The European Union-funded FUNGUO programme, in partnership with CRDB Bank’s iMBEJU initiative, has proudly unveiled its third cohort of 18 innovative startups. This strategic collaboration combines transformative, non-repayable grants from FUNGUO, funded by the European Union, with reimbursable grants from CRDB Bank Foundation’s iMBEJU programme, thereby amplifying opportunities for startups to scale and thrive.
The third cohort was selected from over 400 applications received nationwide, highlighting the competitive nature and high level of interest in the programme. The funding pool for this cohort is valued at TZS1.45 billion (US$600,000) in the form of FUNGUO Catalytic Grants and TZS355 million (US$150,000) in iMBEJU Soft Loans. This substantial financial support underscores the commitment to strengthening innovative, impact-driven businesses that contribute to job creation, youth empowerment, and the achievement of the Sustainable Development Goals (SDGs) in Tanzania.
The selected startups represent a diverse range of sectors, including agriculture, energy, circular economy, healthcare, and financial services. Many of these businesses offer technology-driven solutions aimed at addressing pressing societal challenges while creating employment opportunities, particularly for the youth.
Innovation is the backbone of our nation’s progress, and today, as we witness the unveiling of 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.
Jerry Silaa, Minister of ICT
This initiative not only provides essential financial support but also fosters an environment where startups can thrive through mentorship, networking, and access to resources. By empowering these startups, the FUNGUO programme and iMBEJU initiative are playing a crucial role in driving Tanzania’s economic growth and innovation landscape.
The collaboration between FUNGUO and CRDB Bank’s iMBEJU initiative exemplifies a powerful partnership model that leverages both non-repayable and reimbursable grants to maximize the impact on the startup ecosystem. This approach ensures that innovative businesses have the necessary support to overcome initial hurdles and achieve sustainable growth.
As these 18 startups embark on their journey, they carry the potential to make significant contributions to Tanzania’s economy and society. Their success stories will serve as an inspiration for future entrepreneurs and a testament to the transformative power of strategic partnerships and innovation-driven initiatives.
