Kenyan Startups Collapse Wipes Out Ksh 93 Billion in Investor Funds

Over the past five years, 13 Kenyan startups including Twiga Foods, Copia, and Gro Intelligence collapsed, entered administration, or shut down after raising about Ksh 93 billion, or $717.5 million total.

Twiga Foods led with Sh24.1 billion in funding before its operational arm GT Flow Limited went into administration on August 17, 2026, under administrator Mohamed Mohamed.

The failures wiped out thousands of jobs after aggressive hiring during growth phases, amid challenges like funding shortages, regulatory hurdles, and a global venture capital pullback starting around 2022.

Kenya topped Africa's VC funding in 2025 with $984 million raised, but many firms struggled to achieve profitability without constant external cash.