German Startup Programme, develoPPP Ventures Announces €100K Grant for Kenyan and Tanzanian Startups
DeveloPPP Ventures, a startup program sponsored by the German government, has announced a grant of €100,000 for startups in Kenya and Tanzania to help them grow their impact-driven businesses.
A project of the German Federal Ministry for Economic Cooperation and Development (BMZ), develoPPP Ventures is carried out by DEG Impulse and sponsored by Seedstars, a tech startup accelerator with headquarters in Switzerland. With grants of up to €100K for expansion investments, the program aims to encourage and empower entrepreneurs.
DeveloPPP Ventures, which is now working with its fourth cohort, stated in a statement shared with Technext on Wednesday that it hopes to repeat the success of its prior fundraising rounds. The open call is extended to Kenyan and Tanzanian businesses with ground-breaking business plans that will have a positive economic, ecological, or social impact in these nations.
The 25-company develoPPP Ventures portfolio has recently expanded to include firms offering cutting-edge solutions in the fields of health (Zuri Health) and agriculture (AgriBora), e-mobility (Kiri EV), social commerce (Shukiba), and digitalization (Brrng).
There is no question that social and ecological change is both conceivable and is taking place because we come across so many inspiring answers to regional and global problems. The essence of our program is to assist the most significant companies in navigating the valley of death so they may reach more customers and draw in further investors, according to Julia Stausberg-Umuerri, DEG Impulse.
How to apply and criteria
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 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 initiative notably invites women-led firms and startups advocating gender equality to apply, in keeping with BMZ’s focus on female empowerment. Before December 31, 2022, candidates who are interested can register here.
