Kenya-based impact investment firm Kua Ventures has invested more than US$1 million into the growth of 20 small and medium enterprises (SMEs) in the country.
Formed in 2020, Kua Ventures started out providing much-needed capital, coaching and community support for SMEs to survive the economic downturn prompted by COVID-19 and the resultant lockdowns.
Its US$1 million funding milestone follows four rounds of funding over the last three years that have seen 20 growing local SMEs added to the Kua Ventures portfolio. Operations director Madalena Santos said the organisation was committed to supporting more Kenyan small businesses to realise their social impact in job creation and poverty reduction.
“Having invested over US$1 million in 20 businesses in the last three years, we have seen the potential in the Kenyan entrepreneurial ecosystem and look forward to investing an additional US$2 million by June 2024 so that entrepreneurs within our portfolio can continue making a positive impact in their communities and beyond,” she said.
Executive Director, Peter Fry said the three-year period was a testament to the success of the organisation’s “3C model”, consisting of “capital, coaching and community”.
“We have found that our 3C model clearly works in Kenya and that there are many growth-oriented businesses led by impact-driven entrepreneurs throughout the country,” he said. “As revenue grows, the businesses add hardworking employees to their workforce and sustain their own vision of local outreach. In turn, this gives us great optimism about helping more local entrepreneurs grow their businesses and support their communities.”