Monday, August 11, 2025
LBNN
  • Business
  • Markets
  • Politics
  • Crypto
  • Finance
  • Energy
  • Technology
  • Taxes
  • Creator Economy
  • Wealth Management
  • Documentaries
No Result
View All Result
LBNN

Safaricom, M-Pesa and Sumitomo partner to support Kenyan start-ups

Simon Osuji by Simon Osuji
November 9, 2023
in Telecoms
0
Safaricom, M-Pesa and Sumitomo partner to support Kenyan start-ups
0
SHARES
2
VIEWS
Share on FacebookShare on Twitter


Kenyan operator Safaricom, mobile financial service M-Pesa Africa, and global trading and business investment company Sumitomo Corporation are to launch the Spark Accelerator, a programme to support early-stage start-ups in Kenya in their efforts to grow and scale their businesses.


The three partners say they will work together to identify quality start-ups and provide a blend of mentorship, funding and go-to-market support.

“Our goal is simple yet powerful: to empower start-ups with the access they need to succeed. We are taking an ecosystem-based approach to provide a platform for bold and visionary founders to grow and scale their businesses,” says Peter Ndegwa, CEO, Safaricom.

The partners cite studies indicating that entrepreneurs in Kenya face major challenges, with a 30% lifetime survival rate for start-ups. The main obstacles to success appear to be the inability to secure funding for growth, limited access to market and a gap in the knowledge and skills required to scale a business.

The Spark Accelerator will be launched within this financial year. It will leverage a team of founders and experts to accelerate product innovation across different industry verticals.

As we reported at the time, the Safaricom board and shareholders approved the restructure of its Spark Fund in July this year, when Safaricom said it was planning to set up two venture capital firms with the aim of buying into promising technology start-ups – an operational shift from the Spark Fund grant that Safaricom unveiled in 2015.

The Spark Accelerator programme will seek to provide shortlisted start-ups with access to market, access to capital, and access to technology and product development support. Previously, the Spark Fund only offered capital injection. However, so far, as Reuters points out, the companies have not disclosed how much they plan to invest in the new programme.

MORE ARTICLES YOU MAY BE INTERESTED IN…






Source link

Related posts

Schneider Electric reports significant sustainability milestones in Q2 2025

Schneider Electric reports significant sustainability milestones in Q2 2025

August 11, 2025
pawaPay, Airtel Money Africa Launch Cross-Border Remittances in Seven African Markets

pawaPay, Airtel Money Africa Launch Cross-Border Remittances in Seven African Markets

August 11, 2025
Previous Post

Wood on course for $6bn revenue target

Next Post

XRP Forecasted To Reach a Yearly High of $2

Next Post
XRP Forecasted To Reach a Yearly High of $2

XRP Forecasted To Reach a Yearly High of $2

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

RECOMMENDED NEWS

The 7 Best Projectors According to Our Reviewers (2024)

The 7 Best Projectors According to Our Reviewers (2024)

12 months ago
Tribute to Njambi Koikai: A Legacy of Strength

Tribute to Njambi Koikai: A Legacy of Strength

5 months ago
Egyptian developer SODIC expands with premium retail and hospitality projects

Egyptian developer SODIC expands with premium retail and hospitality projects

9 months ago
US Bans Kaspersky Software | WIRED

US Bans Kaspersky Software | WIRED

1 year ago

POPULAR NEWS

  • Ghana to build three oil refineries, five petrochemical plants in energy sector overhaul

    Ghana to build three oil refineries, five petrochemical plants in energy sector overhaul

    0 shares
    Share 0 Tweet 0
  • The world’s top 10 most valuable car brands in 2025

    0 shares
    Share 0 Tweet 0
  • Top 10 African countries with the highest GDP per capita in 2025

    0 shares
    Share 0 Tweet 0
  • Global ranking of Top 5 smartphone brands in Q3, 2024

    0 shares
    Share 0 Tweet 0
  • When Will SHIB Reach $1? Here’s What ChatGPT Says

    0 shares
    Share 0 Tweet 0
  • Privacy Policy
  • Contact

© 2023 LBNN - All rights reserved.

No Result
View All Result
  • Home
  • Business
  • Politics
  • Markets
  • Crypto
  • Economics
    • Manufacturing
    • Real Estate
    • Infrastructure
  • Finance
  • Energy
  • Creator Economy
  • Wealth Management
  • Taxes
  • Telecoms
  • Military & Defense
  • Careers
  • Technology
  • Artificial Intelligence
  • Investigative journalism
  • Art & Culture
  • Documentaries
  • Quizzes
    • Enneagram quiz
  • Newsletters
    • LBNN Newsletter
    • Divergent Capitalist

© 2023 LBNN - All rights reserved.