Applications Opening Soon for the Second Phase of Spark Accelerator Programme
The second phase of the Spark Accelerator programme is set to open for applications soon. This initiative, a collaboration between Safaricom, M-Pesa Africa, and Sumitomo Corporation, aims to support and scale businesses that create a positive societal impact.
Background on the Spark Venture Fund
Originally launched in 2014 by Safaricom, the Spark Venture Fund was designed to invest in late-seed and early growth stage companies operating in Kenya. By leveraging Safaricom’s vast resources, the fund provides critical support to help these companies scale effectively. So far, the US$1 million fund has successfully invested in six promising businesses.
Previous Accelerator Programme Success
In January last year, Safaricom partnered with M-Pesa Africa and Sumitomo Corporation—a Fortune 500 global trading and investment firm—to launch a new round of the Spark Accelerator programme. Following this, nine innovative startups were selected to participate in the accelerator.
The programme recently concluded with an investor demo day, providing startups with a platform to showcase their progress and connect with potential investors.
Safaricom’s Commitment to Innovation
Dr. Peter Ndegwa, CEO of Safaricom, highlighted the company’s dedication to fostering innovation through technology. He stated:
“At Safaricom, we believe technology is a catalyst for change and solutions, and that’s why we incentivize and support innovative startups with the tools they need to reach the next level. With the Spark Accelerator programme, we are investing in our future leaders while contributing to significant societal change and economic growth.”
Key Dates for the Second Cohort
The application window for the second phase of the Spark Accelerator programme will open on April 1 and close on May 15. Entrepreneurs and startups looking to accelerate their growth are encouraged to apply.
