The Germany Federal Development Ministry (BMZ) has launched DeveloPPP, a venture that aims to empower Kenyan startups by providing an entrepreneurial support program with a grant of up to EUR100,000 (Sh13 Million).
Using a matching-funds model, DEG – Deutsche Investitions- und Entwicklungsgesellschaft mbH will provide grant financing for startups that have achieved a proof of concept and are ready to scale.
Together with impact investment specialist Seedstars and business incubator NaiLab, the DeveloPPP Ventures 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 locals.
“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.”
Requirements and how to apply
The programme is open to startups with their head office or a branch registered in Kenya and in addition, your company must:
- 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
They can receive a grant of up to US$120,000 for their planned growth investment and will receive tailored support from technical experts for their growth journey.
Applicants must also be already generating some initial turnover, and be able to acquire matching funds from other sources.
The programme is currently only available in Kenya but will be gradually expanded to cover more countries soon
To apply, interested parties can sign up here. Proposals will be taken from 26 May 2021 to 15th July 2021.