The growing funding channeled towards startups in the country is attracting new players who are looking to link more firms with investors.
The latest player that has joined the space is InsiderPR, a firm specializing in connecting African startups with investors.
With a network of over 200 venture capital firms focusing on frontier markets like Africa, Asia, and Latin America, InsiderPR says that emphasizes the importance of traction for startups seeking funding.
The firms’ CEO Elliot Pence says that drawing parallels with India’s startup ecosystem, Africa has the potential to attract significantly more capital.
“We are helping startups craft compelling narratives to attract investment, addressing a common challenge in Kenya that is the ineffective storytelling,” said Pence.
This comes at a time that Kenya emerged as a leading startup up funding recipient.
According to ‘Africa: The Big Deal’, a tech research firm, the year saw rebalancing of investments across four of the continent’s largest tech markets; Egypt, Nigeria, Kenya, and South Africa.
For some time now, Nigeria has always received the biggest share of startup investments, however, in 2023, Kenya overtook the West African country, gaining the highest amount of tech funds on the continent.
Founded in 2017, with offices across Kenya, Nigeria, Ghana, and South Africa, Pence highlights the need for startups to demonstrate sustained traction over months and years to secure investment.
He points out that while Indian startups raised $48 billion in the previous year, African startups only managed $3.5 billion a disparity he believes African startups can address, tapping into a global capital pool exceeding $50 billion.
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InsiderPR is committed to amplifying the message of the startups it collaborates with, targeting investors in the US and Europe.
Pence also notes that entrepreneurs with a proven track record of building successful businesses are particularly attractive to foreign investors.
With a focus on bridging the gap between African startups and global investment opportunities, InsiderPR stands poised to support the growth and success of local businesses.
