Kua Ventures, a Kenyan-based faith-driven impression funding agency has invested over 1 million (roughly Ksh. 145 million) into 20 Small and Medium Enterprises (SMEs) in Kenya, three years after it launched within the nation.
The milestone is after the agency’s 4 rounds of funding over the past three years which have seen 20 rising native SMEs added to the Kua Ventures portfolio.
In response to Kua Ventures Operations Director, Madalena Santos, “Having invested over USD 1 million in 20 companies within the final three years, we have now seen the potential within the Kenyan entrepreneurial ecosystem and look ahead to investing a further USD 2 million by June 2024 in order that entrepreneurs inside our portfolio can proceed making a optimistic impression of their communities and past.”
Kua Ventures launched within the nation in 2020 on the onset of the COVID-19 pandemic and commenced offering the a lot wanted capital in a season when many companies, notably SMEs, had been adversely affected by the financial results of the pandemic. The countrywide dust-to-dawn curfews, diminished money flows amongst Kenyan customers, and disruption in provide chain set again many enterprises that had been pressured to cut back manufacturing, lay off workers and even shut down.
Other than the much-needed capital, Kua Ventures additionally started providing teaching and neighborhood assist for SMEs to outlive the financial downturn. The landmark $USD 1 million cumulative funding is a testomony of the agency’s dedication to supporting extra Kenyan small companies to understand their social impression in job creation and poverty discount.
Modeled on its three pillars of Capital, Teaching and Neighborhood (3Cs), Kua Ventures provides progress capital of between USD 50,000 – 100,000 (roughly Ksh. 7 million – 14 million) principally by way of straight money owed, income shares and convertible notes.
Understanding that capital isn’t the silver bullet for the success of SMEs, Kua Ventures additionally supplies Teaching within the type of one-on-one mentorships to assist entrepreneurs navigate completely different phases of their companies, in addition to a Neighborhood of like-minded entrepreneurs the place founders join, fellowship, study and share their entrepreneurial experiences.
The 3C mannequin by Kua Ventures positively impacts the Entrepreneur, Enterprise and Worker (3Es) by way of unlocking progress and effectivity of the enterprise, serving to founders obtain kingdom impression of their communities, creation of extra steady jobs, amongst different optimistic outcomes.
“We’ve got discovered that our 3C mannequin clearly works in Kenya and that there are a lot of growth-oriented companies led by faith-driven entrepreneurs all through the nation,” stated Peter. “As income grows, the companies add hardworking workers to their workforce and maintain their very own imaginative and prescient of native outreach. In flip, this offers us nice optimism about serving to extra native entrepreneurs develop their companies and assist their communities,” stated Kua Ventures Govt Director, Peter Fry including that the three-year interval was a testomony to the success of the group’s 3C mannequin consisting of Capital, Teaching and Neighborhood.
Over the past three years, SMEs supported by Kua Ventures have contributed on to creation of greater than 200 jobs in Kenya, offering a protected nest for communities residing in poverty to maintain their lives.
With greater than USD 1 million funding already dedicated to supporting Kenyan SMEs, and a further USD 2 million put aside to nearly double the portfolio over the following 10 months, Kua Ventures is poised to positively impression the SME sector of the nation whereas fostering socio-economic progress of people and communities.