Capital raising services in Kenya
Kenya is the most active VC market in East Africa, with Nairobi-headquartered companies drawing capital from Novastar Ventures, TLcom Capital, Norrsken22, DOB Equity and a deep pool of DFI-backed and pan-African investors.
Growth rounds raised by M-KOPA, Twiga Foods, Wasoko, Lori Systems and Cellulant demonstrate that Kenyan founders in agritech, supply chain and fintech can attract substantial USD-denominated growth capital from mid-stage onwards.
Flow manages end-to-end VC fundraising for mid- to late-stage Kenyan companies raising growth capital on the best available terms - covering investor positioning, pitch deck and operating model preparation, and full process management through close, drawing on our extensive VC investor network across East Africa and internationally.
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VC rounds raised in the last 12 months in Kenya
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Median VC valuation (across all stages) in Kenya
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Median VC revenue multiple (across all stages) in Kenya
$20M
Largest VC round raised in Kenya in the last 12 months
Raising venture capital in Kenya
Kenya's VC market is the most active in East Africa, with Nairobi as the centre. Most material rounds at Series A and later involve an offshore holding structure (Delaware or Mauritius) for international investor familiarity and exit considerations.
Documentation conventions
Most venture-backed Kenyan rounds use offshore-parent (Delaware or Mauritius) NVCA-aligned documentation, with Kenyan-law side documents for the operating subsidiary. Pure-Kenyan rounds adapt to Companies Act 2015 mechanics.
SAFEs and Kenyan convertibles
Y Combinator SAFEs are widely used in Kenyan seed and Series A rounds with a Delaware parent. Kenyan-law convertible instruments are used in pure-Kenyan structures.
Mauritius and Delaware structures
Most venture-backed Kenyan companies operate via an offshore parent (Mauritius for treaty benefits, Delaware for US-aligned exits) over Kenyan operating subsidiaries. Provides international investor familiarity and exit mechanics.
Round structure norms
Priced rounds use 1x non-participating liquidation preference with broad-based weighted average anti-dilution. Founder vesting (4-year, 1-year cliff) is increasingly standard.
Foreign investment treatment
Kenya's FDI regime is relatively open; specific approvals apply in defence, broadcasting and certain critical infrastructure. Most pure-tech rounds operate without sector-specific approval.
Closing mechanics
Closings vary by structure - offshore-parent closings follow international conventions. Kenyan-domestic closings involve Companies Registry filings and notarial procedures.
Startups who recently raised money in Kenya
Largest VC round raised recently in Kenya was a $5.0M Undisclosed stage of ARC Ride in February 2026.
See all VC rounds in Kenya| Logo | HQ | Description | Investors | |||||
|---|---|---|---|---|---|---|---|---|
Feb-26 | ARC Ride | | ARC Ride provides battery-as-a-service for e-mobility fleets globally. The company manages lithium-ion battery leasing, charging infrastructure, and maintenance for electric scooters, bikes, and vehicles. Operating in urban markets, it partners with ride-sharing operators to reduce upfront costs and extend vehicle uptime through swap stations and predictive analytics. | International Finance Corporation | $5.0M | - | Undisclosed stage | |
Apr-26 | Malaica | | Malaica is a pregnancy support platform offering at-home monitoring and guidance tools. Operating from Tel Aviv, it provides wearable trackers for fetal heart rate and maternal vitals, connected to a companion app for real-time obstetrician consultations. The service covers fertility through postpartum phases in Israel and Europe. | The Innovation Fund | $100K | - | Seed | |
Dec-25 | Payd | | Payd is a payment platform tailored for freelancers, creatives, and entrepreneurs with customizable options for invoicing and transactions. | Nairobi Business Angel Network | $100K | - | Pre-seed | |
Nov-25 | Timao Group | | Timao Group is a Kenya-based clean tech firm recycling waste into constructive plastic systems. | Standard Chartered Women in Technology | $0 | - | Seed | |
Nov-25 | UzimaNexus | | UzimaNexus is a platform connecting global pharmaceutical firms and research institutions with African healthcare facilities using AI and blockchain for supply chain management and collaboration. | Standard Chartered Women in Technology | $0 | - | Seed | |
Nov-25 | ashacare medical solutions | | Ashacare Medical Solutions is a Kenyan technology platform connecting hospitals with certified experts for on-demand healthcare services. | Standard Chartered Women in Technology | $0 | - | Seed | |
Nov-25 | E | Etiba Home Care | | Etiba Home Care is an Egyptian digital health platform connecting patients and caregivers via web, Android app, and USSD for accessible home-based healthcare. | Standard Chartered Women in Technology | $0 | - | Seed |
