Startups in developing or emerging communities can now apply for the develoPPP Ventures 2023 Q4 growth investment programme, according to an announcement made by the organization.
With funds from the German Federal Ministry for Economic Cooperation and Development (BMZ), Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH will award a grant of up to 100,000 euros for growth investments under a matching-funds approach.
develoPPP Ventures targets young enterprises with innovative business models that enhance living standards in poor or emerging nations and intends to expand. The initiative is presently focusing on developing communities in Ghana, Kenya, Nigeria, and Tanzania, with plans to expand to more nations in the upcoming cycle…
develoPPP Ventures’ regular funding criteria will be used to determine funding decisions for individual investment initiatives. Participation is open to startups that have registered in the target country or intend to register there prior to the beginning of the funding period.
Funding is only available for startups looking to expand within their specific countries, and all investments must be made domestically. Funding is contingent upon the completion of the startup phase, and initial revenues have been generated. Furthermore, the startup has to:
- Be privately owned and profit-oriented
- The company is registered in Kenya, Nigeria, or Tanzania OR plans to register there prior to the investment
- Have a viable business and financial plan
- Be able to provide at least one annual financial statement
- Convince other financiers of its business model (matching funds)
- Not have acquired more than a maximum of €2 million in funding to date
- Have high growth potential and reach break-even within a maximum of three years
The funding’s objective is to scale up creative solutions so that more people may use them. It is crucial that the proof of concept has been accomplished and the initial income has been received. Selected firms will receive local technical help in addition to cash. Particular encouragement is given to women-led and gender equality-promoting startups to apply.
The develoPPP Ventures 2023 Q4 application is open until December 31. Click here to apply.