Applications for The 97 COVID-19 Relief Fund open
The 97 Fund, is a Uganda-based organization and managed by Ortus Africa Capital whose main objective is to invest in solutions that seek to address the challenges caused by the Covid-19 pandemic as well as solutions that prepare Uganda for a post Covid-19 environment.
In view of the predicament fronted by the pandemic, a Covid-19 Relief Fund totaling up to US $1 million has been launched by The 97 Fund in collaboration with The Innovation Village as part of the Young Africa Works Programme supported by Mastercard Foundation to counter the negative impact of Covid-19 in the different sectors of the economy like Entertainment, Streaming and Gaming, E-commerce, Healthcare, Supply Chain and Distribution, Augmented Reality/Virtual Reality (AR/VR), Tourism and Education.
This Relief Fund mainly targets companies that are acting in response as well providing job opportunities in these trying times through availing healthcare and pharma solutions, face-lifting business models in the most hit sectors, inventing new ways of work like working from home or collaborative working, digitalizing the economy especially market places as well as supply chains and logistics.
Kenneth Legesi, a managing partner at Ortus Africa Capital, said that the inconveniencing impact brought by Covid-19 on Uganda’s economic and social landscape was beginning to be felt by the different businesses hence there was a need to ensure economic and business continuity had to happen in a way that prepares for long-lasting growth and sustainability to also mitigate future crises.
Successful businesses will have the following benefits;
- An Equity Free Grant with a Grand Ticket size offer between USD $2,000 – $10,000.
- Technical Assistance which comes with Active Mentorship to scale and grow solutions.
- Access to Partners and Potential Co-Investors through connecting to our network of veteran entrepreneurs and industry experts.
The entry criteria will be based on the following prerequisites;
- Relevance and Impact of your business to provide solutions as a response to the need and the defined challenge of the Covid-19 pandemic.
- Innovativeness through provision of unique and ingenious solutions that offer an improvement of the existing technology-based process.
- Readiness and Traction as the business has to be registered and comprising a team of at least two (2) co-founders.
- Feasibility of the solution provided in terms of practicability and implementation.
The entire process will start with receiving applications from the eligible businesses, a screening and first demonstration (Demo Day 1) exercise, convening of the Investment Committee, due diligence to confirm the successful participants, official launch of the Investment, offering of Mentorship and Venture Building Support, and a second demonstration (Demo Day 2) exercise.