FSDH Merchant Bank, the International Finance Corporation (IFC), and WEAV Capital announced 15 female-led Nigerian tech startups selected for the first cohort of the Female Founders Growth Programme, an Investment Readiness Accelerator programme that prepares female founders to secure investment capital and funding.
The shortlisted entrepreneurs will engage in a 7-week Investment readiness curriculum from October to November 2023 that includes intense training to improve their business models and fundraising tactics.
They’ll also learn financial management, cash flow optimisation, and equity and debt funding preparation. Additionally, startups will have one-on-one business coaching sessions with experts in their field, consultations with seasoned subject matter experts from renowned global institutions, and an exclusive opportunity to participate in an Investor Pitch Day event to present their companies for potential investments and win a $10,000 non-equity prize.
The Female Founders Growth Programme is for female tech founders who have established a Minimum Viable Product and gained traction, solving essential problems in a field with high socio-economic growth potential.
This initial cohort will learn from industry professionals and entrepreneurs who have founded and run successful tech firms.
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The 15 female-led startups chosen after a rigorous and intensely competitive selection process represent an exceptional group of innovators with the potential to make significant advancements in the tech sector. They 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 more innovative, faster and more efficient.
Regxta: helping people who don’t have bank accounts and small companies get online banking, business loans, and other services to help their businesses.
TownTalk: Developing a solid AI system to improve Nigeria’s supply chain resilience by offering real-time data analysis, car tracking, and cheap insurance.
Agriarche: digitizing the flow of commodities, trade and payments in the agriculture ecosystem.
Instollar: creating a Green Workforce Marketplace that links renewable energy companies looking for solar project skills with qualified freelance green energy workers.
Money Africa: offers training in financial literacy to middle-class and low-income earners and a platform for them to save money and earn interest on it.
Messenger: making the logistics ecosystem better by making it easier for people and businesses across Nigeria to fulfill orders and send them on the last mile.
Farmspeak: building technology that enables African poultry farmers to manage and monitor their farms quickly.
Hadi Finance: gives informal African retailers access to essential banking services and digital tools needed to do their jobs.
MyFoodAngels: enables easy access to food supplies through an online market that helps buyers and sellers by offering a site for shopping for and delivering fresh food.
Earthbond: provides underserved Nigerian companies with access to dependable and reasonably priced solar energy.
Kunda Kids: is a publishing and media company that makes a wide range of books, animations, and digital learning materials for kids.
MaterialsPro: is creating an e-purchasing and supply chain tool for the building and construction materials business.
Terawork: is a one-stop shop for freelancers that helps talented Africans make money working from home worldwide.
Bukola Smith, Managing Director/CEO, FSDH Merchant Bank, praised the Female Founders Programme and its importance to FSDH’s assistance for the female sector.
She remarked, “We are thrilled to start this acceleration programme.” Female founders face stiffer funding. This training addresses a real need by preparing female founders for fundraising and financing. Leading, respected institutions like the IFC and WEAV Capital are also exciting to work with. The women will benefit much from this programme.
IFC Senior Country Manager for Nigeria Kalim M. Shah remarked, “In Nigeria’s thriving startup landscape, innovation holds the key to tackling pressing societal challenges. We promote female private sector participation at IFC. Empowering women entrepreneurs boosts economic growth, social progress, and business success.
By collaborating with FSDH Merchant Bank and WEAV Capital through the Female Founders Growth Programme, we aim to provide women-owned startups with the resources they need to grow.
Managing Partner of WEAV Capital, Amaka Okechukwu Opara, said on the programme that investing in female founders is smart economics to unlock the Nigerian economy’s full potential. Through this immersive investment readiness programme, we are helping female-led tech startups secure money and prove their bankability.
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FSDH MerchantBank
Nigeria’s leading merchant bank, FSDH Merchant Bank, offers Corporate, Business, Investment, Prestige, Custody, Treasury, and International Banking. FSDH Merchant Bank empowers businesses and boosts economic growth in Nigeria for 30 years with trusted and competent financial services.
The FSDH Women-in-Business Initiative supports Nigerian female-led firms and their founders. Capital, Asset Management, and Pensions are FSDH Group subsidiaries.
About IFC
The largest emerging nation private sector development institution is IFC, a World Bank Group member. We create markets and opportunities in developing countries using capital, experience, and influence in over 100 countries.
In fiscal year 2023, IFC committed $43.7 billion to private firms and financial institutions in developing nations to eliminate extreme poverty and boost shared prosperity as economies battle global crises.
About WEAV Capital
WEAV Capital is a pre-seed and seed-stage accelerator and venture capital fund that only invests in and funds category-leading African startups run by women.