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Stima Mobility has secured 100,000 in investments from DEG Impulse, a subsidiary of German development Bank DEG with funds from the German Federal Ministry for Economic Cooperation and Development (BMZ).
Stima is the newest addition to the develoPPP Ventures e-mobility portfolio. The funding program for start-ups in Kenya and Tanzania is currently open for new applications until June 30.
Stima Mobility Limited provides green tech solutions for the moto-taxi sector in Kenya. The company sells battery swapping services to individual electrical moto-taxi riders (boda boda riders) and is building an operating system of battery swapping stations. The aim of the investment is to demonstrate the economic viability of battery swapping systems at the scale of 100 motorbikes and 11 battery swap stations in Nairobi and further develop the swapping platform licensing.
The matching grant investment of 100,000 marks the 25th matching investment in a startup in Kenya and Tanzania since the beginning of the develoPPP Ventures program. Other companies in the portfolio include KUDURA Power, Data Integrated, Pezesha Africa, Zuri Health from Kenya and Dawa Mkononi, Flamingoo Foods, Ziotio and Simusolar from Tanzania.
The develoPPP Ventures programme supports the growth phase of innovative startups that have the potential to generate a measurable, positive social or environmental impact alongside financial returns.
The funding is decided within the framework of calls for applications which take place twice a year. If the application is successful, startups can receive a grant of up to EUR 100,000 towards a growth investment to scale up their development-relevant business model. Prerequisites are that the startups already generate initial revenues with their product or service and acquire additional capital from other sources of at least the same amount via matching funds.
In addition, applicants must provide sound financial and strategic business planning documents over a 3-year period going forward. The financial planning should provide insight into how the funds will be used to grow the company, become financially sound, and improve profitability.
Besides funding, the companies will receive technical assistance based on their specific needs to maximize their chances of success.
DEG Impulse is supported by the international start-up ecosystem building organization VC4A and its partner organizations ViKtoria Ventures in Kenya and Ennovate Ventures in Tanzania.
Please note that additional requirements and due-diligence processes are part of the overall selection process and that additional legal considerations will be taken into account before an engagement by DEG Impulse.
Startups interested in applying to the develoPPP Ventures funding scheme should visit www.develoPPP.de/en/ventures.