Have you ever wondered how start-ups get funding? The funding process involves a lot of planning and identifying the right source that fits your business model. In 2015, Safaricom set up the Spark Venture Fund to mobilise capital needed to grow and scale commercially viable businesses that are contributing to societal change. The goal was to introduce a funding that understands the local nuances in Kenya and help business owners.

True to Safaricom’s purpose of Transforming Lives, the fund sought to invest and support companies with a presence in Kenya at the pre-seed and seed stage, whilst also leveraging Safaricom assets to enable the firms to scale. The idea was to “light a Spark” that would catalyse the growth of the startups. It started with a $1 million fund that was invested in 6 startups who then went on to cumulatively raise more than $45 million in funding.

So far, the team has invested in companies that are leveraging technology within new growth areas in agriculture, education, and healthcare. The focus has been on entrepreneurs who are using technology to solve some of the biggest societal challenges.

The Spark Fund portfolio companies include Shupavu 291 by Eneza education, which focuses on mobile-web learning for primary and secondary school students; iProcure, which provides an agricultural supply chain platform in rural Africa; Sendy, a tech company that builds fulfillment infrastructure for e-commerce and consumer brands. Africa’s first Integrated Customer Experience company, Ajua and Soko Fresh who provide access to cold chain infrastructure that extends the shelf life of produce for digifarm farmers.

The strategic partnerships and innovations team at Safaricom encourage more start-ups that are leveraging technology to consider the Spark Venture Fund. Here is a video with more details.