Safaricom offers the Spark Venture Fund to invest and support late-seed, early-growth stage companies with a presence in Kenya, whilst leveraging Safaricom assets to enable the companies to scale in 2021.
In 2014, Safaricom started the first Corporate Venture Fund in East Africa – the Spark Venture Fund. This was a USD 1 million fund that supported the successful development and growth of high potential mobile tech start-ups in Kenya through a combination of investment, business development support and technical assistance leveraging on Safaricom’s unique capabilities, assets and market positioning. The amount was subsequently fully invested into 6 mobile technology start-ups in Kenya: Sendy, Lynk, Ajua, Eneza, iProcure and Farmdrive.
They are keen to support tech companies that align with Safaricom’s long term corporate vision in Education, Healthcare and Agriculture. Start-ups in other categories of strategic importance and being complementary to Safaricom’s offering will also be considered
The start-ups will be identified and selected by a fund manager (S&B ventures) and upon completion of due diligence process be presented to the Investment Committee and Board of Trustees for funding consideration.
Following investment approval, the funds will be disbursed, where Safaricom will appoint an internal deal team to provide post-investment support
Worth of Award
- In 2020, Safaricom allocated an additional $5 million to the fund to invest up to $500, 000 into tech-enabled start-ups that are strategically aligned with Safaricom’s purpose.
- The new allocation will go a long way in supporting the successful development and growth of high potential tech start-ups in Kenya.
- The fund will support start-ups through a combination of investment, business development support and technical assistance leveraging on Safaricom’s unique capabilities, assets and market positioning.
The fund will be made available to tech-enabled start-ups as an enabler in the below verticals;
From time to time start-ups in other categories of strategic importance and being complementary to Safaricom’s purpose will also be considered.
Investees will have the following characteristics;
- Kenyan presence
- A Core diverse skilled team
- Refined Working mobile based product/service
- Commercially viable business model
- Active user base
- Generating revenues
- Partnership with Safaricom signed or being discussed
- Raising equity or quasi equity
How to Apply
- The Fund Manager is S&B Ventures, based in Kenya, who will source deals, perform due diligence and recommend the investments.
- Contact the fund manager through [email protected]
Deadline: Applications are still ongoing