Standard Chartered Plc's charitable arm, the Standard Chartered Foundation, has awarded 9 million Kenyan shillings, approximately $70,000, in grants to seven women-led technology startups in Kenya. This initiative is part of a program aimed at bridging the funding gap for female founders in East Africa's largest startup market. The grants will be used to fund product development and expansion for the selected startups.
The seven startups were chosen from 15 companies that graduated from the 12-week Women in Tech Kenya Accelerator program. This program, now in its ninth cohort, is run in collaboration with Village Capital and Strathmore University's @iBizAfrica incubator. Since its inception in 2017, the program has supported 107 Kenyan startups and disbursed over 51.5 million shillings. The accelerator operates in 14 Standard Chartered markets globally and has backed more than 4,000 entrepreneurs.
The winning startups focus on various sectors, including agriculture, healthcare, and education, which have drawn significant investor attention in Kenya. The selected companies are Premac Care, ChipuRobo, FishBox Africa, Uptyke Consulting, Nakuru Tubers, Trident Analytics, and Seta Farm. These startups offer innovative solutions, such as connecting families with trained healthcare workers, AI-powered farm software, and digital learning platforms for students with disabilities.
The selection process involved judges scoring applicants based on their business model, market opportunity, innovation, growth potential, and social or economic impact. Each of the seven winning companies will receive 1.29 million shillings to support their growth. Although the grants are small compared to venture capital standards, early-stage funding for women-led companies in Africa remains scarce.
The Women in Tech program goes beyond providing capital by offering skills, networks, and support to women entrepreneurs, enabling them to build sustainable businesses. According to Birju Sanghrajka, CEO of Standard Chartered Kenya, "Women in Tech goes beyond capital by providing the skills, networks and support women entrepreneurs need to build sustainable businesses." This program has grown from a three-way partnership in Kenya to one that spans 13 countries.
Strathmore University's Vice-Chancellor, Vincent Ogutu, highlighted the program's growth and impact, noting its expansion from Kenya to 13 countries. The program's success is evident in its track record of supporting women-led startups and addressing the funding gap in the region. By providing grants and support, the program aims to empower women entrepreneurs and promote sustainable businesses.
The grants awarded to the seven startups demonstrate Standard Chartered's commitment to supporting women-led businesses in Kenya. The program's focus on sectors such as agriculture, healthcare, and education aligns with the country's growing interest in tech startups. As the program continues to grow and expand, it is likely to have a positive impact on the Kenyan startup ecosystem and the lives of women entrepreneurs.
Key points
- Standard Chartered awards $70,000 in grants to seven women-led startups in Kenya.
- The startups focus on agriculture, healthcare, and education sectors.
- The program aims to address the funding gap for female founders in East Africa's largest startup market.
