German-based Federal Development Ministry (BMZ) has expanded its developPPP Ventures programme in Kenya to support local startups.
Under this programme, selected startups that are helping to improve local people’s living conditions will receive a grant of up to 100,000 euros.
“Many developing countries, particularly in Africa, have an exciting startup scene. This is where the jobs of tomorrow and innovative solutions for the challenges on the ground are emerging. Drones being used to deliver medicines, banks that are completely digital – things which sound like the music of the future to European ears – many African companies are already making these ideas a reality. ‘’ Development Minister Gerd Müller said
‘’We want to encourage this entrepreneurial spirit even more, thereby helping to create modern jobs for young people. Since the launch of our develoPPP programme, more than 2,000 projects have been realised around the world, together with local, German and European companies. Last year alone, almost 80,000 people received initial and further training thanks to this support.” he added.
With the new pillar, called develoPPP Ventures, the BMZ has added an instrument to its support portfolio that is especially aimed at young entrepreneurs who are making innovative contributions to sustainable development in a developing country. In the past, companies had to be at least three years old and able to show a minimum turnover in order to be eligible as candidates for support.
The programme is open to startups with their head office or with a branch registered in Kenya. They can receive a grant of up to 100,000 euros for their planned growth investment. Among the conditions that they must fulfil is that they are already generating some initial turnover with their product and that they can get at least the same amount of funding from other financial backers.
Via its support programme develoPPP, the BMZ has been cooperating for over twenty years with companies wanting to make sustainable investments in a developing country or emerging economy and expand their activities on the ground.
Startups interested in the developPPP Ventures programme can apply here.