Travel startups in East Africa can now dust up their pitch decks for a round of financing. Mauritian travel firm TIMBU has announced plans to invest USD$25,000 in 20 early-stage travel startups in each of the East African countries.
“The need of investing in early-stage startups was borne out of the need to grow the existing tech ecosystem in East African countries, providing entrepreneurs with the necessary resources to grow in the startup scene,” Timbu said in a statement.
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Here Is All You Need To Know
- The Mauritian-based travel firm said it also intends to guide startups with getting their initial customers, gain traction, as well as providing them with the talents to assist them in gaining Series A and B funding. This was confirmed by Timbu media representative.
- The Timbu funding will be exclusive to innovative startups solving real issues in the hospitality niche, with most of the focus being on startups around the curated travel (one of the fastest-growing segments of the travel industry). However, there are plans to expand into other niches down the line.
- Timbu will also be providing mentorship and coaching to startups beginning with Kenya, Ethiopia and Rwanda. Thereby providing an enabling environment for entrepreneurs to share their experiences in the pipeline.
- With the plan finally in motion, it is projected to encourage other angel investors to also put more money into East African startups, accelerating the growth of local businesses.
- The travel agency is currently a market leader in Nigeria and other West African countries. Aims to grow its presence in East Africa through investing in travel startups.
How To Apply To Timbu Fund
Interested startups are required to submit a document containing the following information:
- Company name
- Company URL, if any
- Name and email of the founder(s)
- Role of each founder
- What your company is making and the problem it aims to solve in Kenya
- Who your competitors are and what gives your company edge over them
- How your company intends to make money
All applications should be submitted to funding@timbu.com with the subject line as “{Country} Startup Funding Application” (e.g. Kenyan Startup Funding Application).
Please note that the fund is an angel fund and Timbu will seek equity shares in the businesses that are accepted into the program.
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer.
He could be contacted at udohrapulu@gmail.com