Local start-ups under the ShelterTech Kenya Accelerator Program have each secured Sh5 million funding following successful pitching to local and international investors.
The five start-ups, out of the 15 that pitched, proved they were investor ready, and out to make a difference in the affordable housing sector.
Depending on their capacity to absorb and after further due diligence, three of those businesses will share a further Sh15 million courtesy of Habitat for Humanity.
Fund winners include G-Jenge a social enterprise recycling waste plastic into artistic construction products, ManPro, a construction management system and The Vlage, which provides co-living spaces through their digital platform.
Others picked were homes that provides artisans with labour opportunities and certification and MycoTile which provides alternative building material made from mushroom.
“These start-ups have put in a lot of work in their business ideas and we would have wished to match all of them with investors. However, we are compelled to go with the most investor ready outfits,” said Darshan Chandaria, a judge at the event.
The 15 businesses that pitched were shortlisted from tens of others who applied for the program and went through intense training and validation to ensure they are investor ready.
According to Pangea Accelerator team lead Anne Lawi, the programme was born out of the need to have affordable housing while ensuring key challenges such as high cost of construction due to very high import duties, poor import logistics and an unfavorable tax regime are dealt with.
"The purpose of this event is to encourage young and upcoming businesses that they can still be market validated through access to investment opportunities,” said Lawi.
