The second phase of the Spark Accelerator program, a collaboration between Safaricom, M-Pesa Africa, and Sumitomo Corporation, will soon be accepting applications. The program’s goal is to expand and scale commercially viable companies that are bringing about positive social change.
In order to invest in and support late-seed and early growth stage companies operating in Kenya, Safaricom initially established the Spark Venture Fund in 2014. The fund leverages Safaricom assets to help the companies grow. Six investments were made by the US$1 million fund.
Nine startups were chosen to participate in the program, which recently came to an end with an investor demo day where they presented their accomplishments and made connections with potential investors.
“At Safaricom, we believe technology is a catalyst for change and solutions, and that’s why we incentivise and support innovative startups with the tools they need to reach the next level. With the Spark accelerator programme, we are investing in our future leaders while contributing to significant societal change and economic growth,” said Safaricom CEO Dr Peter Ndegwa.
Applications for the second cohort will open on April 1 and close on May 15.