Mar-26 | Flowcart | | Flowcart is a Lagos-based AI platform transforming WhatsApp into a sales channel for consumer brands in Africa, Asia, and the Middle East. It handles lead qualification, in-chat checkout, cart recovery, and loyalty programs, integrating with Shopify, WooCommerce, and payment gateways like Paystack. Trusted by L’Oréal, Safaricom, and Spar Supermarket, Flowcart deploys over 50 automation flows to recover abandoned carts and drive repeat purchases. | Jobtech Alliance | - | - | Seed | |
Mar-26 | Twiva | | Twiva is an influencer marketing and social commerce startup serving MSMEs with digital market access via social media influencers. Smartphones, internet, mobile banking, and influencers create jobs by marketing products on platforms. | Jobtech Alliance | - | - | Undisclosed stage | |
Mar-26 | Agriloom | | Agriloom is a digital platform connecting large urban buyers with smallholder farmers across Africa to source crops. It aggregates harvests into bulk volumes matching buyer specs and integrates payments for secure distribution to farmers and aggregators. | - | - | - | Pre-seed | |
Feb-26 | Tiers | | Tiers is a mobile app facilitating savings, transfers, and spending across African markets with integrated financial tools. | LvlUp Ventures | - | - | Pre-seed | |
Nov-25 | BasiGo | | BasiGo is a Kenya-based electric bus manufacturer targeting public transport in East Africa. Operating in Kenya and Rwanda since 2021, it leases battery-electric buses on a pay-as-you-go basis including charging and maintenance services. | Proparco | - | - | Undisclosed stage |
Top VCs and strategic investors in Kenya
Standard Chartered Women in Technology, Antler, FasterCapital and Jobtech Alliance funded the most startups in Kenya in the last 12 months.
See all VCs in Kenya| Logo | HQ | Description | Key portfolio | |||
|---|---|---|---|---|---|---|
Antler |  | Antler is a Singapore-headquartered global venture capital firm founded in 2017 that invests in early-stage tech companies. It operates day-zero programs in 27 cities, backing 1,000+ startups with $100 million deployed annually across AI, fintech, and sustainability. Portfolio includes unicorns like Hold One and Tiqets, with a network of 3,000 mentors and 700+ investors for follow-ons. | JahaziiHoneyCoinRevazi+2 | 8 | Pre-seed | |
Standard Chartered Women in Technology | | Standard Chartered Women in Technology is Kenya's premier incubator for women-led tech startups, offering mentorship, funding access, and resources to scale businesses across Africa. | ashacare medical solutionsEtiba Home CareTimao Group+1 | 4 | Seed | |
FasterCapital | | FasterCapital is an online incubator and accelerator connecting startups worldwide with angel investors, VCs, and micro-VCs through equity-for-services models in technical development and business growth. The platform offers mentorship, pitch deck reviews, and funding matchmaking for over 10,000 entrepreneurs annually. FasterCapital facilitates deals in sectors like fintech, healthtech, and edtech from its global network. | Bantoo Ventures LtdB-Africa Tech Group Ltdagrismart technologies+2 | 3 | Pre-seed | |
Musha Ventures | | Musha Ventures is a Nairobi-based micro venture capital and angel fund targeting early-stage startups in Africa across education, healthcare, fintech, agriculture, and supply chain sectors. | HoneyCoinFlowcartRevivo+1 | 3 | Seed | |
Visa | | Visa is the largest payment processor in the world. In fiscal 2025, it processed almost $17 trillion in total volume. Visa operates in over 200 countries and processes transactions in over 160 currencies. Its systems are capable of processing over 65,000 transactions per second. | HoneyCoinWorkpayTuma+2 | 3 | Pre-seed | |
Jobtech Alliance | | Jobtech Alliance operates a digital platform that links people to work opportunities and boosts productivity in delivering quality jobs through technology. | FlowcartTwivaBumpa | 2 | Seed | |
Delta40 | | Delta40 is a Johannesburg-based venture studio investing in women-led startups across Africa's energy, agriculture, and mobility sectors. It provides equity, mentorship, and operational support to founders through its six-month acceleration program. Portfolio companies include solar providers like SunCulture and agri-tech firms such as Twiga Foods, scaling operations in Kenya, Nigeria, and South Africa. Delta40 partners with investors like Norfund and focuses on climate-resilient technologies. | Farm to FeedLori SystemsSunFi | 2 | Seed | |
Mercy Corps Ventures | | - | Farm to FeedTappiMazaoHub+1 | 2 | Pre-seed | |
Catalyst Fund | | - | Farm to FeedOctavia CarbonPowerLabs+1 | 2 | Seed | |
UTEC-The University of Tokyo Edge Capital Partners |  | UTEC-The University of Tokyo Edge Capital Partners is a Tokyo-based venture capital firm investing in deep-tech startups. Affiliated with The University of Tokyo, it targets healthcare, life sciences, IT/AI, and physical sciences sectors across Japan, United States, Singapore, India, and Europe. UTEC deploys capital from funds exceeding $1 billion with exits including 20 IPOs and 22 M&As. The firm supports academic spinouts through seed and Series A rounds. | Peach CarsViolet TherapeuticsNovAccel+2 | 2 | Seed |
What if not VC? Non-equity funding in Kenya
Kenya's non-dilutive funding stack is moderate but well-organised - between KenInvest, Konza Technopolis incentives, sector-specific programmes and a strong angel network, Kenyan startups have multiple paths to extend runway.
