news
Angel Leads Program releases blueprint for corporate venture capital in Kenya
Angel Leads Program, supported by the UK-Kenya Tech Hub and implemented by ViKtoria Ventures, has published the Corporate Venture Capital (CVC) Report: State of Play in Kenya. The study examines how Kenyan corporations can become significant investors and partners in scaling the country’s innovation economy.
The launch comes as startups in Kenya continue to face a severe funding shortfall. The African Development Bank estimates that early-stage businesses across Africa face an annual gap of 194 billion dollars, about seven percent of the continent’s GDP. Despite Kenya’s position as a leading startup hub, most founders still rely heavily on foreign investment, with few local funding sources available.
Enos Weswa, Country Director, UK-Kenya Tech Hub: "Startups in Kenya have immense potential, but many struggle to secure early-stage investment. The UK-Kenya Tech Hub exists to bridge that gap — through training, research, and programmes like the Angel Leads Program — so more founders find capital, customers, and partners right here at home."
Globally, corporate venture capital has become an influential driver of startup growth, with funding rising from 70 billion dollars in 2017 to 130 billion dollars in 2024. In Kenya, however, activity remains limited to a handful of initiatives such as Safaricom’s Spark Fund and Chandaria Capital.
The report argues that Kenyan corporates hold untapped potential thanks to their market access, sector dominance in telecoms, fintech, FMCG and infrastructure, and their rapidly digitising customer bases. By adopting structured and patient CVC approaches instead of short-term sponsorships, companies can generate new products, distribution channels, and acquisition pipelines while strengthening the economy.
Stephen Gugu, Co-founder, African Angel Academy and Director, ViKtoria Ventures: "This report isn’t theory, it’s a playbook. We spoke directly with corporates and startups and studied real-world examples. Whether it’s Safaricom Spark Fund as a trailblazer, Centum exploring startup interfaces, or Chandaria Capital blending family office and CVC models — the lesson is clear: corporate capital is multiplier capital when deployed with strategy and patience."
The CVC Report introduces a Corporate Venturing Readiness Assessment, designed to help boards and leadership teams evaluate governance, financial commitments, and assets such as distribution networks, procurement, and proprietary data before launching or scaling investments.
It also highlights the importance of collaboration, urging corporates to co-invest with angel networks, venture capital funds, and other intermediaries. The report warns against using ecosystem engagement purely for public relations, stressing that corporations adopting strategic CVC early will benefit from first-mover advantages in customer acquisition and technology access.
Kenya’s venture ecosystem is currently seeing reduced global investment inflows. While international venture capital activity slows, corporates remain under-engaged despite their interest in innovation. The report stresses that early involvement in CVC could allow Kenyan firms to capture market opportunities ahead of global competitors.
Through the Angel Leads Program and African Angel Academy, ViKtoria Ventures has already trained and mentored dozens of angel investors, strengthening the country’s local funding base. The organisation views CVC as a way to expand this foundation and create co-investment opportunities that combine corporate scale with angel agility.
Enos Weswa: "Angel Leads Program is designed to build a pipeline of investors who can fuel the next generation of Kenyan innovation while ensuring strong financial returns. CVC, alongside angel investing, is how we reduce reliance on donor funding and put Kenya’s innovation future in local hands."
