The Federal Development Ministry (BMZ) is launching the DeveloPPP Ventures that aims to empower local Kenyan startups by providing an entrepreneurial support program with a grant of up to €100,000.
Via a matching-funds model, DEG – Deutsche Investitions- und Entwicklungsgesellschaft mbH provides grant financing for growth investments of start-ups that have achieved a proof of concept and are ready to scale.
“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.”
The DeveloPPP Ventures serves as a new pillar that the BMZ has added to its support portfolio.
With the support of impact investment specialist Seedstars and business incubator NaiLab, the program is aimed at young entrepreneurs who are making innovative contributions to sustainable development in their developing economies as well as improving the living conditions of the locals.
The new program will initially launch in Kenya, which already has a lively start-up scene. After that, DeveloPPP Ventures will be gradually expanded to cover more countries.
Criteria for participation
- The program is open to start-ups with their head office or with a branch registered in Kenya
- The startups must be generating some initial turnover with their product
- The startups must be able to acquire matching funds from other sources of at least the same amount
Benefits of participation
- They can receive a grant of up to €100,000 for their planned growth investment
- They will receive tailored support from technical experts for their growth journey
How to apply
If you are a Kenyan entrepreneur, you can go ahead to apply here. The deadline for application is Tuesday, July 15, 2021.
About the program
Via its support program DeveloPPP, the BMZ has been cooperating for over twenty years with companies wanting to make sustainable investments in a developing country or emerging economy and expand their activities on the ground.
Don’t miss important articles during the week. Subscribe to techbuild weekly digest for updates.
Don’t miss important articles during the week. Subscribe to blockbuild weekly digest for updates.