In an effort to support small and medium-sized enterprises (SMEs), Safaricom has launched the second phase of spark accelerator program, aimed at helping businesses access the resources and financial backing needed to scale and innovate.
The event embodied Nine startups that took part in an investor demo day, a crucial milestone, showcasing their achievements and potential, while fostering connections with prospective investors.
The investor demo day which is the final phase of the accelerator program for the nine start-ups and is aimed at enabling them raise funding from leading venture capital funds.
“At Safaricom, we believe technology is a catalyst for change and solutions, and that’s why we incentivize and support innovative start-ups with the tools they need to reach the next level. With the Spark accelerator program, we are investing in our future leaders while contributing to significant societal change and economic growth,” said Safaricom CEO, Dr Peter Ndegwa.
The start-ups who include Health X Africa, Vunapay, BlackRhino VR, Twiva, Chpter, Churpy, Nobuk Africa, Faidi HR and Chumz represent the future of Embedded Finance, SME Productivity Tools, Digital Content, Healthcare, and Future Fintech.
The Safaricom Spark Accelerator program is a partnership with Sumitomo Corporation and M-PESA Africa that aims at accelerating early stage startups to grow and scale their businesses. Other partners include iHub who are the implementing partner and AWS, Vodacom and PwC as supporting partners.
At the same time, Safaricom, Sumitomo Corporation and M-PESA Africa announced that calls for application for early-stage startups in technology, fintech, creative economy and those scaling SME productivity tools to join the second cohort will open on April 1st 2025 to 15th May 2025
Applications for the second phase of grants are now open, and businesses are encouraged to apply through spark accelerator website.
The selection process will be based on innovation, business potential, and the social and economic impact of the proposed projects.
The announcement has been met with enthusiasm from industry leaders and entrepreneurs, who see the program as a game-changer for SMEs struggling to access funding in a tight financial environment.
By providing both financial support and access to a network of mentors, the program is poised to empower SMEs to drive economic growth and job creation.
