In December last year, Disrupt Africa reported that industrialist Adam Molai had launched the US$1 million Jua Kickstarter Fund to provide worthy entrepreneurs with funds to scale their businesses, as well as provide mentoring.
Molai, who is behind the successful launch of several companies across Africa and whose TRT Investments had assets worth US$125 million as of the end of 2019, says that the fund is driven by the desire to empower the entrepreneurial generation of the continent.
After an additional US$ 1 million was pledged by US-based angel investing and mentorship company SIMBA Global Startups, the fund has now doubled in size, taking the total investment sum available to US$ 2 million.
Molai said the additional money would make it easier for the fund to make greater investments in enterprises.
“SIMBA Global Startups has pledged to match, like-for-like, our contributions, which is absolutely incredible. This is an example of how Africans can work together to solve the challenges facing the continent. As an African entrepreneur who has experienced the gruelling journey of establishing businesses, I firmly believe that Africa’s destiny lies in the hands of Africans,” said he.
“It is not foreign investment that will provide us with a seat at the global table, but domestic investment. This is a view that is shared by SIMBA, which we will now use to benefit the African entrepreneurs and start-ups who are growing economies across Africa and creating jobs.”
Applications close on January 31. Jua has so far received over 500 applicants from across Africa.
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