UK-Kenya Tech Hub Launches CVC Report to Boost Kenyan Startup Ecosystem
The UK-Kenya Tech Hub, in collaboration with ViKtoria Ventures, has released the Corporate Venture Capital (CVC) Report: State of Play in Kenya. This groundbreaking study offers an in-depth look at how Kenyan corporations can play a pivotal role in fostering the growth of the country’s innovation economy by becoming key investors and partners for startups. The report, accompanied by the Angel Leads Program, highlights a crucial need to address the financing gap currently faced by Kenyan startups.
Addressing the Kenyan Startup Funding Gap
The report highlights the pressing need to address the funding gap faced by Kenyan startups. African early-stage businesses face a staggering $194 billion annual shortfall in funding, representing roughly 7% of the continent’s GDP, according to the African Development Bank. Despite Kenya’s standing as a leading startup hub in Africa, many founders rely on foreign capital due to limited local funding options. Enos Weswa, Country Director of the UK-Kenya Tech Hub, emphasized the potential of Kenyan startups but acknowledged the challenges they face in securing early-stage investment. The UK-Kenya Tech Hub aims to bridge this gap by providing essential training, conducting research, and implementing programs like the Angel Leads Program.
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