The initiative, spearheaded by the African Centre for Technology Studies (ACTS), aims to foster ethical AI development and strengthen international partnerships.

ACTS, a leading research organization known for driving sustainable development through science, technology, and innovation policies, is leading this groundbreaking collaboration between Kenya and the United Kingdom.

The fund focuses on advancing Kenya’s AI ecosystem by supporting projects that align with the country’s national AI strategy.

Target sectors include healthcare, agriculture, education, and public service delivery, with an emphasis on safety, ethics, equity, and inclusion.

Speaking at the fund’s launch, Ali Hussein Kassim, Board Chair at the Kenya ICT Action Network (KICTANet), highlighted the initiative’s twin objectives of policy alignment and institutional capacity building.

“Through this fund, our objective is clear: to strengthen UK-Kenya partnerships around AI to build Kenya’s AI ecosystem with a dual approach – policy and systems alignment on one hand, and institutional capacity building on the other,” Kassim stated.

The UK-Kenya AI Challenge Fund also prioritizes the development of ethical frameworks to ensure responsible innovation while empowering Kenyan institutions to enhance their AI expertise.

This dual focus aims to position Kenya as a leader in AI research and innovation across Africa.

Additionally, the fund is dedicated to addressing pressing societal challenges and fostering innovative, impactful solutions.

The initiative underscores the importance of inclusive growth and international collaboration.

The UK-Kenya AI Challenge Fund strengthens Kenya’s AI capabilities and serves as a model for sustainable AI development in Africa and beyond, paving the way for a future where technology benefits all sectors of society.

The funding aims to bolster Spouts’ mission of expanding clean water access across the region and enhancing its carbon credit program.

Spouts’ ceramic water filters are designed to provide an affordable and sustainable solution for safe drinking water.

The filters eliminate the need for boiling water, a widespread practice in Africa that relies heavily on firewood and charcoal, contributing to deforestation and carbon emissions.

“Incofin is proud to partner with Spouts, a team that has shown remarkable dedication to bringing safe drinking water to underserved communities,” said Wanjiru Waithaka, Incofin’s Regional Director for Africa.

“Through this collaboration, we aim to foster healthier and economically resilient communities. Our vision is a future where access to clean water is a universal right, empowering families to focus on education, livelihoods, and building brighter futures.”

Spouts CEO Daniel Yin expressed enthusiasm for the partnership, calling it a transformative milestone for the organization.

“Incofin’s investment is a pivotal moment for Spouts. It will allow us to double our reach in the next five years. We look forward to our collaboration as we enter this new phase of growth and impact,” he said.

Incofin ventured into the drinking water sector in 2023 and has been actively deploying its W2AF to support impactful initiatives.

This latest investment underscores the fund’s commitment to addressing water access challenges and promoting sustainable solutions in underserved regions.

This year’s program spotlights innovators tackling pressing challenges across fintech, health tech, and artificial intelligence, showcasing the continent’s diverse technological capabilities.

Launched in 2018, the accelerator has supported 106 startups from 17 African countries, collectively raising $263 million in funding and creating over 2,800 jobs.

By providing mentorship, equity-free support, and access to Google’s extensive network, the program equips startups with the tools to scale their solutions and drive transformative change across Africa’s digital economy.

The 2024 cohort features six startups:

• Aveade: A digital marketplace connecting buyers and sellers, enhancing accessibility and product diversity.
• Breaze Delivery: A platform facilitating real-time, efficient deliveries through a network of drivers.
• Mapha Logistics: A service enabling township and rural merchants with digital tools to optimize operations.
• Swagshack: An online streetwear marketplace linking emerging brands with customers for seamless transactions.
• Vuleka: An e-commerce and fintech solution bridging informal businesses to customers via online and offline channels.
• Wisi-Oi: A video-driven fashion resale platform revolutionizing the pre-owned clothing market.

These startups are well-positioned to address systemic challenges in African markets, including financial inclusion, healthcare access, and education. 

Google’s focus on leveraging artificial intelligence and advanced technologies ensures the cohort is equipped to make a meaningful impact in their respective sectors and the broader economy.

The program highlights Google’s dedication to supporting Africa’s tech entrepreneurs amidst a challenging venture funding environment.

With resources, mentorship, and a global network, the initiative provides a vital springboard for African startups to scale and bring innovative solutions to the continent’s most pressing issues. 

The fund aims to bolster debt funding for early-stage startups across the continent.

With a current portfolio exceeding $1 billion in loans to over 300 businesses, the organization is introducing its proven financing model to support Africa’s burgeoning entrepreneurial ecosystem.

Founded in 2015 by Fatou Diagne and Stephanie Heller, Bootstrap Europe manages a EUR250 million ($270 million) growth debt fund designed to provide non-dilutive financing options for high-growth companies.

The fund addresses a critical gap in the market by offering flexible, founder-friendly loans tailored for companies seeking sustainable scaling opportunities.

“We identified a market need for alternative financing that supports founders without dilution while offering strategic guidance,” Diagne explained.

