Stanbic Kenya to raise $100 million to back startups in rare VC-style move
- Stanbic Bank Kenya is raising $100 million to support startups in East Africa.
- The bank's Catalytic Fund targets SMEs in agritech, healthtech, and the creative economy.
- This move represents a shift in Kenya's banking sector towards supporting early-stage ventures.
Stanbic Bank's initiative to raise funds for startups is a commendable step towards diversifying financing options in Kenya. By venturing into sectors that are often overlooked by traditional banks, they could not only support innovation but also stimulate economic growth. However, the bank must ensure that the patient capital model is effectively implemented to truly benefit the startups.
