New accelerator program to boost expansion of Kenyan tech startups
Financial Standard
By
Brian Ngugi
| Jul 03, 2024
Trade and Investment Cabinet Secretary Rebecca Miano cuts a ribbon during the launch of Chanzo Onespace Startup and Scaleup Accelerator in Nairobi on July 2, 2024. [Courtesy]
Kenyan technology startups are set to benefit from capital and capacity building to access new markets.
This is after Two Rivers International Finance and Innovation Centre Special Economic Zone (TRIFIC SEZ), flexible workspace provider ONESPACE and venture capital firm Chanzo Capital launched a new program called the Chanzo OneSpace Startup and Scaleup Accelerator (COSSA).
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The programme aims to help tech startups and scaleups expand across Africa.
COSSA will provide participating companies with capital, capacity building, and access to a business community as they look to grow into new markets.
TRIFIC SEZ is a special economic zone focused on enhancing trade, attracting investment, creating jobs, and contributing to economic development. ONESPACE offers flexible and innovative workspaces. Chanzo Capital is an Africa-focused venture capital firm that invests in tech startups and scaleups through its KINGS (Kenya, Ivory Coast, Nigeria, Ghana, and South Africa) funds.
Investment, Trade and Industry Cabinet Secretary Rebecca Miano noted that Kenya ranked third globally for foreign direct investment in 2024 and expressed the government's readiness to support innovative Kenyan startups.
The first cohort of COSSA includes three Kenyan companies SaveApp, At Large Innovation (ThryvCapital Partners LLP), and CheckUPS COVA - that are looking to expand regionally.
Centum CEO Dr James Mworia said the COSSA program is part of the company's efforts to create over 10,000 jobs, attract foreign direct investments, and enhance trade and service exports through the TRIFIC SEZ.
Chanzo Capital will host its annual Angel Fair Africa event in Nairobi in November, where the COSSA cohort will have the opportunity to pitch to investors.