ANDE and IKEA Foundation Unveil Grants to Boost Circular Economy in Kenya and India

In partnership with the IKEA Foundation, the Aspen Network of Development Entrepreneurs (ANDE) is set to drive transformative change in waste management and circular economy sectors with its latest round of grants from the Investment Innovation Fund. These grants invigorate small and growing businesses (SGBs) in Kenya and India, addressing critical investment gaps and fostering sustainable practices.

Strategic Support for Waste and Circular Economy

ANDE's research has pinpointed the waste and circular economy sector as a prime area for investment. The Investment Innovation Fund aims to overcome financial barriers for entrepreneurs by supporting innovative pilots and scaling successful solutions. This initiative will generate valuable insights and stimulate substantial investment in these crucial areas.

Kenya: Empowering Local Innovations

In Kenya, the following organizations are leading the charge:

• Circle Innovation and KOIS will launch the “Circularity LaunchPad,” which focuses on co-creating innovative financial mechanisms for early-stage investors. This project will help circularity and waste SGBs gain traction and attract significant investments.
• Smart Regional Consultants (SRC) and Kenya Climate Ventures (KCV) will implement a comprehensive program to prepare waste and circularity SGBs for investment. Their efforts include investor matchmaking services to elevate these businesses’ readiness for financial backing.
• Agri Frontier will introduce the Agri Frontier Growth Hub accelerator, which will run an 18-month program to support waste and circularity SGBs. This program aims to boost the pipeline of investment-ready businesses and catalyze $10 million in investments.
• Sote Hub will focus on accelerating SGBs with innovative green marine plastic waste management solutions in coastal Kenya. Sote Hub aims to enhance waste management practices by leveraging digital technology and strategic partnerships.

India: Expanding Opportunities

In India, the following projects will take shape:

• Upaya Social Ventures, Global Business Inroads (GBI), and rePurpose Global are teaming up to run an investor and market-led accelerator program. This initiative aims to increase capital flows to waste and circularity SGBs through intensive and broad-based support.
• IIM Calcutta Innovation Park will lead a consortium to fast-track the growth of selected SGBs. This initiative will help these businesses secure seed funding from investors, accelerating their waste and circularity sector development.

About the Partners

The IKEA Foundation, known for its strategic philanthropy, has partnered with over 140 organizations worldwide to tackle poverty and climate change. With a focus on improving family incomes and safeguarding the planet, the foundation has pledged $1 billion over the next five years to accelerate greenhouse gas reduction efforts. Since 2009, it has committed over $1.1 billion to create transformative impacts in vulnerable African and Asian regions.

ANDE, a prominent global network, supports entrepreneurship in developing economies through its nearly 300 members. Since its inception in 2009, ANDE has become a pivotal voice in the SGB sector, providing critical financial, educational, and business support. The network connects resources and knowledge to drive inclusive prosperity and sustainable growth in developing regions.