This Friday November 16, Mara Launch Uganda Fund will announce its first investment of its US$ 38,000 into Charcolite Firestarter Ltd a Kampala based energy startup in a move to help it increase production and market its product intensively.
The announcement comes during the Mara Foundation Innovation to Business Event held in the Global Entrepreneur Week.
Speaking to TechMoran Gilbert Beyamba, Program Coordinator at the Mara Launch Fund, “Mara Launch Fund is investing into Charcolite Firestarter Ltd as our first investment, we shall also be helping increase the production and market the product intensively. We shall also provide whatever managerial assistance the company will need e.g in account keeping.”
The firm will also get professional advise and assistance from the Mara Foundation and the Fund’s investment committee, which comprises Ashish J. Thakkar, CEO Mara Group, Alex Rezida of NARE (Nangwale, Razida & Co. Advocates), and Peter Mukiza, Director of Quantum Capital and a team of successful entrepreneurs.
The exact amount Charcolite Firestarter will receive as investment is not yet public but according to Beyamba,” It’s a case by case funding, as for now the fund has 100,000,000/= (US$ 38,000) to invest in these start-ups but we have plans of scaling it to one billion shilling in the near future and extend the opportunity to first the East African region and the rest of Africa.”
Mara Launch Fund is a Venture Capital firm based in Uganda and provides financing for innovative start-up or early-stage businesses with high risk but high growth potential. Mara Launch Fund is the only firm offering venture capital at such a low base. Mara Launch Uganda Fund was founded and is managed by Ugandan Millionaire Ashish J. Thakkar, Alex Rezida and Peter Mukiza.