In 2024, TechCabal’s large tales on the Kenyan startup ecosystem signalled blended fortunes for founders. Whereas shutdowns and downsizes topped our headlines, some startups bucked the development with hundreds of thousands in fundraising, mergers and acquisitions, and bold cross-border expansions.
Copia, a B2C e-commerce startup, and iProcure, a B2B agritech startup, entered administration in H1 2024 after failing to safe new funding. Copia’s co-founder, Tracey Turner, mentioned she would launch a brand new entity, however this has not taken form.
M-KOPA navigated a posh tax declare in Kenya and elevated its funding with an expanded telephone meeting facility in Nairobi and an e-bike plant.
“We are actually worthwhile as an organisation and have been worthwhile for a number of quarters,” Mayur Patel, M-KOPA Fintech MD, advised TechCabal in November 2024.
In 2024, Kenya additionally witnessed the primary two startup acquisitions, with Kopo Kopo and Hisa welcoming new house owners. Craydel, a Kenyan ed-tech, additionally expanded to Zimbabwe, making it its fourth market on the continent.
Listed below are our selections for Kenyan startups to look at in 2025:
M-KOPA
In September 2024, M-KOPA introduced it had reached 5 million prospects throughout 5 African markets as the corporate continued its pan-African enlargement. This milestone makes it the primary Kenyan monetary providers startup to report such spectacular buyer numbers.
Based in 2010 by Nick Hughes, Chad Larson and Jesse Moore, M-KOPA is a PAYGO fintech that gives inexpensive smartphones, photo voltaic panels and electrical bikes to low-income earners.
With Kenya’s tax declare now behind it, the corporate is eager to broaden the marketplace for its regionally assembled smartphones and electrical bikes.
“We take into consideration our success when it comes to the size we will obtain. We’re financing progress within the lives of on a regular basis earners, and that’s essential for us as a result of our prospects are primarily self-employed people working within the casual economic system,” Patel mentioned.
KopoKopo
In August 2023, Nigeria’s latest unicorn, Moniepoint, finalised its acquisition of Kenya’s funds and credit score startup, Kopo Kopo, for an undisclosed worth. The transaction extends the fintech’s presence to East Africa’s largest economic system. Based in 2012 by Ben Lyon and Dylan Higgins, Kopo Kopo affords funds options and credit score amenities to small companies and mid-size enterprises.
Banks and cell cash management a big chunk of Kenya’s funds and credit score market. Regulators just like the Central Financial institution of Kenya (CBK) have been robust on fintech, delaying essential approvals for operation.
Moniepoint’s entry into Kenya shall be intently watched and scrutiny from regulators will solely enhance.
Craydel
In November 2024, Kenyan ed-tech startup Craydel entered Zimbabwe, bringing to 4 the market the startup operates. The corporate has constructed a unified college functions platform for learners in Africa. Its college matchmaker affords essentially the most personalised suggestions for college kids.
Based in 2021, Craydel assists African college students to use universities overseas. Craydel operates in Kenya, Uganda, Nigeria and Zimbabwe, with 600 companion universities throughout 45 nations.
“The examine overseas market in Africa is a multi-billion greenback, quickly rising market. It’s presently dominated by a lot of unorganised, fragmented and analogue examine overseas brokers,” mentioned Manish Sardana, Craydel founder and CEO.
Hisa
In one other main acquisition this 12 months, Rise, a Nigerian fintech that offers prospects entry to chose world investments, acquired Hisa, a Kenyan funding startup. Hisa, which has retained its model and operations after the acquisition, hopes to develop its buyer base and introduce new merchandise.
Based in 2020 by Eric Asuma and Eric Jackson, Hisa is a platform that enables customers to spend money on Kenyan and world property together with shares, bonds and ETFs.
“Hisa’s development for the reason that Risevest acquisition has been unbelievable. We’re scaling quick, fixing technical points, and rolling out large adjustments,” mentioned Asuma.”Apparently, Hisa hit record-breaking buying and selling volumes within the final week of November, highest in over a 12 months, pushed by the thrill across the US election.”
Sukhiba
Shukhiba, a Kenyan social commerce startup, raised $1.5 million when most gamers within the sector had been downsizing or shutting down. Shukhiba is a B2B conversational e-commerce platform that enables prospects to order for merchandise on WhatsApp.
Based in 2020 by Ananth Raj and Abhinav Reddy, the startup claims that consumers belief its platform greater than e-commerce web sites that don’t “look like there’s a particular person behind you could have a dialog with prior to buy.”
