Safaricom launches $1M venture fund targeting mobile apps in Kenya

Kenyan operator Safaricom has launched a USD 1 million venture fund aimed at accelerating the development of innovative mobile applications.

The Safaricom Spark Venture Fund will be offered to mobile ICT start-ups based in Kenya, either through equity investment in their businesses or in the form of other debt instruments. Start-ups will be eligible to receive amounts between USD 75,000 and USD 250,000. The fund has been set-up for an initial two years.

Read more: Safaricom launches USD 1 mln venture fund – Telecompaper.