Three Kenyan firms are among those to receive funding from the inaugural US$2 Million Jua Fund, considered the largest African venture capital fund by a private individual.
They are GrowAgric, a crowd-farming platform that connects farmers to working capital, Side an e-commerce distribution channel and Xetova, a tech procurement solution.
The firms were picked at a week-long “Kickstarter Olympics”, during which they pitched their ideas.
Jua fund was launched last year by Zimbabwean entrepreneur and industrialist Adam Molai.
Support that Jua Fund provides
The fund provides equity to the enterprises, mentorship as well as advisory support, also linking them to other investors.
The fund targeted firms that are scalable across Africa, that address problems facing the continent’s development.
Other startups that will benefit from the fund include Bryt-Knowledge from Zimbabwe, Jirogasy from Madagascar and a Nigerian startup known as Whispa Health.
The final disbursement will be contingent on the enterprises passing due diligence and other agreed terms and conditions.