German-sponsored startup programme– develoPPP Ventures has announced a €100K funding grant for startups in Kenya and Tanzania to get a chance to scale their impact-driven companies.
develoPPP Ventures is an initiative of the German Federal Ministry for Economic Cooperation and Development (BMZ), implemented by DEG Impulse and supported by Seedstars, a Swiss-based tech startup accelerator. The programme aims to empower startups with entrepreneurial support and a grant of up to €100K for growth investments.
According to a statement on Wednesday, develoPPP Ventures — now on its fourth cohort — 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.
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).
“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,” said Julia Stausberg-Umuerri, DEG Impulse.
Eligibility Criteria and How to Apply
Since the grant targets 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 fulfil 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.
In line with BMZ’s focus on female empowerment, the program especially encourages women-led startups and startups promoting gender equality to apply. Interested applicants can sign up before December 31, 2022.