Kenya's Wasoko, others Raise $280M in Funding

Kenya, surpassing Nigeria in 2022, emerged as the foremost hub for In-Store Retail and Restaurant Technology (Tech) funding in Africa. Kenyan startups raised a substantial $280 million through thirty-eight rounds, with Wasoko leading the charge with a $125 million Series B investment from Tiger Global and Avenir. Wasoko, headquartered in Kenya, plays a pivotal role in connecting small shops in the digital economy. Notably, this single raise constituted 67 percent of the total fundraising within the In-Store Retail & Restaurant Tech sector across Africa in 2022.

In contrast, Nigeria recorded 35 agrifoodtech deals, amassing $154 million in funding. ThriveAgric, a Nigerian agribusiness marketplace, secured a significant $55 million round, marking the largest deal in the Agribusiness Marketplaces category. In the first half of 2023, Kenya and Nigeria raised substantial funding, with Kenya securing $41 million and Nigeria close behind with $45 million. Over the past decade, Kenyan agriculture food technology (agrifoodtech) startups have led the way, accumulating $608 million, constituting one-third of the $1.8 billion in funding received by African agrifoodtech ventures since 2013.