Tag: Venture Capital

Safaricom Foundation Launches $500K Tech for Good Fund

Internet, Mobile
Safaricom has set aside Ksh 5om ($500,000) social entrepreneurs out there but to the many who still believe in welfare, this is a great move for them as Safaricom Foundation announces a Ksh 50m fund for social entreprises. VC and PE firms see entrepreneurship as business and every business should make a dime of whatever service it offers. Like economists of the old and markets, VC’s see startups as business that should be left alone to meet demand with their own supply. Innovation has to solve a problem and people have to be willing to pay for that solution if it’s really fitting. Safaricom says the Sh50 million Technology for Good Fund will empower young innovators with the potential to deliver significant and impactful solutions that leverage mobile technologies. “Our overall ai

Accion Venture Lab to Invest Kenya’s Umati Capital

Business, Mobile
Accion have announced an undisclosed investment in Umati Capital, a Kenyan lending company that provides invoice discounting and other forms of working capital to East African SMEs. The investment was made through Accion’s USD10m Venture Lab focused on seed capital investments for ‘innovative financial inclusion start ups’. Accion say: ‘Banks typically require a proven track record and it usually takes them months to make a decision before issuing a line of credit. By letting enterprises borrow against their invoices and providing financing in only a couple of days, Umati has huge potential to streamline agricultural and other value chains, capturing more value for smaller enterprises in the region.’ “East African farmers, like all small business entrepreneurs, need access to capital