New €100K Funding Grant For Startup In East Africa Launched by develoPPP Ventures
develoPPP Ventures is back with another opportunity for startups in Kenya and Tanzania to get a chance to scale their impact-driven companies and receive a grant investment of up to €100K.
Interested applicants can sign up here before December 31, 2022.
Benefits
On behalf of the German Federal Ministry for Economic Cooperation and Development (BMZ), implemented by DEG Impulse, and supported by Seedstars, develoPPP Ventures aims to empower startups with entrepreneurial support and a grant of up to €100K for growth investments.
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On its fourth cohort, develoPPP Ventures plans to replicate the success of its previous funding rounds. The open call extends to startups in Kenya and Tanzania with innovative business models and a sustainable economic, ecological, or social impact in these countries. In line with BMZ’s focus on female empowerment, the program especially encourages women-led startups and startups promoting gender equality to apply.
Eligibility
Since the grant is targeted towards growth investments, startups applying should have achieved a proof of concept and are ready to scale. Startups who want to participate in the program have to fulfill the following criteria:
- Must be a privately owned and profit-oriented business registered in Kenya or Tanzania (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 high growth 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 digitalization (Brrng).
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“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 startups walk through the valley of death and enable them to reach more people and attract other investors is at the core of our program,” Julia Stausberg-Umuerri, DEG Impulse.
How to apply
To sign up or learn more about the program and its conditions, you may visit the website.
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard. You can book a session and speak with him using the link: https://insightsbyexperts.com/view_expert/charles-rapulu-udoh