The Jua Kickstarter Fund, a fund to provide African entrepreneurs with capital to kickstart or expand their enterprises, has doubled to US$2 million in size.
Disrupt Africa reported in December industrialist Adam Molai had launched the US$1 million Jua Kickstarter Fund to provide successful applicants with funds to launch or grow their businesses, as well as mentoring and guidance.
Molai, who has successfully started several enterprises across Africa and whose TRT Investments had US$125 million of assets under management as of the end of 2019, says a desire to inspire the continent’s entrepreneurial generation was behind the creation of the fund.
The fund has now doubled in size after a further US$1 million was pledged by US-based angel investing and mentorship firm SIMBA Global Startups – bringing the total investment amount available to US$2 million.
Molai said the added capital will allow the fund to make bigger investments in enterprises as well as fund more businesses.
“SIMBA Global Startups has pledged to match, like-for-like, our contributions, which is absolutely incredible. This is an example of how Africans can work together to solve the challenges facing the continent. As an African entrepreneur who has experienced the gruelling journey of establishing businesses, I firmly believe that Africa’s destiny lies in the hands of Africans,” he said.
“It is not foreign investment that will provide us with a seat at the global table, but domestic investment. This is a view that is shared by SIMBA, which we will now use to benefit the African entrepreneurs and start-ups who are growing economies across Africa and creating jobs.”
Applications close on January 31. Jua has so far received over 500 applicants from across Africa.
