A Spark for Kenya's start-ups
Kenyan mobile operator Safaricom’s Spark Venture Fund, a $1 million initiative launched in November, now has a shortlist of 33 mobile start-ups which are in the running for investments of between $75,000 and $250,000. All companies are based in Kenya and have an available product or service with an active user base in a specific market segment. They must demonstrate the ability to provide ‘transformative solutions’.
The finance will be administered by Safaricom and international tech fund TBL Invest. “We see this as a much needed catalyst that will help actualise our aspiration to nurture a vibrant ICT economy in Kenya,” says Joe Ogutu, director of strategy and innovation at Safaricom.