Published on: Feb 28, 2019


In February 2019, HEVA will roll out its first growth fund facility looking to provide growth capital to medium sized creative businesses in Kenya (2019) and East Africa over the next few years. To get this strategy on its feet, The Growth Fund has been launched in collaboration with Agence Française de Développement (AFD).

Applications are now open until 13th March 2019. Find out more about terms, eligibility and what you need to apply below. Ready to apply?


The fund is a loan facility, and HEVA is looking to invest between KES 5,000,000 and KES 10,000,000 with a repayment period of 48 months maximum, in each successful business.

This facility is designed to provide follow-on growth financing to mature ventures, reduce supply side structural impediments, address information asymmetries and increase linkages and bridges (pipeline and co-investment) between commercial finance and creative sector enterprises in Kenya and the region.

Business support remains a key component of our fund strategy, with beneficiaries receiving ongoing business modeling and client support as part of their facilities. Legal accounting and cash flow management support, as well as access to training and international platforms for market access, will also be provided.

Eligibility and Requirements

Key requirements for each application are:

  • Your business must be registered and operational in Kenya, and the sole owner or a 51% majority of shareholders must be Kenyan citizens resident in Kenya.
  • Your business must have been in existence for at least 5 years
  • Your enterprise must be in any of the following creative economy value chains:

Fashion, apparel and accessories
Live music events
Digital media content production & distribution

  • Your business must have a minimum of five permanent employees
  • Your business must have valid financial statements for the last 5 years.
  • Your business must have annual revenues exceeding KES 10,000,000.
  • Your business must have assets that can be used as collateral.

Application Process and Timelines

The following are the general timelines of the Growth Fund application process from start to finish. Please note that due to the nature of this particular fund, the specific dates of the various processes may change. The dates stated below are thus tentative, and we shall communicate any concrete changes as they arise.

Open For Applications
13th February – 13th March 2019
The Growth Fund opens for applications. Applicants who complete the application form will receive a notification that we have received their application.

First Review
13th – 22nd March 2019
A shortlist of eligible applicants is reviewed by 2 panels, evaluating creativity and business applicability.

Pitch Prep
25th – 29th March 2019
Successful applicants are notified that they have been selected to come and pitch their business and investment plan. Pitch decks are handed out to successful applicants, who are given a week to prepare. Another message is sent out to facilitate pitch scheduling.

Pitch Time
1st April – 5th April
Pitching sessions happen. A further shortlist is compiled after this.

At this point, commitment letters are sent out to all successful pitches, detailing the next processes of due diligence and financial modelling which can then move forward once the businesses agree to the given terms.

Due Diligence
8th – 19th April
Due diligence visits to applicants with successful pitches are made.

Financial Modelling
6th May – 17th May 2019
Businesses shortlisted after due diligence are called in for collaborative financial modeling meetings.

20th – 31st May 2019
The final list of eligible businesses is made available, and letters of offer are written to the finalists.

Announcement of New Group
Contracts are signed, after which the first disbursements of the investments can proceed.



Published on: Feb 12, 2019


Funding opportunity available MBTN

The MBTN Africa Innovation Accelerator program aims to identify, support and fund the next generation of technology enabled start-ups solving problems in African Markets. Join the program to grow your company and get ready for global scaling.

We support entrepreneurs with a strong purpose by connecting them to the brightest business minds in industry. The program provides access to the African startup ecosystem, industry specialists, corporate partners, talent, capital and coaching.

We’re interested in startups that are creating the future of Africa’s development story, using promising new technologies to make a positive impact. For the MBTN Africa Innovation Accelerator program, we are looking for founders with:

Domain Expertise

We are looking for deep expertise and knowledge in one specific domain. The perfect founder profile has vast experience working in one specific industry and deeply understands the challenges in and around this industry.

Deep Tech Solutions

We are looking for core proprietary tech solutions. We are open to businesses in any industry, however you will be addressing a need in at least one African market, leveraging technology to tackle the specific problem you are trying to solve.



Published on: Feb 12, 2019


Nailab Seed Fund (NSF) is an angel fund founded by Nailab and ICCO whose aim is to invest in early stage seed capital to promising technology (software and hardware) startups in East Africa. The investment will be geared towards accelerating the startups growth to realize more economic returns.

The fund will invest in East African startups that make a smart use of technology. The investment will be a convertible note of up to KES 2.5M, with a maturity of 24 months and a 6-month grace period. The startups to be funded will have to meet the criteria below:

  • Product validation/proof of concept should be in place
  • Your team consists of driven and committed entrepreneurs
  • Your product is highly scalable
  • The idea should be technologically driven
  • The business should be duly registered and operational in Kenya
  • Idea/product should demonstrate a clear social or economic
  • Idea/product should be ready to launch within six months
  • The startup should have an innovative product or service