Bootstrap Europe’s funding is backed by a diverse network of institutional investors, family offices, and organizations like the European Investment Fund, British Business Investment, and the Visa Foundation.

After closing its third fund last year, the organization is now incorporating African startups into its latest investment strategy and establishing a regional franchise.

Drawing from her African roots and investment expertise, Diagne emphasized the potential of African tech startups:

“Having worked in South Africa and observed the innovation emerging across the continent, I’ve seen firsthand the resilience and creativity of African entrepreneurs,” she said.

“We aim to empower these startups with financial support and help drive sustainable growth.”

The fund plans to target sectors such as fintech, e-health, and logistics, alongside smaller investments in agri-tech, renewable energy, and ed-tech.

A strong emphasis will be placed on scalable businesses with sound unit economics and clear paths to profitability.

Operating from its London office, Bootstrap Europe will leverage connections in key markets such as South Africa, Kenya, Senegal, and Morocco to gain local insights and foster strategic partnerships.

This move marks an exciting chapter in Bootstrap Europe’s mission to provide accessible and impactful funding solutions to entrepreneurs worldwide.

Founded by Heba Elgabaly, Efreshli offers convenient online furnishing and decorating services.

The platform features thousands of products from over 150 of Egypt’s leading brands, providing customers with a streamlined shopping experience.

The seed round was led by Algebra Ventures, with participation from 500 Startups, Dar Ventures, and angel investors.

The new capital will support Efreshli’s technological advancements and broaden its product range.

In addition to the funding, Efreshli has announced the appointment of Dina Elhaddad as co-founder and Chief Product Officer (CPO).

Elhaddad brings 15 years of experience in consumer technology, including eight years at Google, where she played pivotal roles in developing tools like Google Assistant and Google Shopping.

Expressing excitement about these developments, Elgabaly said:

“With new funding and Dina joining as co-founder and CPO, we can accelerate our tech-driven growth and bring Efreshli closer to its mission of making interior design accessible for everyone.”

Elhaddad shared her enthusiasm for her new role, stating:

“Efreshli’s vision goes beyond furniture; it’s about creating a holistic ecosystem. With initiatives like Efreshli Pro, we aim to connect customers and designers, making the furnishing process seamless.”

The investment reflects confidence in Efreshli’s ability to transform the industry. Laila Hassan, General Partner at Algebra Ventures, highlighted the startup’s potential, stating:

“Efreshli’s designer-first approach reimagines the customer journey. Egypt, as the region’s largest furniture exporter, stands at the heart of a vibrant industry, and Efreshli is well-positioned to lead this disruption across MENA.”

Hassan also acknowledged the leadership of Elgabaly and Elhaddad, emphasizing their combined expertise in furniture design and technology.

With this milestone, Efreshli is poised to scale its operations and continue revolutionizing the home furnishing experience in Egypt and beyond.

The agreement is expected to catalyze economic growth in these regions by increasing access to trade finance and liquidity.

This collaboration builds on a decade-long partnership between the two organizations.

Since the inception of their agreement in 2013, Standard Chartered and BII have facilitated over $10 billion in trade volumes across more than 10 countries, including Kenya, Tanzania, Nigeria, Bangladesh, Pakistan, and Nepal.

In the past year alone, the facility has supported approximately $450 million in trade.

The renewed agreement expands its scope to cover additional dynamic markets while focusing on key sectors such as agriculture, healthcare, technology, industrials, and infrastructure.

By addressing the global trade finance gap, this partnership aims to provide critical resources to businesses across diverse industries, promoting trade and economic transformation in these regions.

This initiative aligns with the United Nations’ Sustainable Development Goals (SDGs), particularly Decent Work and Economic Growth (SDG 8), Industry, Innovation, and Infrastructure (SDG 9), and Responsible Consumption and Production (SDG 12).

Commenting on the renewed partnership, UK Development Minister Anneliese Dodds emphasized its importance:

“I am delighted to see BII and Standard Chartered renew their facility to deliver trade finance throughout Africa and South Asia. This is an important partnership that will support SMEs and corporates to grow and deliver critical goods and services. Trade plays an important role in economic transformation, and this risk-sharing facility demonstrates how BII can work with financial institutions to support our shared development objectives.”

Nick O’Donohoe, CEO of BII, highlighted the significant impact of the partnership:

“We are proud of the positive impact that this long-standing trade finance facility with Standard Chartered has had in Africa and South Asia. By enabling over $10 billion in trade volumes, the facility continues to empower businesses and facilitate the vital flow of essential goods and services including food and healthcare. This is pivotal in supporting economic growth and creating new opportunities in these regions. It is also a step closer to narrowing the global trade finance gap.”

Saif Malik, CEO of Standard Chartered UK, underscored the bank’s commitment to driving global trade:

“As a leading international banking group, we play a vital role in enhancing access to the capital and liquidity that is essential for global trade. This strategic agreement will provide significant support to businesses with high potential but constrained access to finance. It aligns with our vision of connecting the world’s most dynamic markets in trade, investment, and capital flows.”

