, NAIROBI, Kenya, Jan 26- Centum Foundation is committing to invest up to Sh511 million in startups by 2019.
The Foundation plans to invest up to Sh 15million as seed capital in each eligible start up through a convertible debt or equity instrument.
Centum Group CEO James Mworia says the Foundation will also do follow on funding for businesses that qualify.
“Entrepreneurship is part of Centum’s DNA, therefore, it only made sense to use the skills we have gained over time to build great businesses and enable entrepreneurship further. We also believe that entrepreneurship has a huge impact on society by creating both direct and indirect jobs to thousands of people every year,” Mworia said.
Centum Foundation will engage partners to provide entrepreneurs with access to capital, knowledge, mentorship and business resources.
To be eligible, startups have to present their business and highlight its competitive advantage, the ability of the team, its potential market size and the innovation’s impact potential.
Through the Foundation’s mentorship program that takes place over three months, shortlisted entrepreneurs will receive guidance on preparing their pitch from members of the Centum team before presenting the business to Centum Foundation’s investment committee.
Recipients of Centum Foundation’ s investment will also have access to business trainings that guide them in running their startups effectively and shared resources which will reduce their costs. They will also benefit from Centum’s networks and relationships.