Impacc, a non-profit that supports green companies in Africa, has announced a call for application for its third venture cohort of investment in innovative entrepreneurs in Rwanda, Uganda, and Tanzania, who will get a smart equity investment to scale their businesses.
The investment will be between $30,000 (Ksh3.6 million) – $150,000 (Ksh18 million), targeting six innovative social businesses that will undergo rigorous due diligence for 6-12 months to ensure they at least have the bare minimum for investment consideration such as a business model that can scale with trickle down effect impacting the bottom of the pyramid.
The Impacc program supports growth stage, innovative social ventures, focused on women’s inclusion and improving the lives of people living in rural areas and with a high impact solving challenges for communities at the base of the pyramid.
The goal of the investment is to support ventures who are too early to qualify for venture capital or commercial funding, therefore, catalyzing and de-risking them for future follow-on rounds of funding. “Our aim is to transform and support innovative entrepreneurs to make a difference and improve their communities through sustainable job creation,” says Impacc CEO, Till Wahnbaeck.
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Wahnbaeck said Africa needs to create 25 million jobs per year to keep up with the growing population, and it’s the continent’s great entrepreneurs and startup founders who can achieve that. “They have what it takes: ideas, courage, energy, and optimism. What they don’t have is access to patient capital and support to help them make their ideas big. That’s where Impacc comes in – we invest early in order to empower the next generation of stellar African entrepreneurs,” he said.
Aside from the investment, successful applicants will also receive technical support as their needs demand, from key industry experts and coaches to provide tailored support, access to the Impacc network to grow and scale their businesses, technical strategy options, and business modeling to accelerate their growth and impact.
Since setting up operations at the onset of Covid-19, Impacc has supported startups in Africa by utilizing its resources to build innovative entrepreneurs and ensuring jobs are created to improve the livelihoods of people living on less than $2 a day.
Impacc sources for businesses that fit its investment criteria and undertakes rigorous selection and due diligence processes before running fundraising campaigns to raise money for them. Entrepreneurs have until March 31st to apply for this opportunity.
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