LuxAid Challenge Fund in Burkina Faso, Mali and Senegal

LuxAid Challenge Fund is a new initiative from Luxembourg Cooperation which aims to accelerate impactful innovations driven by start-ups. Through this call for projects, Burkinabè, Malian and Senegalese companies developing a solution in the field of food security or distance learning will benefit from co-financing ranging from 50,000 to 140,000 euros (approximately 30 to 90 million FCFA).

Contribute to major societal issues

• In this way, LuxAid Challenge Fund intends to contribute to major societal issues in these countries. This involves facilitating access to education through, for example, the development of digital solutions promoting distance learning or implementing new training methodologies.
• Faced with problems of food insecurity, the fund also wishes to contribute to strengthening the resilience of national and local food systems. The ambition is to support, for example, the development of alternative protein production, or innovative approaches to food production, such as hydroponics or precision agriculture.

Support innovative solutions in the start-up phase

• LuxAid Challenge Fund targets companies:
  • in the start-up phase, recorded for 1 to 5 years;
  • with at least 2 employees;
  • who have already tested their product/service on the market and have therefore achieved initial commercial revenue;
  • able to partially co-finance their project.
• It will support the achievement of their growth and impact objectives, for example through financial support for marketing, the acquisition of equipment or the strengthening of teams. The objective is, ultimately, to attract other capital allowing the expansion of the solutions and, thus, a tenfold impact for the benefit of local populations.

Criteria

• The 15 preselected candidates in each country will be invited to pitch before a national selection committee next March. The leaders of the projects selected in the three countries (Burkina Faso, Mali and Senegal) will then appear before an international selection committee which will choose the winners of the call for projects. The latter is provided with an envelope of one million euros for the three countries of the sub-region.

For more information, visit Luxembourg Development Cooperation Agency.