After a transformative seven-week journey, FSDH Merchant Bank and the International Finance Corporation (IFC) in collaboration with WEAV Capital, have successfully concluded the inaugural cohort of the Female Founders Growth Programme. The programme is an Investment Readiness programme aimed at empowering female founders to accelerate growth in their companies by making them ready to secure investment capital and funding opportunities.
All startups in the programme were selected after a rigorous and highly selective process. The startup companies that graduated from the programme 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.
- 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.
Each graduating startup participated in intensive workshops aimed at refining business models and enhancing fundraising strategies, culminating in a highly anticipated Demo Day which provided a platform for the participants to pitch their innovative businesses to an audience of top ecosystem players, investors, and accelerators for an opportunity get a non-equity grant prize of $10,000USD. Kunda Kids, an edtech company led by Co-founder & COO Louisa Kiwana Olafuyi, emerged as the pitch winner, showcasing their outstanding solution to children’s education through media production and publishing. Please click here to view more highlights of the event,
In her comments, Gold Nwoke, Head, Women in Business Initiative, FSDH Merchant Bank, said, “The Female Founders Growth Programme underscores our commitment to fostering a diverse and inclusive entrepreneurial landscape in Nigeria. Our focus is to partner with female entrepreneurs to achieve their business goals. Witnessing the innovative solutions and resilience demonstrated by these female entrepreneurs has been truly inspiring. We are proud to be part of their journey and will continue supporting such initiatives that empower women in business.”
Kalim M. Shah, IFC’s Senior Country Manager for Nigeria said, “Women play a pivotal role in advancing innovation, making substantial contributions to business performance across various sectors including technology. This program supports the strengthening of women’s active participation in the technology ecosystem while highlighting the profound impact that women-led businesses can have on Nigeria’s digital economy. IFC continues to support opportunities for women in the private sector to unlock the full potential of the country’s workforce, thereby contributing to the sustainable growth of Nigeria’s economy.”
Commenting on the programme, Amaka Okechukwu Opara, Managing Partner, WEAV Capital said: “Female led businesses receive less than 5% of Venture Capital funding In Africa. We are committed to curating more Initiatives like this that showcase amazing female founders In Africa that are building scalable and high growth businesses across Africa.’’
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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, partnering with individuals, and organizations on their journey to success. 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 our website:www.fsdhmerchantbank.com.
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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.
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 to learn more.
