The Agence Française de Développement (AFD) and HEVA Fund have joined hands to invest KES 90 million (EUR 800,000) into startups in the creative industry to build high-value, profitable businesses, where new ideas will come to life, and where the highest potential for great profits, great jobs and happy people will be found since its birth.
This signing event marked the beginning of HEVA’s next four-year strategy, aiming to drive KES 500 million in growth investments for enterprises in the creative industry. These enterprises will be able to access working capital and asset financing making their business practices more efficient.
HEVA has provided business development services to over 400 creative entrepreneurs; invested in over 25 creative businesses in 5 value-chains; and supported the development of a favorable business environment.
According to Agence Française de Développement chief executive officer Mr. Rémy Rioux, “The creative sector remains under estimated and many potential entrepreneurs in Africa are struggling to access capital, markets and business training.”
This is AFD’s 1st commitment for the Kenyan creative industry. The call for applications for HEVA’s new growth fund will be made in the third quarter of 2018.
“The creative industries present a tremendous opportunity to contribute to the much-needed job creation for young people and export our unique cultural identity into the global marketplace, as well as position Kenya as a global destination for tourism, the arts and entertainment. We want to bridge the gap by offering tailor-made, innovative financial and business support solutions to these ventures,” HEVA Managing Partner Mr. George Gachara said the fund will invest in solid players in the industry with a view to nurturing them in sustainable business that seeks to scale