Kenyan startups poised for success in Sh40 million climate funding plan
Kenyan startups poised for success in Sh40 million climate funding plan
Kenyan startups focusing on climate-related initiatives are poised to benefit from funding of up to Kes40 million as part of the Climate Tech Accelerator Program run by Pangea Accelerator.
The accelerator program aims to bolster startups operating primarily in areas such as sustainable agriculture, the circular economy, conservation technology, waste management, renewable energy, and nature-based solutions.
In the deal, Pangea Accelerator, a Kenyan–Norwegian venture builder, seeks applications up to January 12. Afterward, it will select 10 businesses for a six-month program running from February to August this year.
"The motivation behind the initiative is to address the pressing need for SMEs and businesses to develop climate-focused solutions. Pangea aims to support these ventures, enabling them to achieve success in the evolving climate space," said Jonas Tesfu, Founder of Pangea Accelerator.
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Climate-related challenges
Mr Tesfu anticipates that most beneficiaries will be drawn from the East African region, which has experienced its share of climate-related challenges, including floods and droughts. The program is tailored to the specific needs of each business, with a focus on helping them unlock opportunities.
Pangea is partnering with numerous collaborators, including 60 investors in the climate sector, to offer not just funding but also networks and expertise. The program is being executed in collaboration with the Lithuania Fund for Development Cooperation and Humanitarian Aid.
The initiative also emphasizes creating a positive impact on youth and women, who are identified as key beneficiaries of the support. Beyond financial assistance, the program aims to assist businesses in expanding their markets regionally and internationally.
Pangea Accelerator plans to improve operations by facilitating the acquisition of better skills and expertise, while also helping businesses develop strategies and implementation plans for positive growth.
