To whom does the money go? Mapping the uneven financial geographies of venture capital in ‘Silicon Savannah’, Kenya

Abstract & Overview

Motivated by the view that capital flows in the venture capital industry are not just mediated by meritocratic attributes of the founders but also by raced, gendered and classed social relations with strong historical underpinnings, this paper quantifies and qualifies the uneven financial geography of venture capital investments in Kenya. We map the race, nationality, class and gender of all funded founder teams between 2019 and 2022. Insights from qualitative interviews enrich our findings. The paper’s findings suggest a structural bias against Black Kenyan entrepreneurs, particularly women, who do not have the desirable social networks. The study recommends for the diversification of venture capital supply and reviewing the public policy frameworks governing finance provision to companies seeking growth capital in Africa.