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FMO Ventures Program is an initiative of FMO. The EUR 200M program is supported by contributions from the Ministry of Foreign Affairs of the Netherlands as well as by a guarantee from the European Commission.

FMO Ventures Program aims to empower innovative business models applying disruptive technology to enable or improve affordable access to goods and services to the un(der)served in emerging markets. FMO Ventures Program focuses on direct investments in young startup and scale-up companies in Fintech, Energy access, and Agritech, as well as on indirect (fund) investments in Venture Capital funds, predominantly in Africa and the European neighborhood, and in certain parts of Asia.

Direct investments (50%)

• Startups active in the Fintech, Energy Access, and Agritech space
• Early-stage growth phase (i.e. Series A/B with follow-on capacity)
• Only invest alongside a local, regional or international lead investor

Fund investments (50%)

• