Founders who want to scale their impact-driven start-ups in Kenya and Tanzania can now apply to receive a grant investment of up to $100 000. This, after develoPPP Ventures announced the launch of a fourth cohort following the success of its previous funding rounds.
The open call extends to start-ups with innovative business models and a sustainable economic, ecological, or social impact in Kenya and Tanzania. It also specifically encourages women-led start-ups and businesses promoting gender equality to apply.
No ad to show here.
develoPPP Ventures is backed by the German federal Ministry for Economic Cooperation and Development (BMZ), implemented by DEG Impulse, and supported by Seedstars. Interested start-ups can apply online before Saturday, 31 December.
Since the grant is targeted towards growth investments, start-ups applying should have achieved a proof of concept and are ready to scale. Start-ups who want to participate in the program have to fulfil the following criteria:
- must be a privately owned and profit-oriented business registered in Kenya or Tanzania. It can also be in the process of getting registered in these markets before the start of funding;
- has achieved proof of concept with a viable business and financial plan;
- can provide at least one annual financial statement;
- must have high0growth potential and can potentially reach break-even within a maximum of three years; and,
- if previously funded, must have acquired only up to a maximum of $2 million in funding to date.
The latest additions to the 25 company strong develoPPP Ventures portfolio include companies providing innovative solutions in health (Zuri Health) and agriculture (AgriBora), e-mobility (Kiri EV), social commerce (Shukiba) and digitalisation (Brrng).
“We come across so many exciting solutions to local and global challenges to leave no doubt that a social and ecological transformation is possible and already happening. Helping the most impactful start-ups walk through the valley of death and enable them to reach more people and attract other investors is at the core of our programme,” says Julia Stausberg-Umuerri of DEG Impulse.
Since 1962, DEG has been financing and advising private companies active in developing and emerging economies. With a portfolio size of $9.2 billion and more than 700 investments in 80 countries, DEG is one of the largest development finance institutions worldwide.
Through the advisory and promotional funding programs of DEG Impulse, it provides targeted support towards a socio-ecological transformation in line with the Sustainable Development Goals. DEG Impulse is a wholly owned, non-profit subsidiary of DEG, which is a wholly owned subsidiary of the KfW Banking Group.