Nine Kenyan startups selected for Safaricom, M-Pesa Spark Accelerator
TLDR
- Spark Accelerator program in Kenya, supported by Safaricom, M-Pesa Africa, and Sumitomo Corporation, selects 9 startups for training, mentorship, and funding.
- Safaricom's Spark Venture Fund, established in 2014, invests in late-seed and early-growth stage companies in Kenya to drive societal change and scalability.
- Participating startups include Chumz, Nobuk, Chpter, Faidi HR, Churpy, Twiva, HealthX Africa, BlackRhino VR, and VunaPay in a 3-month accelerator program.
Nine early-stage Kenyan startups have been chosen to participate in the Spark Accelerator program, a joint initiative by Safaricom, M-Pesa Africa, and Sumitomo Corporation to nurture commercially viable businesses driving societal change.
Safaricom introduced the Spark Venture Fund in 2014 to support late-seed and early-growth stage companies in Kenya, utilizing Safaricom assets to aid scalability. The $1 million fund has already invested in six ventures.
The selected startups are Chumz, Nobuk, Chpter, Faidi HR, Churpy, Twiva, HealthX Africa, BlackRhino VR, and VunaPay. The three-month accelerator program will provide a blend of training, mentorship, funding, and go-to-market support.
Key Takeaways
The selection process for the startups was reportedly intensive, covering diverse sectors like Embedded Finance, Future Fintech, SME Productivity Tools, and Content. Through the Spark Accelerator, a comprehensive ecosystem-driven initiative, startups are poised to receive a combination of training, mentorship, and go-to-market assistance. This holistic approach aims to equip the selected ventures with market access, technological resources, product development guidance, and potential capital infusion. By fostering collaboration and providing robust support mechanisms, the accelerator program seeks to empower these startups to navigate challenges, innovate effectively, and scale their businesses sustainably in the dynamic Kenyan market.
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