Growth Fund

5,000,000 to 10,000,000 KES in loans
In collaboration with Agence Française de Développement (AFD)


Once again, HEVA is rolling out its growth fund facility looking to provide growth capital to medium sized creative businesses in Kenya (2019) and East Africa over the next few years. To get this strategy on its feet, the Growth Fund has been launched in collaboration with Agence Française de Développement (AFD).

Find out more about the facility below, or apply now:


The fund is a loan facility, and HEVA is looking to invest between KES 5,000,000 and KES 10,000,000 with a repayment period of 48 months maximum, in each successful business.

This facility is designed to provide follow-on growth financing to mature ventures, reduce supply side structural impediments, address information asymmetries and increase linkages and bridges (pipeline and co-investment) between commercial finance and creative sector enterprises in Kenya and the region.

Business support remains a key component of our fund strategy, with beneficiaries receiving ongoing business modeling and client support as part of their facilities. Legal accounting and cash flow management support, as well as access to training and international platforms for market access, will also be provided.

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Eligibility and Requirements

Key requirements for each application are:

  • Your business must be registered and operational in Kenya, and the sole owner or a 51% majority of shareholders must be Kenyan citizens resident in Kenya.

  • Your business must have been in existence for at least 5 years

  • Your enterprise must be in any of the following creative economy value chains:

Fashion, apparel and accessories
Live music events
Digital media content production & distribution

  • Your business must have a minimum of five permanent employees

  • Your business must have valid financial statements for the last 5 years.

  • Your business must have annual revenues exceeding KES 10,000,000.

  • Your business must have assets that can be used as collateral.

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Application Process and Timelines

The following are the general timelines of the Growth Fund application process from start to finish. Please note that due to the nature of this particular fund, the specific dates of the various processes may change. The dates stated below are thus tentative, and we shall communicate any concrete changes as they arise.

Open For Applications
The Growth Fund opens for applications. Applicants who complete the application form will receive a notification that we have received their application.

First Review
A shortlist of eligible applicants is reviewed by 2 panels, evaluating creativity and business applicability.

Pitch Prep
Successful applicants are notified that they have been selected to come and pitch their business and investment plan. Pitch decks are handed out to successful applicants, who are given a week to prepare. Another message is sent out to facilitate pitch scheduling.

Pitch Time
Pitching sessions happen. A further shortlist is compiled after this.


At this point, commitment letters are sent out to all successful pitches, detailing the next processes of due diligence and financial modelling which can then move forward once the businesses agree to the given terms.


Due Diligence
Due diligence visits to applicants with successful pitches are made.

Financial Modelling
Businesses shortlisted after due diligence are called in for collaborative financial modeling meetings.

The final list of eligible businesses is made available, and letters of offer are written to the finalists.

Announcement of New Group
Contracts are signed, after which the first disbursements of the investments can proceed.

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