Nailab Seed Fund (NSF) is an angel fund founded by Nailab and ICCO whose aim is to invest in early stage seed capital to promising technology (software and hardware) startups in Kenya and East Africa. The investment will be geared towards accelerating the startups growth to realize more economic returns.
The fund, which is on its third round of investment, will invest in Kenyan startups that make a smart use of technology. The investment will be a convertible note of up to KES 2.5 Million, with a maturity of 24 months and a 6-month grace period.
Startups to be funded will have to meet the criteria below:
- Product validation/proof of concept should be in place
- The product should be highly scalable
- The business should be duly registered and operational in Kenya
- The idea or product should be ready to launch within six months
- The team should consist of driven and committed entrepreneurs
- The idea should be technologically driven
- The idea or product should demonstrate a clear social or economic benefit
- The startup should have an innovative product or service
Startups that are successfully selected will benefit from:
- Personalized business development support on key business areas
- Introduction to new networks for growth.
- Personalized consultation hours with professional and experienced mentors
In the past, Nailab Seed Fund has funded startups such as Mboch, a company that provides cleaning service thorough home cleaning, selective cleaning like laundry, upholstery cleaning, house help training and recruitment,and KejaHunt, a logistics company that uses technology to provide reliable and convenient relocation services to individuals, businesses and institutions in Kenya.
Applications are open until 5th April 2017. If you feel that your startup meets the criteria, go ahead an apply.