Home Business Safaricom Announces USD 1 million venture fund for transformative...

Safaricom Announces USD 1 million venture fund for transformative tech-preneurs

Safaricom has launched a transformative USD 1 million (Kshs. 90 million) Venture Fund aimed at accelerating the development of innovative mobile applications and solutions by availing much needed capital to ICT start-ups. The Safaricom Spark Venture Fund will be offered to Mobile ICT based start-ups based in Kenya either through equity Investment in their businesses or in the form of other debt instruments. Start-ups will be eligible to receive amounts between USD 75,000 and USD 250,000. The fund has been set-up for an initial 2 year period.

“We see this as a much needed catalyst that will help actualize our aspiration to nurture a vibrant ICT economy in Kenya. It will directly address the key startup and developers’ pain points such as the cost and speed of accessing a platform where they can test their solutions,” said Joe Ogutu, Director, Strategy and Innovation at Safaricom.

The funds will be administered together with international tech fund TBL Invest, who have already been appointed by Safaricom as the principal Fund Managers, and all prospective applications will be subject to approval from a cross-functional Investment Committee made up of Safaricom management, TBL Invest and an external industry expert.

“Despite contributing to over 60% of Kenya’s GDP, small businesses are under-funded and do have access to the same level of advice as their counterparts in other countries. It is encouraging that Safaricom will also extend access to structured mentoring to beneficiaries of the Venture Fund as that will be an additional assurance that the selected ventures remain sustainable in the long run,” said Eline Blaauboer, Managing Partner at TBL Invest.

LEAVE A COMMENT

Please enter your comment!
Please enter your name here

Google Assistant to be adopted on high-end 2020 Samsung smart TV’s without additional hardware

Samsung is set to natively support Google Assistant on its high-end smart TV’s released in the course of 2020. This comes as...

Scheduling smart home actions is now possible with Google Assistant’s latest update

A feature that was revealed by Google back at CES 2020 is finally now coming to users in the latest update to...

Huduma cards expected to replace traditional Identity cards as main form of identification in Kenya

Long awaited Huduma Namba that elicited all forms of controversies when launched may be on the way to Kenyans after all. This...

Safaricom uninterested to continue naturing e-commerce site – Masoko, opting for partnerships

Kenya’s e-commerce segment holds the most potential in the retail market, as more Kenyans are now opting for online shopping instead of...

How to videoconference in Google Meet using neat virtual custom backgrounds

The novel corona virus has surely brought a new world order in the ways that we conduct ourselves including how we work....

MacOS Big Sur apparently rendering older macs unusable with black screens

Users within the Apple ecosystem are used to lengthy software support on their devices ranging from iPhones, Apple TV’s, Apple Watches and...

Samsung unveils M5 and M7 smart monitor with both PC and smart TV features

While the current pandemic has altered our once normal way of life, we’re just starting to notice its effect on technology with...

Kenya set to unveil a virtual library for citizens to access timely information from the KNLS

Kenya’s government is prepping to launch a virtual library for citizens to access relevant information that it currently held by the Kenya...