Kenyan entrepreneurs get Sh645,000 funding

Nigerian billionaire Tony Elumelu during the Tony Elumelu Entrepreneurship Programme launch in Lagos. [File, Standard]

Fourteen Kenyan entrepreneurs have each received Sh645,000 ($5,000) in non-refundable seed capital from the Tony Elumelu Foundation (TEF) Entrepreneurship Programme.

The Kenyans were among 1,951 beneficiaries announced at a ceremony in Abuja on Saturday by Tony Elumelu, selected from a competitive pool representing all 54 African nations.

This year, a total of 3,200 young entrepreneurs will be chosen and funded. In a statement, the foundation said every applicant was assessed on the clarity of their business idea, market feasibility, potential for scale, and their financial understanding of their venture.

Agriculture led the successful sectors across the cohort, emphasising its vital role in food security and employment throughout the continent.

Among Kenyan entrepreneurs, agribusiness, agri-tech, and climate-smart farming stood out — sectors that have attracted increasing investor interest in recent years.

Beyond the seed capital, each chosen entrepreneur joins TEFConnect, the foundation's pan-African digital platform linking over 24,000 alumni across the continent.

They also receive structured mentorship and a 12-week business training programme.

The results expand on a 12-year history in which TEF has disbursed over Sh12.9 billion to more than 24,000 entrepreneurs. It says 80 per cent of the supported businesses survive and grow, reversing a global trend where usually only one in five startups does.

Women make up 51 per cent of the 2026 cohort, representing a significant figure at a time when access to capital remains structurally more difficult for women entrepreneurs across Africa.

The programme is supported by partners including Germany's international development agency GIZ, which offers expertise in capacity building, sustainable business practices, and green economy transitions, and Goodwell Investments, which contributes impact investing and blended finance experience to help entrepreneurs access larger-scale funding beyond their initial seed capital.