Focused on ensuring the continuous growth of startups, Uncap has launched applications for entrepreneurs to receive early-stage funding.
The fully remote application focuses on quantifiably assessing founders’ ability to grow and scale a great business. The process requires no pitch decks or collateral and the best businesses to be invested in by Uncap are chosen via a data-based selection process.
Uncap invests through redeemable equity-revenue-based financing ‘RBF’ that is designed to meet the needs of early-stage businesses. RBF is a form of capital raising where investors agree to provide capital to a company in exchange for a certain percentage of the company’s ongoing total gross revenues. Uncap purchases shares that can be redeemed by the company at a pre-agreed multiple using a percentage of their monthly revenues.
Benefits
Startup businesses have the chance to receive early-stage capital ranging between €10,000 and €50,000.
Eligibility
To be eligible for funding:
- Applicants must be registered as limited companies based in Kenya, Uganda, Rwanda, or Nigeria
- They must have at least 12 months of revenue traction, well-kept records of business operations, and a scalable business model
Uncap was founded to create a unique and innovative new approach to funding early-stage entrepreneurs using a remote, data-driven, and mainly automated process. Its vision is to provide talented entrepreneurs access to capital critical to their success, regardless of their gender, education, social background, or location. One of Uncap’s main goals is to empower female entrepreneurs who are underrepresented in many sectors.
In 2020, Uncap invested in 27 businesses and in 2021, 70 offers were made from over 800 complete applications. This year it plans to more than double last year’s figure. Uncap already made its first exit in 2022 from Ava Juliet Productions.
How to apply
Do you seek early-stage funding as an entrepreneur based in Kenya, Uganda, Rwanda, or Nigeria? Then apply before the deadline on Friday, September 16, 2022.
Comments 1