Safaricom set to unveil its second cohort for Spark Accelerator plan

Safaricom is expected to officially launch the second cohort of its Spark Accelerator programme, continuing its commitment to empowering visionary founders to scale their businesses.

The programme, a collaboration with M-PESA Africa, Sumitomo Corporation and iHub, is aimed at transforming lives by providing support to startups.

Spark Accelerator focuses on three key pillars; access to product development and technology support, access to markets and access to capital.

These pillars are designed to accelerate innovation and growth in industry sectors by leveraging a network of experienced founders and experts.

Building on the success of the first cohort, which included startups such as Health X Africa, Vunapay, BlackRhino VR, Twiva, Chpter, Churpy, Nobuk Africa, Faidi Hr and Chumz, the second cohort will receive similar benefits.

These include tailored capacity-building training, bespoke product development, technology support and enhanced access to market opportunities and capital.

The programme seeks to not only provide financial investment, but also create a sustainable environment for startups to thrive.

The first cohort of Spark Accelerator enjoyed significant advantages, including expert advisory in areas such as HR and talent management, cybersecurity, data protection and product development.

Startups also received go-to-market support, technical assistance with M-PESA mini-apps deployment and AWS cloud credits.

Participants also benefited from mentorship and coaching by successful founders and industry experts, as well as networking opportunities with other start-ups and a vibrant network of investors.

As the first cohort approaches its graduation, with nine startups set to present at Demo Day, the focus shifts to the second cohort.

Safaricom has said this cohort will maintain a similar sector focus, supporting early-stage technology startups in fintech, the creative economy (which encompasses digital content, gaming and advertising as a service) and companies developing SME productivity tools.

Startups in the second cohort must meet certain criteria, including having paying customers, a multi-skilled team with sector expertise and a presence in Kenya.

They must also be open to equity participation. The programme will open a call for applications between April 1 and May 15, with activities leading up to Demo Day, including application review, cohort shortlisting, capacity building, product development support and mentorship.