European firms are looking to tap into the growing Kenyan technology market with new investments in the country.
Eight firms from Estonia have announced their entry into the country and will be eyeing new business from both the public sector and private businesses.
Estonia Ambassador to Africa Daniel Schaer said the firms focus in the country will be circular economy, digitalisation, health, logistics and freight, renewable energy, waste management, water, e-mobility and urban infrastructure.
‘’Enterprise Estonia is an Estonian institution whose goal is to support Estonian enterprises to do business across the world as well as attracting foreign investment to Estonia, " Schaer told the Star
The firms are Cybernetica, Nortal, Alldevice, Digital Nation, FOB Solutions, Finbite OÜ, Wisercat Software and ADM Interactive.
They deal with solutions ranging from industrial maintenance management software, digital advisory services, front-office solutions, digital transformation services, and billing and invoice management solutions.
In the deal, the European nation will work towards opening up the export market for more Kenyan businesses.
Through the trade office, Enterprise Estonia will facilitate investments from agri-produce value addition, information technologies and waste water management among others while enhancing export access for Kenyan produce to European markets.
Kenya’s leading exports to Estonia in 2020 consisted of cut flowers and live plants, and fishing gear and equipment while wheat grain, intermediate paper products, worn clothing and clothing accessories, and waste and scrap aluminium formed the bulk of imports from the European Union member.
There are emerging interests from Kenya to supply Estonia with fruits, vegetables, live animals, dairy products, bird’s eggs, natural honey, edible products of animal origin, products of animal origin and gum arabic.
To mark their entry, the company’s will hold a three-day exhibition to showcase their products to local companies and public sector entities.
Increased internet penetration and tech savvy youth have placed Kenya among top destination for tech investments in the continent.
According to the African Tech Startups Funding Report released by research firm Disrupt Africa, Kenyan tech start-ups received a total funding of $574.8 million (Sh71.7 billion) last year, representing a near doubling from $292 million (Sh36.4 billion) in 2021.
The country’s 91 startups got the third-largest capital inflow in Africa in the review period at 17.2 percent of the total new funding recorded in the continent.
