Are you an innovative startup in Kenya, Ghana and Tanzania that is looking for funding to scale your business? If so, you need to apply for the develoPPP Ventures grant that is offering 100,000 to support the young companies to scale innovative business models that create positive impact and contribute to achieving the Sustainable Development Goals.
The programme is conducted by one of the two implementing partners, DEG – Deutsche Investitions- und Entwicklungsgesellschaft mbH and Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH through funding from the German Ministry for Economic Cooperation and Development (BMZ).
Applications for the funding happen twice a year with deadlines for submission for this year on 30th June 2022 and the second batch by 31st December 2022.
To apply for the funding the startups need to meet the following requirements.
- The company is registered in Ghana, Kenya or Tanzania OR plans to register there prior to the investment
- The company is privately owned and profit-oriented
- At least one annual financial statement is provided
- A viable business plan and a financial plan
- The company is operative and has generated first revenues from operating activities (Proof of Concept)
- The company should not have acquired more than a maximum of €2 million in funding to date
- DEG and GIZ provide grant co-financing of up to EUR 100,000 (and a top-up of EUR 100,000 for successful Ventures in a potential second phase)
- Matching funds equaling the amount of the grant financing must be provided by the company in the form of cash injection (from sponsors, investors); At least half of these required matching funds need to be injected as fresh equity
- The use of funds takes place in the country where the company is registered, Ghana, Kenya or Tanzania (conclusion of contract will only be possible with a locally registered entity)
- The investment proposal is financially sound, and the purpose of funding is clearly defined
- Entirely commercial financing of the investment project is not possible at this point (subsidiarity)
How to Apply
To apply for the grant, here is what you need to do:
- Visit the website to learn about the grant and conditions.
- Download the conditions of participation here.
- Download the application form for your specific country. Kenya download here, Tanzania download here, Ghana download here.
- Fill in the form explaining clearly what your company does and why you should be selected for the grant funding.
- Send the completed application form to [email protected] for Kenya and Tanzania and [email protected] for Ghana.
- Wait for the evaluation process and feedback from the implementation partners
The implementation partners for the selection process are impact investment specialist Seedstars and business incubator Nailab in Kenya and Tanzania while Innohub, the business accelerator and impact investment specialist, is the partner in Ghana.
- The initial selection is made based on the application forms that can be handed in during the Ideas Competition (with deadlines 30.06.2022 and 31.12.2022)
- Women-led start-ups and start-ups promoting gender equality are especially encouraged to apply (refer to the criteria of the 2X Challenge)
- Companies passing this first stage will be invited to pitch in front of the DEG/GIZ selection committee
- Due diligence will then be performed on successful companies, during which more detailed information is evaluated (incl. the business plan and financial projections (for at least 3 years), information on other investors and potential customers, etc.)
For further questions, the implementation partners can be reached through the e-mails shared above or the develoPPP Ventures Infoline: Ghana +233-502-974-489 / Kenya and Tanzania +254-790-492-467