- Total grant funding estimated at over TZS 7 billion over the next 3 years, with TZS 1.5 billion set to be disbursed in the first window before the end of this year.
- The call targets Tanzanian impact-driven startups with a proven business model.
FUNGUO seeks to fill the market gap for funding, by supporting startups that may otherwise struggle to find appropriate forms of financing. The programme aims to make investments, which will contribute to de-risking start-ups and enable them to attract funding from other sources, such as banks and early-stage investors. The programme is therefore looking for startups that have a clear rationale for why grant financing is needed, and how the catalytic startup funding can help them unlock their potential.
Under this funding window, up to TZS 1.5 billion will be disbursed to successful startups, out of TZS 7 billion disbursable over the next three years. Eligible startups need to be impact-driven, legally registered in Tanzania, majority owned by Tanzanians, and have demonstrable market traction. In addition, eligible applicants will need to prove how innovative they are, their business viability and their potential to scale. FUNGUO will also evaluate them on their management and governance soundness, as well as their potential contribution to development impact. Successful applicants will be awarded a grant ranging between TZS 50 million and TZS 200 million per grantee.
Startups with prospective investors looking for support on financial de-risking through additional early-stage funding will stand a higher chance of being funded, if they meet other selection and eligibility criteria. Women-owned and led impact-driven startups will be given special consideration.
Those that are interested in applying can find more information on the FUNGUO website at www.funguo.org The last day of receiving applications 31st of July 2022.
About FUNGO Programme
Funguo Programme is designed to lay the foundation for, and unlock the potential of Tanzanian innovators and entrepreneurs to create Impact Ventures at scale. The programme’s approach is to create a flagship portfolio of investment ready, innovative Impact Ventures that unlock follow on investment, so that these innovations can contribute to the achievement of national ambitions and the SDGs (Sustainable Development Goals) in Tanzania at scale. FUNGUO is jointly funded by the European Union Delegation to Tanzania, the UK Government, and the United Nations Development Programme (UNDP). FUNGUO is implemented by the United Nations Development Programme (UNDP) in partnership with UNCDF and works closely with the Tanzania Commission for Science and Technology, COSTECH.