Heva Fund to invest Ksh. 106M in the Kenyan creative sector via 3 funds

George Gachara © Heva Fund
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HEVA Fund has announced that it plans to invest over Ksh. 106 million in the Kenyan creative sector through 3 dedicated funds. The funds are in line with their 2018/2022 strategic plan to increase the competitiveness of creative goods, services and experiences through the growth of dynamic creative industries in Kenya and in the East African region.

CEO Fridays: George Gachara on Heva Fund’s plan to raise Ksh. 500 Million to fund the East African creative sector

The three funds are as follows:

1. The Cultural Heritage Fund

The Cultural Heritage Fund is a short term seed financing fund that intends to startups in creative sector that are working in the fields of music, film, fashion, crafts, gaming, performing arts, and culture.

Funding will be available in the form of grant/loan hybrids. HEVA shall invest a minimum of Ksh. 500,000 (USD 5,000) and a maximum of Ksh. 3 million (USD 30,000) in each successful venture.

The Cultural Heritage Fund was established in partnership with the British Council to support creative industry culture and heritage projects, as well as tourism ventures looking to sustainably celebrate and preserve cultural heritage, promote inclusive development and increase both commercial activity and revenues.

Applications are now open until 25th February 2019. Apply here.

2. Young Women in Creative Enterprise Fund

The Young Women in Creative Enterprise Fund intends to support women owned creative businesses to improve the competitiveness of their products. Eligible creative industry sectors include: fashion and apparel manufacturing, digital media, television and film; live music, festivals, fairs, and markets; hair, beauty and cosmetic products, and arts educational enterprises.

The fund will offer loans of up to Ksh. 1 million (USD 10,000) in each successful business.

This fund has been developed in partnership with JENGA CCI – Global Project Culture and Creative industries, a project of the Goethe-Institut Kenya and GIZ. It focuses on supporting women in creative enterprise to build the competitiveness of creative industry products at home and in the East Africa market.

Applications are now open until 25th February 2019. Apply here.

3. Growth Fund

The Growth Fund will target mature businesses that have been in operation for at least 5 years with annual revenues exceeding Ksh. 10 million.

HEVA shall invest a minimum of Ksh. 5 million (USD 50,000) in each successful business.

This fund is in collaboration with Agence Française de Développement (AFD). HEVA and AFD signed the funding agreement in June 2018.

This fund will be launched in February 2019.

In total, the three funds will invest KES 106 million (USD 1.06 million) in the Kenyan creative sector.

Since September 2013, HEVA Fund has invested in 20 creative businesses. The businesses include; Katungulu MwendwaItikadiMambo Pambo,  OgakePeperukaAprelle Duany and WazawaziVictor Peace and Thomson Photography. HEVA plans to raise Ksh. 500 Million to invest in creative businesses as part of its 2018/2022 strategic plan.

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