Applications for the second phase of the Spark Accelerator programme will soon be open. This initiative, a collaboration between Safaricom, M-Pesa Africa, and Sumitomo Corporation, aims to foster the growth and scaling of commercially viable businesses that are making a positive impact on society.
The Spark Venture Fund was initially launched by Safaricom in 2014 with the goal of investing in and supporting late-seed and early growth stage companies operating in Kenya. By leveraging Safaricom’s extensive assets, the fund aims to help these companies scale effectively. To date, the US$1 million fund has successfully made six investments.
In January of last year, Innovation Village reported that Safaricom had partnered with M-Pesa Africa and Sumitomo Corporation, a prominent Fortune 500 global trading and business investment firm, to open applications for another round of the programme. As a result, nine innovative startups were selected to participate in this edition of the accelerator programme. This phase recently concluded with an investor demo day, where the startups had the opportunity to showcase their achievements and network with potential investors.
Dr. Peter Ndegwa, CEO of Safaricom, emphasized the company’s belief in technology as a powerful catalyst for change and solutions. He stated, “At Safaricom, we believe technology is a catalyst for change and solutions, and that’s why we incentivize 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.”
Applications for the second cohort will open on April 1 and close on May 15.
