Germany’s Federal Development Ministry (BMZ) has launched DeveloPPP Ventures, an accelerator program aimed at empowering Kenyan startups. DeveloPPP will provide an entrepreneurial support program with a grant of up to Ksh. 12,936,000 ($120,000). Interested start-ups can apply on the DeveloPPP Ventures website.
Through a matching-funds model, DEG – Deutsche Investitions und Entwicklungsgesellschaft mbH provides grant financing for startups that have achieved a proof of concept and are ready to scale.
DeveloPPP Ventures program will work with the support of impact investment specialist Seedstars and business incubator NaiLab. The partnership will empower young entrepreneurs who are making innovative contributions to sustainable development in their developing economies as well as improving living conditions of locals.
The program is open to startups with their head office or a branch registered in Kenya. Start-ups that apply to the program stand a chance to receive a grant of up to Ksh. 12,936,000 ($120,000) for their planned growth investment.
In addition to the grant, selected startups will receive tailored support from technical experts for their growth journey. This includes professional mentorship and guidance, entrepreneurial advice and so on.
To increase their chances of selection, applicants must already be generating some initial turnover, and be able to acquire matching funds from other sources. They must prove growth potential and must have a clear roadmap for expansion and growth.
The new DeveloPPP Ventures program will initially launch in Kenya, but will be gradually expanded to cover more countries in Africa and beyond. The deadline for submission of applications for interested start-ups is July 15.
Participation requirements for DeveloPPP Ventures
- Be privately owned and profit-oriented.
- Have a viable business and financial plan.
- Can provide at least one annual financial statement.
- Convince other financiers of its business model.
- Have high growth potential and reach break-even within a maximum of three years.