Germany’s Federal Ministry for Economic Cooperation and Development (BMZ) is launching the DeveloPPP Ventures, using Kenya as its pioneer country.
DeveloPPP Ventures is aimed at young companies, whose innovative business model improves living conditions in a developing or emerging country and who are planning to scale up.
Speaking on the development, German Development Minister, Gerd Müller said:
“Many developing countries, particularly in Africa, have an exciting start-up 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.”
The minister further added that:
“We want to encourage this entrepreneurial spirit even more, thereby helping to create modern jobs for young people. Since the launch of our DeveloPPP program, more than 2,000 projects have been realized 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.”
The program is heavily supported by the impact investment specialist, Seedstars and business incubator NaiLab.
The new program which will be launched in Kenya as the pioneer country, will be gradually expanded to cover more countries.
Requirements for qualification.
The program 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.
In addition, the company must:
- Be privately owned and profit-oriented.
- Have a viable business and financial plan.
- Can provide at least one annual financial statement.
- Convince other financiers of its business model.
- Have high growth potential and reach break-even within a maximum of three years.
Alongside the support, start-ups will receive tailored support from technical experts for their growth journey.
Application is open from the 26 May 2021 till the 15th July 2021.
Interested applicants can sign up for the program here.