Investment into Ugandan startups hit the highest levels since records began in 2018 according to Insight into the Ugandan Startup Ecosystem, 2018‘ –  a report by enStartup. Overall, investors put more than $17 million onto 91 startups that we managed to track during the year of 2018

Startups in Off-Grid Tech/Energy, FinTech and health-related sector gave an account of the most deals in terms of value while startups in the health, Agriculture and energy sector gave an account of the most deals in numbers

Many startups were able to raise investment in Q1, with over 49% of them raising funds followed by Q3 and later falling to less than half of those in Q2 and  Q4

The methodology for our insight report is one in which we explore the capital, including from grants, prizes as well as venture capital that startups operating in Uganda have raised during 2018

The data we have collected and utilized is primarily secondary data from public sources (published reports, blogs websites, press releases) as well as limited primary data we gathered via phone calls or face-to-face meetings. In addition to capital, we are also presenting information about new companies, acquisitions, and partnerships/funders in the Ugandan Startup Ecosystem

Note, the figures presented are assumed to be an estimate of what was actually raised as there are many reasons for which a private company will not disclose capital raised. But we believe that the figures presented do stand in as a proxy for the totals raised and give some meaningful information about the growth and trajectory of the system. Additionally, we expect that in time there will be more appetite for companies to share more in regards to traction and other indicators that will provide for deeper analysis

For this version of the report, we present the information collected as an indication that the Ugandan Startup Ecosystem is indeed growing and widening

*Note: Any information related to funding coming into the ecosystem that is used to support startups (Hive CoLab, WITU, enStartup, Mawazo Innovation Hub, Outbox, Innovation Village, Kafeero Foundation, etc) is reported separately, but not in the aggregate amount raised by startups, and that also includes startups/companies which aren’t for profit