Kua Venturesa faith-driven impact investor based in Nairobi, partnered with Startup Savannahan initiative that promotes business development and innovation in Kenya, to support SMEs in the region.
This partnership allowed 10 entrepreneurs to propose funding of up to KES 15 million for their businesses.
Details
Central to Kua Ventures’ approach to supporting SMEs is the 3C model consisting of capital, mentorship and community. The capital component consists of secured and income-based loans between KES. 5 million and KES. 15 million for business growth and expansion, while the mentoring aspect involves matching entrepreneurs with local and international mentors to enhance their leadership skills and refine their business strategies.
The community component on the other hand enables like-minded entrepreneurs within the Kua Ventures portfolio to connect, share ideas and develop their potential.
In parallel, Startup Savanna, an integral component of the Kenya Industry and Entrepreneurship Project (KIEP) funded by World Bank Group, serves as a conduit for Kenyan startups to access international expertise, investment opportunities and support infrastructure. Through partnerships with global experts and local entrepreneurship support organizations, Startup Savanna aims to promote business growth and sustainability, thus contributing to job creation and economic growth.
What they say
Speaking during the pitching event, the CEO of Kua Ventures Peter Fry said that the collaboration between Kua Ventures and Startup Savannah will go a long way in promoting sustainable development and social change.
“We are excited to partner with Startup Savanna in our shared mission to support local entrepreneurship and advance social change. By combining our expertise and resources, we aim to help local entrepreneurs innovate, grow and create lasting social impact in the region by creating stable jobs and contributing to global efforts to reduce poverty in our communities.” he said.
Also, Jackson KinyanjuiStartup Savanna’s Implementation Team Leader said:Our partnership with Kua Ventures represents an important milestone in our efforts to build a vibrant innovation and entrepreneurship ecosystem in Kenya. Entrepreneurs are the backbone of our economy and we continue to provide them with platforms to learn and grow.”
Digging deeper
The pitch event served as a platform for SMEs to showcase their innovative solutions, network and seek funding to help scale their businesses and impact.
The partnership between Kua Ventures and Startup Savanna is the latest private sector effort to bridge the gap between local entrepreneurship and access to finance, which has hindered the growth of most SMEs in the East African region and prevented them from realizing their potential.
The 10 nominated ventures came from various sectors and industries such as green energy, education, agribusiness, hospitality, event management and laundry services.
They were:
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