This renewed partnership reaffirms both organizations’ commitment to fostering sustainable economic growth, supporting SMEs, and delivering critical goods and services across Africa and South Asia.

The “Listed SME Debt Fund,” spearheaded by FSD Africa—a development finance institution supported by the UK government—aims to mobilize KSH 38.85 billion ($300 million) to bolster local businesses and drive economic growth.

This fund seeks to attract both local and international investors to Kenya’s SME sector, supporting job creation and fostering economic development.

Kenyan SMEs often struggle with interest rates as high as 40%, significantly hindering their growth.
The new fund will address this challenge by providing affordable credit, reducing borrowing costs, and enabling a diverse range of businesses to thrive.
Locally listed and managed, the fund will also encourage investments from Kenyan pension funds and institutional investors, ensuring benefits for both portfolios and the broader economy.
The fund’s first round of fundraising aims to raise $100 million, with $240 million targeted from Kenyan institutional investors and $60 million from international backers.

It is expected to support 10,000 SMEs, impact 50,000 households, and create close to 90,000 jobs. With its broad sectoral focus—ranging from agriculture to technology—the fund will lower capital costs for entrepreneurs across industries.

Neil Wigan, British High Commissioner to Kenya, highlighted the fund’s inclusive approach, emphasizing its potential to empower young people, women, and persons with disabilities—groups often excluded from traditional financial systems.

“This initiative aims to uplift the hardworking hustlers of Kenya by making credit more accessible and affordable,” Wigan said.

Kenyan pension funds, which collectively manage over $30 billion in assets, have historically underutilized alternative investment opportunities.
FSD Africa’s Listed SME Debt Fund offers these institutions a new avenue to diversify portfolios, ensuring stable returns while mitigating risks associated with SME lending.
Mark Napier, CEO of FSD Africa, underscored the critical role SMEs play in Kenya’s economy, noting that they constitute 98% of businesses and significantly contribute to employment.

Expanding access to credit, he stated, is key to enabling these enterprises to grow, create jobs, and compete globally.

“This fund will unlock opportunities for SMEs to thrive locally and expand internationally,” Napier remarked.

The Listed SME Debt Fund is set to play a pivotal role in strengthening Kenya’s economic resilience by bridging the financing gap for SMEs and fostering inclusive growth.

The partnership aims to enhance sustainable farming practices and increase local food production in Kenya.

Founded in 2010, Agventure focuses on helping Kenyan farmers adopt sustainable and regenerative agricultural methods.

The organization unites farmers, researchers, educators, and entrepreneurs to promote practices that improve soil health and enhance food security.

Currently, Agventure supplies over 45,000 tonnes of food crops annually to the local market, including wheat, barley, maize, canola, sunflower, and legumes such as green peas, chickpeas, and fava beans.

Through its Centre of Excellence, Agventure trains more than 700 small and medium-sized farmers across Kenya.

The program emphasizes crop rotation, particularly the integration of canola, to improve soil health.

To support these farmers, Agventure guarantees the purchase of their canola harvest, which is processed and sold under the Pure Mountain brand in Kenya.

The $9.5 million investment from AgDevCo will allow Agventure to scale up its canola oil production and purchase more produce from its network of outgrower farmers.

Additionally, the funds will help establish Agventure Seed, a platform that provides high-quality certified seeds to Kenyan farmers.

Rebecca Sankar, AgDevCo’s managing director for East Africa, emphasized the significance of the investment:

“We are excited to be supporting Agventure in its journey to add more value to commodity crops, increasing the availability of high-quality, locally produced food for the domestic market and reducing reliance on imports.”

Agventure CEO Don White expressed optimism about the partnership, stating:

“Agventure is looking forward to working with AgDevCo to expand and strengthen our business, enabling more farmers to adopt regenerative agriculture solutions.”

According to Ashish Thakkar, founder of Mara Group and a leading British-East African entrepreneur, the fund, which is expected to make its first investments within three to six months, will target key tech ecosystems across the continent.

The deal, sealed during the Future Investment Initiative in Saudi Arabia, targets vibrant startup ecosystems in South Africa, Nigeria, Kenya, Ivory Coast, and Egypt.

With the youngest and fastest-growing population globally, Africa is turning to technology to address challenges like infrastructure gaps.

Key cities like Cape Town, Johannesburg, Nairobi, and Ebene are emerging as tech hubs, as noted in a report by New World Wealth and Platform45.

Startupbootcamp, a global accelerator network with a portfolio worth $6 billion, is a critical partner in the venture.

Thakkar highlighted the importance of scale in investing, stating:

“We’ve engaged in extensive angel investments as a group, but achieving economies of scale is crucial.”

The fund will focus on early-stage and pre-IPO rounds, with plans to evolve into multi-stage investments.

“This is a strong start,” Thakkar said. “Our long-term vision includes creating both early and later-stage funds.”

Thakkar, who co-founded Atlas Mara Ltd., views the initiative as a pivotal opportunity to strengthen Africa’s tech ecosystems.