Konza Technopolis incentives
Konza Technopolis Special Economic Zone provides infrastructure, tax incentives and licensing for qualifying tech companies. Material non-dilutive incentive at scale.
KenInvest programmes
KenInvest provides investment promotion services and regulatory facilitation. Useful for international founders setting up in Kenya.
Sector-specific Kenyan funds
Various Kenyan public-private programmes provide non-VC capital for qualifying businesses (Vision 2030 sector funds, dedicated agricultural and ICT initiatives). Worth checking sector eligibility.
Nairobi angel ecosystem
M-Pesa, Twiga Foods, Cellulant, Sokowatch, Jumia and other Kenyan tech alumni anchor the largest angel scene in East Africa. Viktoria Ventures, Angel Investment Network Kenya and iHub coordinate structured angel investment.
Cross-border angel and DFI funding
Development finance institutions (CDC/BII, IFC, FMO, Norfund) anchor LP capital in most active Kenyan VC funds and occasionally provide direct equity. Material component of Kenya's venture ecosystem LP base.
Cross-border venture debt
Lendable, Cauris, Partners for Growth and other Africa-focused venture debt providers operate in Kenya. Typically deployed against ARR or contracted revenue from Series A onwards.
Why Flow Partners as your capital raising advisor?
Kraft KPI-driven narrative
High-growth companies require thorough understanding to accurately capture their value potential. We build compelling, data-driven equity stories that resonate with investors and minimize due diligence intensity.
Move fast and cut the BS
We have a strong appreciation for the power of speed and efficiency when fundraising. Expect a rigorously efficient deal process with minimized management distraction. Founders run the business, we pick up the heavy lifting.
Access relevant investors
Our close relationships with leading late-stage VC and growth equity investors as well as non-traditional capital providers, like family offices and sovereign wealth funds, enable us to find best-fit partners for a given scenario.
Valuation is only one part of the equation
When it comes to growth capital, valuation is only one side of the medal. We help to bridge incentive gaps between founders and investors and make sure you raise money on best possible terms.
We provide capital raising services across Kenya and beyond
Sector expertise
Explore our VC fundraising offering across a variety of tech sectors in Kenya.
Software
Vertical and horizontal SaaS, AI-native software products, infrastructure SaaS, cybersecurity
AI & ML
Foundation models, AI applications, AI infrastructure, semiconductors, AI consulting
Fintech
Neobanking, online payments, fintech infrastructure, lending platforms, wealth tech, online brokerage, vertical FS software
Consumer internet
Consumer software subscription platforms, edutech, online content, social networks, online dating
Digital media
Streaming platforms, mobile and console gaming, content distribution, digital publishing, VR & AR
E-commerce & marketplaces
Consumer and B2B marketplaces, inventory-based e-commerce, classifieds, lead generation platforms
Consumer products
Direct-to-consumer (D2C) brands, consumer electronics, smart home devices, lifestyle products
Mobility
Ridesharing, micromobility, food delivery, logistics tech, autonomous tech, EV charging infrastructure
Digital health
Digital therapeutics, telemedicine, mental health solutions, EHR and practice management, vertical healthcare SaaS
Industrial technology
Industry 4.0 solutions, 3D printing, climate tech, industrial IoT, robotics, smart manufacturing
Digital infrastructure
Data centers, cloud infrastructure, edge computing, network security, vertical infrastructure SaaS
IT services
Software development and testing, digital transformation, cloud services, advertising agencies, IT support services
Selected case studies
We've advised companies from series A to series D and beyond.
Our capital raising experience spans across various tech sectors and geographies.
We advised Elysian Fields on its investment into Orka, a Reykjavik-based portfolio of online consumer lending platforms, supporting deal structuring and growth-capital deployment in the Icelandic fintech market.
Recently completed VC fundraising projects
Selected capital-raising mandates and prior investment experience.
Got questions?
Schedule a call ordrop us an email to learn more about our CFO-as-a-service, capital raising and M&A advisory offering.
More services
We're with you before and after raising VC money: we help you organise your FP&A as fractional CFOs, and coordinate your M&A process.
Fractional CFO in Kenya
We integrate into your workflows to help with financial modelling, build out FP&A tech stack, and ultimately provide guidance towards an M&A or raising venture capital.
Learn moreM&A in Kenya
We advise winning tech companies on M&A exits, and over the years successfully executed numerous transactions with both financial and strategic buyers.
Learn moreTalk to us
Schedule a call to get a health check on your business and see how we could help.
Fractional CFO
- Fractional CFO for Software
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- Fractional CFO for Consumer products
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