Bolt Kenya’s Inauguaral Accelerator Awards Winners $22K In Seed Funding

Bolt Kenya has awarded 10 drivers with KSh 288,000 ($2,200) each in seed funding as part of its first-ever accelerator program.

The awards, amounting to a total of €20,000 ($22,400) mark the culmination of a six-month program aimed at creating innovation in Kenya’s mobility sector.

A Platform for Innovation

The Bolt Accelerator, launched in April 2024, provided drivers with business training, mentorship, and funding to create innovative solutions for transport and delivery services.

The program attracted over 800 applications from Bolt drivers and couriers, including ideas for electric vehicle charging stations and improved grocery delivery.

Of the applicants, 120 participants were selected for training at Bolt Academy, where they honed their business ideas. After months of mentorship and competition, 20 finalists pitched their projects, and 10 received seed funding for their outstanding proposals.

“Your dedication and creativity have rightfully earned you this recognition. We are eager to see where your entrepreneurial journey leads from here,” said Bolt Kenya’s General Manager, Linda Ndung’u, according to The Kenyan Wall Street.

Supporting Future Entrepreneurs

In addition to the monetary awards, the winning drivers received six weeks of mentorship and access to industry pioneers to help transform their innovative concepts into practical solutions. 

Notable awards also included “Most Innovative Idea” and “Most Scalable Idea,” which went to drivers who presented outstanding proposals for advancing Kenya’s transportation and delivery services.

“By offering resources, mentorship, and financial backing, individuals are empowered, and this in turn helps boost Kenya’s GDP,” said Oluwajoba Oloba, Co-Founder of The Nest Innovation Technology Park.

Beyond the funding, winners received mentorship and access to industry experts to help bring

Challenges Facing Ride-Hailing Drivers

The accelerator’s conclusion coincides with growing tensions between Kenyan drivers and ride-hailing services like Bolt and Uber, over pay.

Drivers have pushed back against fare reductions, even going so far as to negotiate directly with passengers to secure fairer compensation. 

During a five-day strike in July 2024, drivers also demanded a minimum fare increase from KSh 200 ($1.55) to KSh 300 ($2.30).

In response to the strikes, Bolt increased its base fare by 10% to KSh 220 ($1.71).

Despite the boost, tensions remain high, with drivers continuously calling for better working conditions and higher pay, citing rising living costs and the need for sustainable earnings. 

Feature Image Credit: Bolt