The Impact for Northern Kenya (INK) Fund, financed by USAID Kuza, has significantly impacted over 12,000 micro, small, and medium-sized enterprises (MSMEs) in the region. This $43 million fund, launched in 2021, aims to drive economic growth and empower underserved populations in northern Kenya’s counties. It has also been pivotal in creating over 25,000 direct…
Mogo Kenya is set to significantly impact the electric mobility landscape with plans to finance over 10,000 electric bodabodas over the next two years. This initiative is part of a broader funding effort supported by the United States International Development Finance Corporation (DFC). Mogo Kenya is one of three e-mobility companies in Kenya that have collectively secured $30 million (Ksh 3.9 billion) to advance electric mobility across the country.
Lucky ONE, the leading Egyptian consumer credit fintech, has successfully secured $3 million in a convertible note. This funding is a crucial milestone in its journey towards achieving profitability by Q1 2025.
Cartona, an Egypt-based B2B e-commerce platform, has successfully raised $8.1 million in a Series A extension round led by Algebra Ventures. This latest financing round saw significant contributions from existing investors Silicon Badia and the SANAD Fund for micro, small, and medium enterprises, alongside Camel Ventures and GlobalCorp, which provided $2.5 million in debt and $5.6 million in equity, respectively.
Open Startup, a leading non-governmental organization dedicated to fostering innovation and entrepreneurship, has launched a new cohort for its investment preparation program, GROW. This initiative is designed to support advanced African start-ups in scaling their businesses and securing financing. Building on the success of the previous year’s cohort, which guided 13 start-ups selected from over 600 applications, GROW continues its mission to assist African start-ups in achieving significant growth.
Investment by Kenyan firms in foreign technology research and development experts has surged to nearly Sh21 billion, reflecting a significant shift towards global IT advancements. According to the Kenya National Bureau of Statistics (KNBS), local businesses increased their expenditure on non-resident research services to Sh20.9 billion in 2022, a dramatic rise from Sh575.3 million the previous year. This sector now represents 12.1 percent of all services expenditure by Kenyans, up from just 0.3 percent in 2021.
Open Society Foundations (OSF), led by Kenyan human rights lawyer Binaifer Nowrojee, has announced a significant $400 million (Sh51.85 billion) investment for global projects aimed at promoting economic prosperity and addressing climate change. This initiative underscores OSF’s commitment to tackling pressing global challenges through its Economic and Climate Prosperity programme.
Kenya is set to revolutionize its business climate with the introduction of a single online portal for foreign investors to apply and register nearly all business permits. This strategic move aims to enhance the ease of doing business and reduce regulatory costs for new firms.
