Kenyan incubator Nailab is to invest up to KES2.5 million (US$24,000) into technology-driven startups through its seed fund.
Nailab Seed, which has invested in KejaHunt and HiredHelp in the past, will make investments in the form of convertible notes up to a value of KES2.5 million, with a maturity of 24 months and a six-month grace period.
The fund is seeking early-stage startups that already have a proof of concept in place, that can be ready to launch within six months. They must be highly scalable and have a clear social or economic impact.
As well as the funding, Nailab will offer startups business development support, access to its networks, and consultation hours with mentors.
Josephine Mwangi, communications and marketing lead at Nailab, told Disrupt Africa Nailab Seed was still in the process of growing the fund’s portfolio, but intended to invest in five businesses every financial year.
“We are keen on profitable businesses but businesses that incorporate a social impact angle,” she said.
“The fund will grow to support startup businesses within the larger East African region.”
