Stima Mobility, the Kenyan startup providing green tech solutions for the moto-taxi sector (boda boda riders) has secured 100,000 euro in investments from DEG Impulse.
DEG Impulse is a subsidiary of the German Development Bank DEG with funds from the German Federal Ministry for Economic Cooperation and Development (BMZ).
The new funding, which was issued in the form of a grant makes Stima the newest addition to the develoPPP Ventures e-mobility portfolio
Stima Mobility sells battery-swapping services to individual electrical 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.
This deal 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 100,000 euro 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.