Goodwell Investments and Oxfam Novib have set up a €20m ($21.7m) fund, Pepea, to provide financing to early-stage startups in Kenya, Uganda and Ethiopia. The fund will provide venture debt, focusing on mezzanine finance, to early-stage businesses generating revenue but yet to raise capital, and will invest in sustainable agriculture, energy, clean mobility, logistics and waste management sectors. Pepea aims to improve the quality and affordability of basic goods and services for lower-income communities. Pepea will offer support to startups including ensuring they have the right structures and systems in place, to help prepare and raise their first rounds. The first fund by the impact investor and non-governmental organization will provide an initial check of between $100,000 and $500,000 and follow-on investments of up to $1m from Goodwell’s funds.

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