Centum Foundation is committing to invests up to $5M in startups by 2019.
Centum Foundation will invest up to KES. 15M ($150,000) as seed capital in each eligible start up through a convertible debt or equity instrument. 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,” said James Mworia, Group CEO of Centum Investment Company.
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 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.
Startups are vetted through Centum’s Foundation’s online application that can be found on their website, www.centumfoundation.org.
ABOUT CENTUM FOUNDATION
Centum Foundation is an initiative founded by Centum Investment Company Limited to consolidate the Group’s CSI function for greater impact. Our programs focus on entrepreneurship, education and youth empowerment.