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What is the Spark Venture Fund?
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This is a fund that supports commercially viable start-ups which use mobile technology as an enabler at early growth to later stage. It is a venture capital fund that aims to support the successful development and growth of high potential mobile tech start-ups and scale-ups with a presence in Kenya through a combination of investment, business development support and technical assistance leveraging on Safaricom’s unique capabilities, assets and market positioning.
What has changed in the Spark Fund?
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The Spark Fund was launched in 2014 and invested in six mobile technology start-ups between 2015 and 2017. It invested on average $175,000 per start-up. It is full invested and focused on portfolio management.
In 2020 Safaricom made an additional $5 million allocation to the Spark Fund, and the Fund is subsequently open to invest in additional start-ups. The Fund can now invest larger amounts, up to $500,000 per start-up, and on a case-by-case basis larger amounts, in convertible notes or equity investment
How will eligible start-ups be selected?
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The start-ups will be identified and selected through a deal pipeline managed by the fund manager, a partner of Safaricom and upon completion of due diligence process be presented to the Investment Committee for funding consideration.
What are the objectives of the fund?
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Grow a portfolio of strategically-aligned tech-enabled start-ups for deeper commercial partnership and/or acquisition by Safaricom whilst Transforming lives
What are the requirement one needs to have to be considered for selection?
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What is the application process?
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The Fund Manager is S&B Ventures, a Fund Manager based in Kenya, who will source deals, perform due diligence and recommend the investments.
Contact the fund manager through spark@africatechventures.co