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Investment to Accelerate DRK Foundation’s Work in Kenya, Uganda, Rwanda, Zambia, Ghana, and Egypt to Find, Fund, and Support Social Impact Entrepreneurship Across Africa.

NAIROBI, KENYA – (November 20, 2024) – The Swiss Federal Department of Foreign Affairs, through the Swiss Agency for Development and Cooperation (SDC), today announced it has awarded a grant of $8.6 million to Draper Richards Kaplan Foundation (DRK)—one of the largest global venture philanthropy firms supporting exceptional early-stage, mission-driven social impact enterprises—to accelerate the growth of social impact entrepreneurship in Africa.

In partnership with The Amahoro Coalition and GrowthAfrica Foundation, this catalytic award will double down on DRK’s existing work and presence on the continent, enabling the Foundation to find and support a total of 140 new social impact entrepreneurs over the next four years across six African countries: Kenya, Uganda, Rwanda, Zambia, Ghana, and Egypt. DRK Foundation and Amahoro Coalition will provide direct funding to a combined 64 of these innovative entrepreneurs, with all partners supporting an additional 45 entrepreneurial support organizations.

“Africa’s vast potential lies in the hands of local untapped visionaries who understand their communities’ needs,” says Jim Bildner, CEO of DRK Foundation. “This grant arrives at a crucial moment in time, providing funding for critical, strategic, on-the-ground investments that can drive economic growth, job creation, and a brighter future for Africa, led by Africans. The SDC has always been one of the most strategic impact investors, and this award affirms the impact our portfolio has demonstrated over the past two decades. We are honored to partner with them on this work.”

To date, DRK’s global portfolio of 247 social enterprises has collectively impacted more than half a billion lives for the better. In 2024, more than a quarter of DRK Foundation’s portfolio organizations reported serving constituents in countries across Africa, and collectively, these organizations have impacted more than 130 million lives across the continent.

“Africa stands on the brink of substantial global growth,” says Kanini Mutooni, Senior Managing Director for Africa, DRK Foundation. “This project embodies our commitment to fostering transformative change and expanding support for local founders across Africa who are tackling some of the continent’s toughest challenges. We are now poised to not only champion emerging social entrepreneurs but also foster impactful collaborations that will undoubtedly reshape the future and the trajectory of the continent.”

Each of the organizations will be considered based on alignment within the funding criteria established by the DRK Africa team: organizations advancing solutions on poverty alleviation, equitable access to goods and services, and gender equality—with a strong interest in women leaders and organizations focused on refugees and internally displaced persons.

“Supporting social and impact entrepreneurship is a cornerstone of sustainable economic development and social inclusion,” says Diepak Elmer, Head of the Economy and Education Section at the Swiss Agency for Development and Cooperation. “This program exemplifies our commitment to scale private sector engagement and foster economic empowerment, with significant replication potential across different countries and sectors. We place particular emphasis on supporting social and impact enterprises that are led by or serve displaced populations, while also strengthening the broader ecosystem.”

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MEDIA CONTACT:
kshehade@drkfoundation.org