Cayleigh Bright
1 min read
Safaricom Spark Fund
Sector: Tech enabled
We are a corporate venture capital fund with the aim of supporting the development and scaleup of relevant tech-enabled startups. We are able to provide not only investment, but also business-development support and technical assistance.
Safaricom Spark Fund was launched in November of 2014 by Safaricom, Kenya’s largest telecommunications provider. The venture capital fund invests in the country’s burgeoning startup ecosystem, with a particular focus on mobile technology. It offers selected startups more than financial investment, additionally providing technical assistance to allow them to grow and compete, access to mentors and exposure to Safaricom’s partner networks.
Safaricom Spark Fund focuses on startups in the late seed to early growth stage, where it believes it can make the most impact. By leveraging assets across Safaricom, it is able to provide a tremendous level of insight to the startups it invests in. This overarching view of the market allows the fund to identify the startups that are best positioned to both scale and make a larger impact. Investment is available to startups using mobile technology as an enabler in health, agriculture, education, financial services, advanced analytics/ML/AI and emerging technologies.
At the core of the fund is Veronica Ogeto-Tchoketch, the head of strategic partnerships and corporate ventures at Safaricom. Veronica found a passion for technology at a young age and, after receiving a degree in ICT, quickly advanced her career in tech and gained a wealth of experience in diverse sectors. An MBA provided her with a solid understanding of business and taught her to be customer-focused and innovative. Her experience has helped lead to the successful investment of over $1 million dollars in tech-driven startups, including iProcure, Sendy, Ajua and Eneza. In 2020, Safaricom Spark Fund received an additional tranche of $5 million to further its goal of shaping the future of Kenya’s startup landscape.
Checklist
- Leverage mobile technology.
We’re looking for startups that can make good use of Safaricom’s strong tech and seamless payment capabilities coupled with our unique market position. - Be in the late seed to early growth stage.
In our experience, we’re able to provide the most support during this phase. - Have a Kenyan presence.
One of our foremost goals is to foster the Kenyan startup ecosystem, and we invest accordingly. - Employ a core team with a diverse skill set.
We’re looking for companies with a competent team behind them, who are ready to scale and display expertise in their respective fields. - Have a commercially viable business model.
We’re seeking businesses that can provide a return on our investment, combining purpose with profit. - Maintain an active user base.
We want to see a track record that indicates future growth and consider it desirable for a startup to be already generating its own revenue prior to investment.
Applications can be sent via:
spark@africatechventures.com
Main photo by Safaricom