Standard Chartered has awarded Ksh. 8.75 million to seven women-led startups in the sustainability sector. The investment was made in collaboration with @iBizAfrica of Strathmore University, as part of the seventh cohort of the Women in Tech Incubation Program.
The 7 women-led startups for Women in Tech Cohort 7 are Moma Renewable Energy, Hayah Cradle to Bloom, Zidallie, Gwiji for Women, Zaoshinani, AerialGIS and PsychCare Clinic. The funding recipients were picked after a rigorous judging process by accomplished industry experts in private and public sectors, seasoned entrepreneurs, and academic thought leaders.
The award ceremony was themed Empowering Women for a Sustainable Future, and was presided over by Standard Chartered Bank CEO and MD Kenya and Africa, Kariuki Ngari. Other senior officials in attendance included Standard Chartered Head of Corporate Affairs, Brand and Marketing, Kenya and Africa, Joyce Kibe, Strathmore University Vice Chancellor, Dr. Vincent Ogutu, and @iBizAfrica-Strathmore University Director, Dr. Joseph Sevilla.
This year, the Standard Chartered Women in Tech Incubator Program emphasized ESG-driven entrepreneurship. The program urged women-led startups to adopt sustainable business models that align with Kenya’s and global objectives of People, Planet, and Profit through technological innovation.
The seventh cohort, launched in April 2024, attracted more than 130 applications from Kenyan women-led startups. Of these, 15 were selected for business incubation based on their innovative use of technology, sustainable solutions, and commitment to ESG principles. The startups represent various sectors, including agri-tech, health tech, tourism, bio-fuel tech, recycling tech, and e-commerce, all sharing a dedication to the triple bottom line of profit, planet, and people.
During the program, the 15 selected startups underwent 12 weeks business incubation training, focusing on various areas. These include sustainability practices, financial modeling and sustainability, business modeling, product development, and ESG integration, empowering them to lead in creating impact-driven businesses.
The seven awarded women-led startups demonstrated excellence based on the following three main criteria.
- A female-led start-up business that solves social economic needs in Kenya.
- A business model with a Sustainable Development Goal (SDG) alignment.
- An innovative startup that utilizes emerging technologies i.e. Internet of Things (IoT), AI, augmented and virtual reality, 3D and 4D printing, cloud computing, big data, blockchain, drone technology, and biometrics.
Since its inception, the program has attracted over 2,250 applications. It has trained 77 women-led startups leveraging technology by offering mentorship, business advisory, coaching, networking opportunities, access to seed capital, and investor forums that help mold their businesses to international standards. Each of the 32 of the women-led enterprises have been awarded KES 1.25 million (USD 10,000) in seed funding over the last 6 cohorts.
Sharing his comments at the ceremony, Kariuki Ngari, MD and CEO, Standard Chartered Kenya and Africa said, “We are immensely proud to witness the graduation of the seventh cohort of our Women in Tech program. Each of these remarkable entrepreneurs exemplifies the spirit of innovation and resilience that Standard Chartered champions. As we celebrate their achievements today, we are reminded of the pivotal role that technology and female leadership play in driving sustainable economic growth. Our commitment remains steadfast in nurturing and expanding this vibrant community of trailblazers, who are not only shaping the tech industry but are also actively crafting a sustainable future for all.”