Kenya-based mobile network Safaricom launched a $1m corporate venturing fund on Wednesday that will fund IT and mobile app startups.
Safaricom Spark Venture Fund will provide between $75,000 and $250,000 in debt or equity to Kenya-based mobile information and communication technology (ICT) companies over an initial 2 year period.
TBL Invest, a firm based in the Netherlands that invests in Kenya and Pakistan, will act as fund manager.
Nzioka Waita, corporate affairs director for Safaricom, said: “Innovation is part of Safaricom’s DNA, and this latest initiative illustrates the commitment and passion that we have to help nurture a vibrant ICT powered economy.
“The Spark Fund demonstrates the existing benefits that Safaricom would be able to offer to start-ups we will invest in, in order to grow and scale them.”