Startup Funding
The MUST Innovation Fund aims to grow an innovation and technology investment community and to attract international investors and VCs to the emerging Kenyan technology ecosystem.
MUST makes venture capital investments in high-tech startups and has set aside kshs 100,000,000 to become a long-term strategic partner of these ventures.
Investment Approach
The Innovation Fund makes equity investments in startups and early-stage companies and allows MUST to become a shareholder with a clear stake in the company’s success, providing ongoing operational support. Where possible, we complement internal funds with co-investments by key local partners. We follow standard VC terms, including investment protection and board representation, for all companies we strive to support.
While seed funding models may be appropriate in some cases, we believe that equity investments are the best fit for Kenya’s relatively young innovation ecosystem. In time, we hope to transition to an independent VC funding model, in which we become a permanent actor in the technology financing ecosystem in the region.
Investment Criteria
The most important factors in determining whether the MUST Innovation Fund will invest in a startup includes a large potential market, a superior product/technology, a strong team and a clear business plan. The Fund also assesses the extent to which the startup’s technology is aligned with MUST’s main research areas and its potential impact on the region in terms of job creation and solutions to specific local problems.
The Fund’s Main Investments Focus On:
- MUST internal startup projects: Teams working on entrepreneurial projects related to MUST areas of excellence.
- MUST early-stage companies: MUST startup projects that have gone through the incorporation process and need additional funding.
- Spin-ins: International early-stage high-tech companies interested in establishing R&D activities at MUST.
