Fund, UAE firm in deal to boost 1,000 businesses

From left, Marketing Executive Ian Njoroge, Purity Majale, General Manager Mohamed Shaban, Ag CEO Benson Muthendi, and Credit Officer Kennedy Owire. [Courtesy] 

Over 1,000 local youth enterprises are set for a funding boost following the signing of a deal that will see businesses receive cash support to scale operations. 

The deal was signed between the Youth Enterprise Development Fund (YEDF) and the United Arab Emirates (UAE) based business intelligence firm Investera Plus Africa.

Acting YEDF Chief Executive Benson Muthendi said the partnership would benefit start-ups.

“InvesteraPlus Africa comes at a perfect time to support the Kenyan Youth. I appreciate what they are doing and how their platform will support the ecosystem,” he said.

Investera Plus Africa has over 3,000 high-value investors looking to invest in Africa with Kenya being their gateway into the continent. The firm provides market research, due diligence, investment advisory and financial intelligence services to investors, businesses and entrepreneurs.

Investera Plus Africa General Manager Mohamed Shaban said the firm will assist entities run by the youth to mobilise capital or necessary financial muscles to upgrade their enterprises.

“We aim to see the growth of businesses, especially startups by providing business development support services to companies that are keen on expanding their businesses or getting access to funding,” said Shaban.

"This is our business because we already have enough investors willing to finance good business ideas."

He said start-up capital and access to markets pose challenges for entrepreneurs since most financial institutions require collateral that most of them do not have.

"This challenge is now going to be a thing of the past because we have been able to provide easy access to markets and financial support,” noted Shaban.

The YEDF, one of the flagship projects of Vision 2030, has in the past mobilised millions of shillings in seed capital for start-ups and financial boosts for companies looking to expand.