Safaricom unveils Sh90 million fund for mobile app innovators

Safaricom CEO Bob Collymore. (Photo:File/Standard)

Safaricom has launched a transformative $1 million (Sh90m) Venture Fund aimed at accelerating the development of innovative mobile applications and solutions by providing much-needed capital to ICT start-ups.

The Safaricom Spark Venture Fund will be offered to Mobile ICT start-ups based in Kenya either through equity investment in their businesses or in the form of other debt instruments. Start-ups will be eligible to receive amounts between $75,000 (Sh6.8m) and $250,000 (Sh22.5m). The fund has been set up for an initial two-year period. “We see this as a much-needed catalyst that will help actualise our aspiration to nurture a vibrant ICT economy in Kenya.