Only seven companies from Kenya have made it to the top 100 fastest-growing African enterprises according to a new report by Financial Times.
Kenya trails South Africa and Nigeria who together account for 79 businesses, with South Africa commanding 51 enterprises.
At position 35 Nairobi-based electric mobility company Roam was ranked Kenya’s fastest-growing firm and one of Africa’s top 40 in the list.
The e mobility firm was the highest position among 11 Kenyan companies featured out of total of 130—and was the leading electric mobility manufacturer on the list.
The annual ranking, compiled by the Financial Times in collaboration with data firm Statista, evaluated more than 130 companies across Africa based on compound annual growth rate and absolute revenue growth between 2020 and 2023.
Roam posted an 86.4 per cent compound annual growth rate and 547.8 per cent revenue growth over the period.
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Roam outpaced several well-known Kenyan firms in this year’s ranking, including digital asset financier M-KOPA, retail chain Quickmart, fish farming company Victory Farms, TPS Serena Hotels, KCB Group, and Co-operative Bank.
“This recognition shows that local manufacturing can thrive, creating jobs and delivering affordable, high-quality electric motorcycles made in Kenya, for Africa. We’re building an industry, and with this momentum, we’re expanding our footprint to reach more riders and communities across the continent,” said Roam’s Field Operations Manager Habib Lukaya,
Founded in 2017, Roam designs and manufactures electric motorcycles and buses specifically for African markets.
The company has expanded its footprint in recent years with the launch of Roam Hubs—charging and battery swap stations—in Nairobi, Kiambu, and Machakos counties.
It has also partnered with ride-hailing services Uber and Bolt to improve access to electric motorcycles for boda boda riders, and worked with Italian EV maker Energica to support local engineering capacity.
While fintech and banking remain dominant sectors, Roam’s emergence underscores the rising prominence of advanced manufacturing and climate-focused enterprises on the continent.
The company’s growth also comes amid broader global economic uncertainty and a slowdown in venture capital investment—a trend that has challenged other African tech firms in recent years.
Roam says it plans to expand its operations to reach more riders and communities across the continent as demand for sustainable transport solutions continues to grow.
However, the report warns that Because many fast-growing companies are privately held and do not publicly disclose detailed financial data, a ranking such as this can never claim to be complete.
