Germany’s Federal Development Ministry(BMZ) has launched DeveloPPP Ventures ,which aims to empower Kenyan startups by providing an entrepreneurial support program with a grant of up to EUR100,000 (US$120,000).
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.
With the support of impact investment specialist Seedstars and business incubator NaiLab, the DeveloPPP Ventures programme is aimed at young entrepreneurs who are making innovative contributions to sustainable development in their developing economies as well as improving living conditions of locals.
The programme is open to startups with their head office or a branch registered in Kenya. They can receive a grant of up to EUR100,000 (US$120,000) for their planned growth investment.
Additionally, startups will receive tailored support from technical experts for their growth journey.
Applicants must already be generating some initial turnover, and be able to acquire matching funds from other sources.
The new programme will initially launch in Kenya, but will be gradually expanded to cover more countries. Interested parties can sign up until July 15.