Safaricom Deepens Startup Support Through Spark Accelerator Initiative

What is the Spark Accelerator Program

• The Spark Accelerator program was launched in 2024 following the restructuring of Safaricom’s Spark Fund.

• It is a platform for bold and visionary founders to grow and scale their businesses. Anchored around Safaricom’s purpose of transforming lives, the goal is simple yet powerful: to empower startups with the access they need to succeed.

• The program is a partnership between Safaricom, M-PESA Africa and Sumitomo Corporation with iHub as the implementing partner. It aims at accelerating early-stage startups to grow and scale their businesses. Other partners include PWC, AWS, Bowmans Law and Vodacom who provide technical advisory and support to the startups that are part of the program.

• The accelerator provides a blend of training, mentorship, funding and go-to-market support to spark the growth and scale of early-stage startups that come into the accelerator and set them up for long-term success.

Who benefits from the Spark Accelerator Program

• The Spark Accelerator Program is tailored for the Fintech and Digital Content startups.

• It takes an ecosystem-based approach to identify and accelerate the startups by leveraging a team of experts who understand market dynamics, emerging tech and who are keen to enable continuous innovation.

• Since its launch in 2024, the Spark Accelerator Program has benefitted 18 startups in total.

• The first cohort consisted of Chumz, Chpter, Faidi HR, HealthX, Churpy, VunaPay, Twiva, BlackRhino and Nobuk.

• The second cohort comprises of Mediakits, StockApp, Leta, Weplay, FlexPay, DigiTax, Oye, QuePay and GoPay.

• The startups benefit from access to product and technology support, access to market, and access to capital.

What is the Investor Demo Day

• The Investor Demo Day is an opportunity for startups to pitch their businesses to potential investors to secure seed or follow-on funding to scale.

• It is the final stage of the accelerator program, a culmination of an intensive program where the startups go through a blend of training, mentorship, and go-to-market support to spark their growth and scale and set them up for long-term success.

• For investors, the day was crucial to finding high-potential startups as they continue to grow and scale their business.

When is the Next Call for Applications

• Applications will be open for Cohort 3 later in the year.