Kua Ventures and Startup Savanna alliance to back SMEs
Kua Ventures and Startup Savanna alliance to back SMEs
Kua Ventures has joined forces with Startup Savanna, an initiative fostering entrepreneurial growth and innovation in Kenya, to bolster the region's small and medium enterprises (SMEs).
This collaboration has opened a platform for 10 entrepreneurs to pitch for a maximum of KES15 million in funding for their businesses.
Kua Ventures, a faith-driven impact investor based in Nairobi, is leveraging the 3C model, comprising capital, coaching, and community in providing support to SMEs. The capital component involves providing secured and revenue-based loans ranging from Kes5 million to Kes15 million for business growth and expansion.
The coaching aspect entails pairing entrepreneurs with local and international mentors to enhance their leadership skills and refine their business strategies. The community component enables entrepreneurs within the Kua Ventures portfolio to connect, share ideas, and build their capacity.
In parallel, Startup Savanna, a key element of the Kenya Industry and Entrepreneurship Project (KIEP) funded by the World Bank Group, acts as a conduit for Kenyan startups to access international expertise, investment opportunities, and support infrastructure.
Through collaborations with global experts and local entrepreneurial support organizations, Startup Savanna aims to propel the growth and sustainability of businesses, contributing to job creation and economic development.
During the pitching event, Kua Ventures' Executive Director, Peter Fry, expressed enthusiasm for the partnership, highlighting its potential to promote sustainable development and social change.
"By combining our expertise and resources, we aim to help local entrepreneurs innovate, grow, and create lasting social impact in the region through the creation of stable jobs and contribution to global efforts to reduce poverty in our communities," he said.
At the same time, Jackson Kinyanjui, Startup Savanna's implementing team Lead, noted the significance of the collaboration in building a vibrant innovation and entrepreneurship ecosystem in Kenya.
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Entrepreneurship ecosystem in Kenya
"Our collaboration with Kua Ventures represents a significant 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 give them platforms to learn and grow," he said.
The pitch event provided SMEs with a platform to showcase their innovative solutions, network, and seek funding to scale their businesses and impact.
Kua Ventures and Startup Savanna alliance is the latest private sector initiative aimed at bridging the gap between local entrepreneurship and access to finance, which has hindered the growth of many SMEs in the East African region and prevented them from realizing their impact potential.
The 10 ventures that pitched were drawn from various sectors and industries, including green energy, education, agribusiness, hospitality, events management, and laundry services.
These ventures include Pauline Wanjiku from TLC Laundry, Victor Maina from Duhqa, Jackie Kamau from The Laundry Lady Ltd, Meshack Mutisya from Irish Events & Catering LTD, Martin Muigah from Event Automation Solutions, Edward Kinyanjui from Plexus Energy Ltd, Peter Muraya from Victoria Kids Care Ltd, David Wanjau from Deevabits Green Energy Ltd, and Chris Silali from GenePlus Global Limited.
