In collaboration with CRDB Bank’s iMBEJU initiative, the FUNGUO program, which is funded by the European Union, has revealed its third cohort of 18 startups.
By combining reimbursable grants from the CRDB Bank Foundation’s iMBEJU program with transformative, non-repayable grants from FUNGUO, which is funded by the European Union, the strategic partnership increases the chances for startups to grow and succeed.
Over 400 applications were received nationwide, and the third cohort was selected. The funding pool, which is worth TZS1.45 billion (US $600,000) in FUNGUO Catalytic Grants and TZS355 million (US $150,000) in iMBEJU Soft Loans, demonstrates Tanzania’s dedication to bolstering creative, impact-driven companies that support the country’s SDGs, youth empowerment, and job creation.
The chosen startups provide technology-driven solutions and are spread across a variety of industries, including financial services, healthcare, energy, agriculture, and the circular economy. These companies seek to create jobs, especially for young people, while addressing urgent societal issues.
“Innovation is the backbone of our nation’s progress, and today, as we have witnessed the unveiling the third cohort of investees under the FUNGUO Innovation Programme in partnership with iMBEJU, we celebrate the bold ideas and entrepreneurial spirit driving Tanzania’s future. The Ministry of Information, Communication, and ICT is committed to supporting initiatives like this that empower startups to create solutions that impact our communities and contribute to a digital and inclusive economy,” said Jerry Silaa, minister of ICT.
