NAIROBI: Selected start-up businesses are set to benefit from seed capital to the tune of Sh15 million each from the Centum Foundation.
The foundation, an initiative of Centum Investment Company, has committed to make multi-million investment in start-ups through convertible debt or equity instrument. By 2019, the foundation has set a target of injecting Sh500 million capital in start-ups.
Centum Investment CEO James Mworia said by strengthening financial muscles of start-ups, businesses will grow and create jobs opportunities.
"Entrepreneurship is part of Centum's DNA, therefore, it only made sense to use the skills we have gained over time to build great businesses and enable entrepreneurship further," explained Mworia.
Apart from providing capital, the foundation will also engage partners to offer mentorship to start-ups as well as make follow-ups to ensure higher success rate. The three-month mentorship programme will see entrepreneurs receive guidance before presenting their idea to the Foundation's investment committee.
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Beneficiaries will also access business training to guide them in running their start-ups effectively and shared resources which will reduce their costs.
To be eligible, start-ups will have to present their business idea highlighting on their competitive advantage, their management team and the desired impact.
Centum Investment Company Ltd is a Kenya-based investment company. The Company provides investors with access to a portfolio of inaccessible, quality, diversified investments. The Company focuses in three business lines namely Private Equity, Quoted Private Equity and Real Estate and Infrastructure.