Kenyan health-tech start-ups emerged as the second most attractive to funders in Africa in 2023, raising a total of Sh7.5 billion ($52 million) throughout the year, according to a report by Salient Advisory. This marked a 32 percent increase from the previous year, positioning Kenya just behind Nigeria in terms of funding for health-tech innovation. Online pharmacy solutions received the largest share of investor capital, with 38 percent ($63 million) of all funding raised by African health-tech innovators in 2023, with Kenyan firms like Kasha and MYDAWA leading the pack with significant Series B rounds. The surge in funding underscores Kenya’s growing prominence as a hub for health-tech innovation, with the country boasting at least 180 health-tech start-ups operating nationwide last year. These initiatives not only contribute to the advancement of healthcare solutions but also play a crucial role in job creation, employing thousands of individuals across various sectors. Nigeria, Kenya, and Egypt emerged as the top three destinations for funding, with innovators in these countries securing 87 percent ($146 million) of the total funding raised by African health-tech firms in 2023, reflecting a promising landscape for further growth and development in the sector.
