A year and a half OVO Acceleration Fund: what is our impact?

In April 2019, the OVO Acceleration Fund was launched. A year and a half later, we proudly present the African start-ups that were able to start up and grow thanks to the fund.

The OVO Acceleration Fund provides affordable, tailor-made loans to African start-ups whose projects have an impact qua sustainability. These entrepreneurs also receive coaching and guidance from our volunteers. OVO selects the projects through its SusTech4Africa competition.

Since the start, the OVO Acceleration Fund has received 165,000 euros from donations. Of these, we have already disbursed 47,000 euros in loans to 5 African companies. These start-ups have a direct impact on at least 650 families, 95% of which are women and young people. This impact covers training, employment and financial inclusion.

Discover below the 5 start-ups that received a loan.

MNB Provides sustainable income for coffee growers in Rwanda (photo Peter Mockers)

MNB Ltd in Rwanda

MNB grows and sells mushroom seed and substrate to local coffee growers so they can count on an income all year round and thus create financial independence.

Winner SusTech4Africa Diaspora 2018
Total investment: 30,000 euros
Contribution of the PSR Acceleration Fund: 12,000 euros
3-year loan at 5% interest rate

Akaboxi Ltd in Uganda

Akaboxi ensures the financial inclusion of local farming communities, which are united in a savings group cooperative. The start-up does this in a secure, digital way manner and also offers management support to the farming communities. Akaboxi won the 'Digitalization for Development 2020' award, worth 25,000 euros.

Winner SusTech4Africa Uganda 2018
Total investment: two tranches of 21,000 euros each
Contribution OVO Acceleration Fund: twice €10,000
4-year loan at an interest rate of 7%
Meanwhile, PVO OVO also approved a second loan

Akaboxi has developed its own digital system for monitoring the savings of local farmers.

Golden Rosa is a plastic processor of recycled material. (Photo: Elvis Ssemgovere)

Golden Rosa Ltd in Uganda

Golden Rosa processes plastic from recycled material. It collects plastic waste, has it externally converted into HDPE granulates granules externally and produces with this material bags sacks for plant cultivation, rubbish bags and plastic sheets sheeting.

Participant SusTech4Africa Uganda 2018
Total investment: 20,000 euros
Contribution OVO Acceleration Fund: 10,000 euros
2-year loan at an interest rate of 7%

Trautbuck Energy Ltd in Uganda

Trautbuck Energy offers affordable renewable energy alternatives to increase the quality of life of the Ugandan people with minimal impact on the environment. Currently, the start-up has two product lines: briquetting machines - briquettes made from organic waste form the provide fuel of for cooking fires - and customized biogas systems.

Participant SusTech4Africa Uganda 2018
Total investment: 20,000 euros
Contribution OVO Acceleration Fund: 10,000 euros
Loan at of 2.5 years at an interest rate of 7%

Rhona Kamba and Paul Vincent, the driving forces behind Trautbuck Energie. (Photo: Elvis Ssemgovere)

Nvenakeng Suzanne Awung limits food insecurity with Suzy Farms.

Suzy Farms Ltd in Cameroon

Suzy Farms wants to prepare the population for far-reaching climate change and to mitigate food insecurity and poverty. Thanks to diverse economic farming activities, it ensures enables higher income for the local communities.

Participant try-out SusTech4Africa Diaspora 2017
Total investment: 10,000 euros
Contribution OVO Acceleration Fund: 5,000 euros
Loan at of 1.5 years at an interest rate of 7% (second loan)

What does the future hold?

In the coming weeks and months, the OVO Acceleration Fund will again further complete several new investments. We are currently finalizing new agreements with 4 African start-ups:

TTI in Tanzania: sustainable production of pre-cooked, nutritious beans
Rena Beverages in Uganda: production and promotion of healthy drinks
Smart Village Syer Peuhl in Senegal: installation of solar energy system for water extraction recuperation and additional economic activities
Croptech from Rwanda: development of solar-based dehydration drying systems to reduce crop losses

In addition, there are close contacts with Clinic Master, Tukole, Imani and Creative Farmers for financing.

Do you want to support dozens of multiple African entrepreneurs with one donation? With the OVO Acceleration Fund your impact will last for years. Discover more information and make a donation.

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