Standard Chartered Invests Ksh 8.75 Million To Scale Up Seven Sustainability Women-Led Startups

Standard Chartered Kenya, in collaboration with @iBizAfrica – Strathmore University, on Tuesday 8^th October 2024, awarded KES 8.75 Million to seven women-led startups in the sustainability sector as part of the seventh cohort of the Women in Tech Incubation Program.

The award ceremony, themed ‘Empowering Women for a Sustainable Future,’ was presided over by Standard Chartered Bank CEO and Managing Director, Kenya & Africa, Mr. Kariuki Ngari, Standard Chartered Head of Corporate Affairs, Brand and Marketing, Kenya & Africa, Ms. Joyce Kibe, Strathmore University Vice Chancellor, Dr. Vincent Ogutu, and @iBizAfrica-Strathmore University Director, Dr. Joseph Sevilla.

“We are immensely proud to witness the graduation of the seventh cohort of our Women in Tech program. Each of these remarkable entrepreneurs exemplifies the spirit of innovation and resilience that Standard Chartered champions. As we celebrate their achievements today, we are reminded of the pivotal role that technology and female leadership play in driving sustainable economic growth. Our commitment remains steadfast in nurturing and expanding this vibrant community of trailblazers, who are not only shaping the tech industry but are also actively crafting a sustainable future for all” said, Kariuki Ngari, Managing Director and Chief Executive Officer, Standard Chartered, Kenya, and Africa.

With the rising importance of Environmental, Social, and Governance (ESG) practices across Africa, there has been a surge in innovation and investment aimed at creating sustainable solutions that benefit society and the planet. This year, the Standard Chartered Women in Tech Incubator Program emphasized ESG-driven entrepreneurship, urging women-led startups to adopt sustainable business models that align with Kenya’s and global objectives of People, Planet, and Profit through technological innovation.

The seventh cohort, launched in April 2024, attracted more than 130 applications from Kenyan women-led startups. Of these, 15 were selected for business incubation based on their innovative use of technology, sustainable solutions, and commitment to ESG principles. The startups represent various sectors, including agritech, health tech, tourism, bio-fuel tech, recycling tech, and e-commerce, all sharing a dedication to the triple bottom line of profit, planet, and people.

“Through the partnership between @iBizAfrica Strathmore University and Standard Chartered, the Standard Chartered Women-In-Tech program has over the past 7 years graduated 64 women-led businesses, with 32 receiving seed money from KES. 1.3 million each. Investing in women is like activating a lever that drives exponential growth, impact, and sustainability” said Dr. Vincent Ogutu, Vice-Chancellor of Strathmore University,

During the program the 15 selected startups underwent 12 weeks of business incubation training, focusing on areas such as sustainability practices, financial modeling and sustainability, business modeling, product development, and ESG integration, empowering them to lead in creating impact-driven businesses.

The funding recipients were picked after a rigorous judging process by accomplished industry experts in private and public sectors, seasoned entrepreneurs, and academic thought leaders on solution innovation, availability of market opportunity, and social impact in Kenya, among other criteria.

The seven awarded women-led startups demonstrated excellence based on three main criteria:

• A female-led start-up business that solves social economic needs in Kenya
• A business model with a Sustainable Development Goal (SDG) alignment
• An innovative startup that utilizes emerging technologies ie. Internet of Things (IoT), Artificial Intelligence, Augmented and virtual Reality; 3D & 4D Printing; Cloud Computing; Big Data; Blockchain; Drone Technology, and Biometrics.

The 7 women-led startups for Women in Tech Cohort 7 are Moma Renewable Energy, Hayah Cradle to Bloom, Zidallie, Gwiji for Women, Zaoshinani, AerialGIS, and PsychCare Clinic.

Since its inception, the program has attracted over 2,250 applications. It has trained 77 women-led startups leveraging technology by offering mentorship, business advisory, coaching, networking opportunities, access to seed capital, and investor forums that help.

Mold their businesses to international standards. Each of the 32 women-led enterprises has been awarded KES 1.25 million (USD 10,000) in seed funding over the last 6 cohorts.

Read Also: Standard Chartered Cements Global Investments Offering In Kenya