• Wednesday, November 29, 2023
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New funding opportunity for Nigerian start-ups


The Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) on behalf of the German Federal Ministry for Economic Cooperation and Development (BMZ) has launched develoPPP Ventures, a new funding scheme for start-ups in Nigeria.

The programme supports the growth phase of innovative Nigerian small and growing businesses (SGBs) that have the potential to generate a measurable, positive social or environmental impact alongside financial returns.

The funding is decided within the framework of competitions which take place twice a year. If the application is successful, start-ups can receive a grant of up to EUR 100,000 towards a growth investment to scale up their development-relevant business model.

Prerequisites are that the start-ups already generate initial revenues with their product or service and acquire additional funds from other sources of at least the same amount via a matching-fund-model.

In Kenya, another implementing country of the new funding scheme, the fintech company Data Integrated Limited (DIL) used the develoPPP Ventures financing to scale up its digital management solutions for public transport. Read more about their success story here.

develoPPP Ventures financing is tailored to raise these companies above the first threshold of becoming attractive enough for commercial (impact) investors and/or financial institutions. The SGB must be registered in Nigeria, must have a relevant product or service already on the market and can prove first sales figures by providing at least one annual financial statement.

In addition, they must provide sound financial and strategic business planning documents over a 3-year period going forward. The financial planning should provide insight into how the funds will be used to grow, become financially sound and reach break-even.

Besides funding, the companies will receive technical assistance based on their specific needs to maximize their chances of success.

GIZ is supported by the international start-up ecosystem building organization VC4A and the local community-driven start-up hub The Ventures Park with implementing develoPPP Ventures in Nigeria.

Christopher Allan Kaudo sells cold drinks at his family’s kiosk in Sidonge, Busia. The shop is connected to the KUDURA Power East Africa mini grid.

The mini-grids of KUDURA Power East Africa supply Kenyan households and companies with affordable and climate-friendly energy and clean drinking water. Read more about their success story here.

Please note that additional requirements and due-diligence processes are part of the overall selection process and that additional legal considerations will be taken into account before an engagement by GIZ.

The first develoPPP Ventures competition for Nigeria is currently open (from 15th May) until 30th June 2023.

SGBs interested in applying to the develoPPP Ventures funding scheme should visit www.develoPPP.de/en/ventures and/or contact [email protected]

About GIZ
The Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH is a federal enterprise with worldwide operations.

It supports the German Government in the field of international cooperation for sustainable development and international education.

GIZ assists people and societies in shaping their own future and improving their living conditions. www.giz.de/en
GIZ has worked in Nigeria since 1974.

GIZ’s activities in Nigeria are commissioned by the German Federal Ministry for Economic Cooperation and Development (BMZ) and the German Federal Foreign Office (AA).

The activities focus on Economic Development and Employment, Energy, Just Transition, Agriculture, Governance and Democracy. https://www.giz.de/en/worldwide/1902.html

About develoPPP
develoPPP is a funding scheme of the German Federal Ministry for Economic Cooperation and Development (BMZ). It is aimed at companies that want to invest sustainably in a developing or emerging country and expand their local operations. Prerequisites for support are a long-term business interest in the country and a sustainable developmental benefit for the local people.

With develoPPP Classic and develoPPP Ventures, the scheme offers customized funding opportunities for already well-established enterprises as well as aspiring start-ups. develoPPP is implemented by two experienced partners in German development cooperation: DEG Impulse gGmbH and Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH. www.develoPPP.de/en

About VC4A
VC4A strengthens the global start-up community by connecting entrepreneurs creating innovative and scalable businesses with the knowledge, network and funding they require to succeed.

In collaboration with a growing network of partners, the VC4A community of entrepreneurs, mentors and investors are central to bolstering the entrepreneurial ecosystem globally and offers a direct channel for anyone serious about being part of the next great success story. https://vc4a.com/

About The Ventures Park
The Ventures Park is a community-driven hub in Nigeria that’s home to entrepreneurs and talents who are solving Africa’s most difficult challenges.

The Ventures Park supports these people by providing infrastructure and support for co-working, incubation, and acceleration with access to mentorships, funding and markets. https://theventurespark.com/