[Kenya] Timbu launches new fund to invest in travel startups
Timbu, a Mauritian based online travel agency has launched an investment arm to fund and invest in Kenyan travel and hospitality startups.
Timbu will invest $25,000 in 20 Kenyan travel startups and the funding will be exclusive to innovative startups solving real issues in the hospitality niche. Most of the focus will be on startups around the curated travel (one of the fastest-growing segments of the travel industry). Timbu, however, says there are plans to expand into other niches down the line.
Commenting on the investment, the company’s media representative said the need to begin investing in early-stage startups in Kenya was borne out of the need to grow the existing tech ecosystem in Kenya and provide entrepreneurs with the necessary resources to grow the country’s startup scene. She further noted that Timbu looks to provide more than just the seed funding.
“Our intentions are to also guide the startups with getting their initial customers, gain traction, as well as provide them with the ‘best talents’, so as to assist the selected startups to gain Series A and B funding”, she said.
This is an angel fund so Timbu will seek equity shares in the businesses that are accepted into the program.
Timbu is an online travel agency focused on African destinations. It is currently a market leader in Nigeria and other West African countries and now aims to grow its presence in East Africa by investing in travel startups in Kenya.