German programme invests up to $120k in Kenyan startups

German programme invests up to $120k in Kenyan startups

Lately, foreign investors and investment programmes are starting to develop an interest in the African market.

Many startups sprung up during and after the lockdown phase in Africa. And a lot more are still showing up.

These startups come up with innovative ideas with the potential to improve the welfare of the people and the economy at large.

However, many of them lack adequate funding to execute their mission. And that’s where investors and startup support programmes play a vital role.

To that end, the Federal Development Ministry of Germany has announced a new programme – DeveloPPP Venture – that aims to empower Kenyan startups financially.

The programme is set up to provide baby companies entrepreneurial support with a capital of up to EUR100,000 (~$120,000).

The initiative aims to award startups that have realized proof of concept and are ready to scale with grants through the matching-funds model.

The DeveloPPP Ventures programme targets young entrepreneurs making innovative contributions to improve living conditions and promote a sustainable economy.

The programme is open to startups with their head office in Kenya. And they stand to receive a grant of up to EUR100,000 (~$120,000).

Beneficiaries of this grant will also receive tailored support from technical expert to help them scale.

Further, Germany’s Development Ministry mentioned that the new programme would start in Kenya. And it will gradually expand to cover more African countries.