in 2019 (69.81%).
A staggering 92.16% of all startup funding in West Africa flowed into Nigeria in 2019, showing the country’s lead in attracting investors.
Nigerian startups still led, but their share dropped to 68.03% in 2023 and 69.75% in 2024, indicating that other West African countries are starting to attract more investment.
Despite some shifts, no other West African country has come close to breaking Nigeria’s dominance. The remaining 20-30% of funding is spread across multiple nations, making it difficult for any single country to challenge Nigeria's position.
While Nigeria’s startup dominance is impressive, a more balanced regional investment landscape could lead to greater innovation and economic growth across multiple countries.
Nigeria is the clear leader, securing over 80% of total startup funding in West Africa. Its ecosystem benefits from a strong fintech sector, a large market, and increased investor trust.
Ghana and Senegal are challengers, attracting $460M and $410M, respectively. These countries are proving they can compete but still have a long way to go to match Nigeria.
Nigeria’s startups raised over ten times more than Ghana, the second-highest country on the list. This highlights an imbalance in investor focus.
Benin ($133M) and Côte d'Ivoire ($107M) are rising players but remain in the shadows of the region’s top three. Their growing startup ecosystems could gain more traction with the right policies and investments.
Mali, Togo, and Sierra Leone struggle to attract major funding, receiving less than $30M each. This signals a need for stronger ecosystems and investor confidence in these markets.
