Spark Fund has set aside Ksh 540 million ($5m) to fund local tech startups. The Fund that was founded in 2014 will invest up to Ksh 54 million ($500,000) on a case-by-case basis, into startups which offer local solutions to their communities.
According to credible sources, the Spark Fund is part of Safaricom’s initiative to invest in startups that align with the telco’s scope. In addition, the telecommunication giant hopes to support high potential tech ventures in the country.
The Fund has been molded strategically to grow tech-enabled startups for a Safaricom Partnership or acquisition. The tech startups will receive support in the form of investments, business development support and technical assistance.
“The fund will support startups through a combination of investment, business development support and technical assistance leveraging on Safaricom’s unique capabilities, assets and market positioning,” read a part of Safaricom’s statement.
Spark Fund is keen to invest in late seed and early growth stage ventures in education, healthcare and agriculture. It leverages on the companies’ unique capabilities, assets and market position.
Since its inception, Spark Fund has benefitted startups like Sendy, Lynk, Ajua, iProcure, Farmidrive and Eneza.