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From left to right, Marketing Manager Ian Njoroge, Purity Majale, Managing Director Mohamed Shaban, CEO Ag Benson Muthendi and Credit Officer Kennedy Owire. [Courtesy]
More than 1,000 local start-ups are expected to benefit from additional funding following the signing of an agreement that will allow businesses to receive cash support to expand their operations.
The agreement was signed between the Youth Enterprise Development Fund (YEDF) and the United Arab Emirates (UAE) based business intelligence company Investera Plus Africa.
YEDF acting chief executive Benson Muthendi said the partnership would benefit start-ups.
“InvesteraPlus Africa is timely to support Kenyan youth. I appreciate what they are doing and how their platform will support the ecosystem, â€he said.
Investera Plus Africa has over 3,000 high-value investors looking to invest in Africa, with Kenya being their gateway to the continent. The company provides market research, due diligence, investment advice and financial intelligence services to investors, businesses and entrepreneurs.
Investra Plus Africa chief executive Mohamed Shaban said the company will help youth-led entities mobilize the capital or financial muscles needed to modernize their businesses.
“We aim to see the growth of businesses, especially startups, by providing business development assistance services to businesses that wish to expand their businesses or access funding,†Shaban said.
“It’s our business because we already have enough investors ready to fund great business ideas.”
He said start-up capital and market access pose challenges for entrepreneurs, as most financial institutions require collateral that most do not have.
“This challenge will now be a thing of the past as we have been able to provide easy access to markets and financial support,” Shaban noted.
YEDF, one of Vision 2030’s flagship projects, has in the past mobilized millions of shillings in seed capital for start-ups and financial impulses for businesses looking to expand.
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