More than 200 start-ups have submitted applications for the Safaricom Spark Venture Fund, with the process going into the short-listing phase. TBL Mirror, the fund managers for the $1 million (Ksh95 million) fund launched last year, are evaluating the start-ups in line with the fund’s objectives.
Beneficiaries will get between Ksh7 million and Ksh22 million to invest in their businesses in return for a minority stake. “The sector is ripe for the development of innovative, local-based solutions that have viable commercial application,” said Joe Ogutu, Director for Innovation and Strategy at Safaricom.
The start-ups will have access to strategic relationships with partners designed to empower them with the skills to build sustainable businesses. They shall also get access to a suite of Safaricom services and a mix of marketing channels.
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