The DeveloPPP Ventures initiative, funded by the German Federal Development Ministry (BMZ), aims to empower indigenous companies in Kenya by offering an entrepreneurial assistance program with a grant of up to €100,000.
The program provides grant funding for growth investments in start-ups that have proven their concept and are ready to scale through a matching-funds mechanism.
“Many developing countries, particularly in Africa, have an exciting start-up scene. This is where the jobs of tomorrow and innovative solutions for the challenges on the ground are emerging. Drones being used to deliver medicines, banks that are completely digital — things which sound like the music of the future to European ears — many African companies are already making these ideas a reality,” said Development Minister Gerd Müller.
“We want to encourage this entrepreneurial spirit even more, thereby helping to create modern jobs for young people. Since the launch of our DeveloPPP program, more than 2,000 projects have been realized around the world, together with local, German and European companies. Last year alone, almost 80,000 people received initial and further training thanks to this support,” he added
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Here Is What You Need To Know
- The BMZ has established a new pillar to its assistance portfolio in the form of DeveloPPP Ventures.
- The initiative is intended at young entrepreneurs who are making creative contributions to sustainable development in their developing countries while also improving the living standards of the inhabitants, with the help of impact investing specialist Seedstars and business incubator NaiLab.
- The new initiative will begin in Kenya, which already has a thriving startup community. DeveloPPP Ventures will progressively grow to include other nations after that.
- The program is accessible to startups that have their headquarters or a branch in Kenya. For their projected expansion investment, they may be eligible for a grant of up to €100,000. Applicants must meet a number of requirements, including earning some early revenue with their product and being able to secure matching financing from other sources of at least the same amount.
- In addition, during their growth path, start-ups will receive personalized support from technical specialists. The first request for proposals for develoPPP Ventures will start on May 26, 2021, and close on July 15, 2021, in Kenya.
- The BMZ has been collaborating with enterprises intending to make sustainable investments in a developing nation or emerging economy and grow their activities on the ground for over two decades through its support program DeveloPPP.
How To Apply
Interested applicants can sign up for the program here: https://seedsta.rs/3wERtGi.
DeveloPPP Ventures grant Kenya DeveloPPP Ventures grant Kenya
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 write