Tanzanian start-ups set to benefit from German funding boost
What you need to know:
- The initiative, funded by the German Federal Ministry for Economic Cooperation and Development (BMZ), is open until December 31, 2024.
Dar es Salaam. Tanzanian start-ups have a fresh opportunity to stimulate their growth, as DEG Impulse launches applications for the latest Develop Ventures programme round.
The initiative, funded by the German Federal Ministry for Economic Cooperation and Development (BMZ), is open until December 31, 2024.
It offers non-dilutive funding of Sh279 million to early-stage businesses with high growth potential and impactful ideas.
Start-ups like ‘Dawa Mkononi’ and ‘Safiri’ have benefited from the programme.
According to Dawa Mkononi founder Joseph Paul, another programme, develoPPP, plays a pivotal role in the company’s growth.
“This support has been instrumental in allowing us to expand, streamline operations, and scale effectively. With follow-on funding, we’re set to encourage our growth further,” he said.
On the other hand, Safiri founder Abraham Itule shared that the programme offered more than just financial support.
“The funding and expert guidance have been crucial in shaping the go-to-market strategy for Safiri Agent, our new platform that empowers small businesses to sell tickets and provide parcel services. This support has prepared us to scale effectively and create meaningful economic opportunities across the region,” he shared.
The programme prioritises women-led businesses and those promoting gender equality, emphasising inclusivity in Tanzania’s growing entrepreneurial landscape.
DEG Impulse’s head of develop Ventures, Ms Julia Umuerri, expressed optimism about the initiative’s impact.
“We believe that Tanzanian entrepreneurs have the power to build solutions that tackle some of the country’s most pressing issues. Our goal is to provide the necessary backing for these ventures to scale their solutions and become attractive to private investors, who can support this,” she shared.
