Centum Foundation, an initiative founded by Centum Investment Company, is planing to invest up to $5m in African startups by 2019.

The Foundations will invest up to KES15m ($150,000) as seed capital in each eligible start up through a convertible debt or equity instrument.

The Foundation will also do follow on funding for businesses that qualify.

James Mworia, Group CEO of Centum Investment Company, said: “Entrepreneurship is part of Centum’s DNA, therefore, it only made sense to use the skills we have gained over time to build great businesses and enable entrepreneurship further."

"We also believe that entrepreneurship has a huge impact on society by creating both direct and indirect jobs to thousands of people every year,” he said.

Centum Foundation will engage partners to provide entrepreneurs with access to capital, knowledge, mentorship and business resources.

To be eligible, startups have to present their business and highlight its competitive advantage, the ability of the team, its potential market size and the innovation’s impact potential.

Through the Foundation’s mentorship program that takes place over three months, shortlisted entrepreneurs receive guidance on preparing their pitch from members of the Centum team before presenting the business to Centum Foundation’s investment committee.

Recipients of Centum Foundation’s investment will also have access to business trainings that guide them in running their startups effectively and shared resources which will reduce their costs.

Centum is the largest quoted investment company in East Africa with over 38,000 shareholders and have been listed on the Nairobi Stock Exchange since 1967.