Discover Products, Get Discovered.
Individuals find the right products. Businesses reach the right audience. One platform, free for both.
Individuals find the right products. Businesses reach the right audience. One platform, free for both.
Since 2019, German Investment Corporation has backed 15 African startups across 17 disclosed funding rounds totaling $117.2M, most heavily in Kenya and Fintech.
The German Investment Corporation, known as DEG - Deutsche Investitions- und Entwicklungsgesellschaft, is a development finance institution and wholly-owned subsidiary of KfW Group. Headquartered in Cologne, Germany, DEG has supported private-sector companies investing in developing and emerging-market countries for over 60 years. It provides financing, advice, and promotional services to foster sustainable development. DEG actively invests in African startups, with a total of $103.9M across 9 funding rounds from November 2019 to February 2026. It targets Series A and Series B stages, along with other rounds, primarily in fintech (6 investments), and also in marketing & CRM, health tech, and e-commerce & retail. Geographic focus includes South Africa (3), Kenya (3), Zambia (2), and Nigeria (1). Notable investments include Lupiya and Naked Insurance in Zambia and South Africa, respectively, alongside Lulalend, Pezesha, HelloDuty, Drugstoc, and Sky. DEG frequently co-invests with partners such as the International Finance Corporation and Alitheia IDF.
Data updated · Jul 29, 2026
Sign in to see all 15 portfolio products
Free account — full portfolios, timelines, and the weekly funding digest
Sign in to see all 17 rounds
Free account — full portfolios, timelines, and the weekly funding digest
German Investment Corporation has backed 15 African startups across 17 disclosed funding rounds tracked on Liners, totaling $117.2M since 2019.
Mostly Other: 11 of its 17 tracked rounds are at that stage, followed by Series A (3).
German Investment Corporation's tracked rounds are concentrated in Kenya (6), South Africa (4), Tanzania (3), and 3 more countries.
Its tracked rounds lean toward Fintech (5), Insurtech (3), Legal and Compliance (2), and 5 more sectors.
German Investment Corporation most often shares rounds with International Finance Corporation (3 shared deals), Alitheia IDF (2 shared deals), Inoks Capital (2 shared deals).
The German Investment Corporation has backed Lupiya in Zambia, Naked Insurance and Lulalend in South Africa, Pezesha and HelloDuty in Kenya, Drugstoc in Nigeria, and Sky in Kenya. These span fintech, marketing & CRM, health tech, and e-commerce sectors.