Nairobi — A section of Kenyan women and youth in agribusiness are set to receive Sh10.8 billion funding to upscale their business, at a time when the coronavirus pandemic has slowed down the country's economic activities with thousands being rendered jobless.
The investment through the FoodTech Africa accelerator is aimed at meeting the growing demand and challenge of food security in the country.
A report by the Kenya Food Security 2019 Steering Group revealed that approximately 1.3 million people in Kenya are currently facing crisis or worse levels of acute food insecurity, which has been further exacerbated by Covid-19.
"We believe Kenya and East Africa are at a critical time and that innovation and young entrepreneurs have a big role to play in creating resilient and local food systems," said, CEO and Co-Founder of Pangea Accelerator Jonas Tesfu.
Selected businesses who will be accepted into the program are looking at a 10-week intensive training on business coaching and mentorship, B2B sales opportunities as well as the opportunity to interact with investors with leading high potential companies getting investment of up to USD 100,000.
The FoodTech Africa accelerator is a project commissioned by GIZ Make-IT in Africa, a project on behalf of the German Federal Ministry for Economic Cooperation and Development (BMZ) and implemented by Strathmore University's business incubator and Pangea Accelerator, a Norwegian based accelerator and an investment platform operating in East Africa that matches African startups with investors, foundations and development agencies to reach a global scale.