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Kenya’s M-Changa in UK race for venture capital

Kenya , 25 Jul 2014

Kenya’s M-Changa in UK race for venture capital

Kenyan mobile and web fundraising startup, M-Changa, has been selected as a finalist in one of Europe’s premier tech business incubator programmes in the United Kingdom.

M-Changa has helped over 2,500 people crowdfund and raise over KSh 10 million from 14,000 contributors over the last year and a half.

And the business is one of two African startups that have joined the ‘Startupbootcamp’ in the London Fintech Programme. The other company is South African startup, ‘Creditable’, a technology loan provision business.

M-Changa was selected from a pool of 435 global startups.

“This means that Mobi Changa Limited’s potential partners and networks have greatly expanded from continental and regional to global. Financing options are much higher when raising funds from VCs (venture capitalists) and institutional investors in London than they are in Nairobi.

The UK is the second hottest market for VC and growth cap investments after the US,” Kyai Mullei the co-founder of M-Changa told ITWeb Africa.

Selected companies in the programme are planned to receive $20,000 in relocation support, and an office space in London’s premier financial district.

“The next three months will consist of meeting and signing potential agreements with partners and investors with the idea of strengthening the company for onward funding. On average, funding post-programme is in the region of USD 800K,” he added.

“The criteria was innovation, market traction, the strength of the team, business model, projections and current pipeline of partners,” Mullei said.

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