The Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) has launched a new funding scheme, develoPPP Ventures, in Ghana, specifically for start-ups.
On behalf of the German Federal Ministry for Economic Cooperation and Development (BMZ), develoPPP Ventures supports the growth phase of innovative Ghanaian small and growing businesses (SGBs) that have the potential to generate a measurable, positive social and environmental impact alongside financial returns.
Funding is decided within the framework of idea competitions, which take place twice a year. If the application is successful, start-ups can receive a grant of up to €100,000 towards a growth investment to scale up their development-relevant business model.
Prerequisites are that they already generate initial sales with their product or service (proof of concept) and acquire additional funds from another source of at least the same amount (matching-fund-model).
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 Ghana, must have a relevant product or service already on the market and can prove first sales figures by providing at least one 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 SGB will receive technical assistance based on their specific needs to maximize their chances of success.
This technical assistance shall be provided by Innohub Limited, the local implementing partner for develoPPP Ventures.
The first ideas competition for Ghana is open from May 15 until June 30, 2022.
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Today’s front pages: Wednesday, June 29, 2022
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