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Here’s how startups that assist African women can tap $250k in funding
Think you startup has the potential to “dramatically improve” the lives of women and girls in Africa? Then you could stand a chance to tap $250 000 in funding from US-impact investor Gray Matters Capital‘s GMC coLABS early-stage investment portfolio.
The portfolio — which invests up to $250 000 per company in revenue share investments — issued a statement on Wednesday (11 July) that it is looking to fund six new enterprises every six months.
GMC coLABS has two upcoming investment cycles that African social entrepreneurs can apply to. The deadlines for these are 15 September and 15 December.
Earlier this week, Gray Matters Capital announced it had invested in Ghanaian Ghanaian medical diagnostics startup Redbird Health Tech.
This marks its second such investment into an African company following last year’s backing of Rwandan solar kiosk micro-franchise African Renewal Energy Distributor (ARED).
GMC coLABS backs social entrepreneurs with revenue share investments of up to $250 000
In the same statement, GMC coLABS portfolio manager Jennifer Soltis said the impact investor was encouraged by the African social entrepreneurs it was meeting who are using their innovative solutions to overcome “critical barriers” affecting women.
“We look forward to deepening our portfolio’s presence on the continent and will look to allocate a greater percentage of our committed $5-million to social enterprises in Africa over the coming three years,” said Soltis.
Read more: US impact investor invests $250k in Ghanaian startup Redbird Health Tech
GMC coLABS has in the past invested in companies dealing in health and civic engagement. The portfolio’s investment model is based on seed funding, technical support, and strategy.
In addition, the impact investor also has a follow-on investment vehicle to further the growth and development of selected portfolio companies that qualify.
To be considered for funding, startups have to align with GMC coLABS investment criteria which includes:
- Impact on women: Business and concept has a focus on empowering women and girls
- Scalability: A strong growth model and an ability to quickly grow revenue over the next five years
- Innovation: New ideas that challenge the status quo