FSDH Merchant Bank in partnership with the International Finance Corporation (IFC) and WEAV Capital have unveiled 15 female-led Nigerian tech startups selected to participate in the first cohort of the Female Founders Growth Programme, an Investment Readiness Accelerator programme aimed at empowering female founders to accelerate growth in their companies by making them ready to secure investment capital and funding opportunities.
The selected startups will participate in a 7-week Investment readiness programme, from October to November 2023, that includes intensive workshops designed to enhance their business models and refine fundraising strategies. They will also receive comprehensive training covering financial management, cash flow optimization, and preparation for both equity and debt funding. Additionally, the startups will have access to one-on-one business coaching sessions with experts in their field, consultations with seasoned subject matter experts from renowned global institutions and will be given an exclusive opportunity to participate in an Investor Pitch Day event aimed at presenting their companies for potential investments and the chance to win a non-equity prize of $10,000.
The Female Founders Growth Programme is designed for female tech founders who have successfully developed a Minimum Viable Product and gained traction, offering solutions to critical challenges within a sector with significant growth potential in the local socio-economic context. This first cohort is set to benefit from the collective wisdom of accomplished industry experts and successful entrepreneurs, all with a proven track record of establishing and operating thriving tech startups.
Following a thorough and highly competitive selection process, the selected 15 female-led startups who represent an exceptional group of innovators with the potential to make remarkable strides in the tech industry, include:
- Sycamore: a platform that makes it easy for businesses to access loans in record time.
- truQ: an operating system platform for third party logistics in Africa, making third party logistics smarter, faster and more efficient.
- Regxta: helping unbanked individuals and microbusinesses access online banking services, business loans, and business support services.
- Towntalk: building a robust AI solution to strengthen supply chain resilience in Nigeria by providing real-time analytics, vehicle tracking and access to affordable insurance.
- Agriarche: digitizing the flow of commodities, trade and payments in the agriculture ecosystem.
- Instollar: building a Green Workforce Marketplace that connects renewable energy companies in need of skills for solar project with qualified freelance green-energy talents.
- Money Africa: providing financial literacy training to middle class and low-income earners, and a platform to save and earn interest on their savings.
- Messenger: optimizing the logistics ecosystem by simplifying order fulfillment and last-mile delivery for individuals and businesses across Nigeria.
- Farmspeak: building technology that enables African poultry farmers to quickly manage and monitor their farms.
- Hadi Finance: empowering African informal retailers with essential financial services and digital tools.
- MyFoodAngels: providing easy access to food supplies through an online marketplace serving both buyers, sellers through a fresh food shopping and delivery platform.
- Earthbond: empowering under-girded Nigerian businesses with access to reliable and affordable solar energy.
- Kunda Kids: publishing and media studio providing diverse children’s books, animations, and digital learning resources.
- MaterialsPro: building an eProcurement and supply chain platform for Building & Construction Materials Industry.
- Terawork: a one-stop freelance marketplace helping African talent earn income globally through freelancing.
Bukola Smith, Managing Director/Chief Executive Officer, FSDH Merchant Bank, expressed her enthusiasm for the Female Founders Programme and the importance of the programme to FSDH’s support for the female economy. She said ‘’We are extremely glad to finally begin this acceleration programme. Historically, funding has been tougher for female founders. We believe that with this programme, we are meeting a real need, which is to prepare female founders for the rigor of fundraising and investment-readiness. We are also enthused to be on this journey with leading, credible institutions like the IFC and WEAV Capital. I’m sure the ladies will get so much value from this programme’’.
Kalim M. Shah, IFC’s Senior Country Manager for Nigeria said, “In Nigeria’s thriving startup landscape, innovation holds the key to tackling pressing societal challenges. At IFC, we are committed to fostering increased female participation in the private sector. Empowering women entrepreneurs, not only creates successful businesses but also drives social change and economic growth. Through the Female Founders Growth Programme, we have partnered with FSDH Merchant Bank and WEAV Capital to support women-led startups with the knowledge, skills, and access to investment capital needed to scale their businesses.”
Speaking on the programme, Amaka Okechukwu Opara; Managing Partner, WEAV Capital emphasized the importance of supporting female-led businesses in unlocking the full potential of the Nigerian economy, stating: “We believe that investing in female founders is smart economics. Through this immersive investment readiness program, we are paving the way for female led tech companies to raise much needed capital and demonstrating the bankability of female-led tech companies”
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About FSDH Merchant Bank
FSDH Merchant Bank is Nigeria’s premier merchant bank specialized in providing financial services through Corporate Banking, Business Banking, Investment Banking, Prestige Banking, Custody Banking, Treasury, and International Banking services. With a rich history spanning over 30 years, FSDH Merchant Bank has become a trusted, and expert provider of financial services delivering financial services within Nigeria, empowering businesses and enabling economic growth. Through the FSDH Women-in-Business Initiative, FSDH is committed to investing in and supporting female-led companies, and their founders across Nigeria. As part of FSDH Group, our co-subsidiaries include; FSDH Asset Management, FSDH Capital and Pensions Alliance Limited (PAL Pensions). For more information, visit :www.fsdhmerchantbank.com.
About IFC
IFC — a member of the World Bank Group — is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2023, IFC committed a record $43.7 billion to private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity as economies grapple with the impacts of global compounding crises. For more information, visit www.ifc.org.
About WEAV Capital
WEAV Capital is a pre-seed and seed stage accelerator and venture capital fund dedicated to funding and supporting category leading female-led startups across Africa. Visit www.weavcapital.com
