StanChart in Sh20m search for tech startups run by women

Standard Chartered Bank Kenya (StanChart) has set aside Sh20 million to support this year’s search for women-led technology startups.

The programme dubbed ‘Women in Tech Incubator’ is a partnership between the lender and Strathmore University that targets to support women’s entrepreneurship by providing shortlisted start-ups with mentorship and seed funding.

“To date, from cohort one, four out of five of the companies have received investor funding ranging from Sh5 million to Sh15 million, and their businesses have grown revenue and sales in double digits,” said StanChart chief executive Kariuki Ngari yesterday.

The bank will identify ten start-ups through a rigorous selection process that will undergo a 12-week incubation period.

From this pool, the top five finalists will benefit from a seed funding of Sh1 million each.

Source: Business Daily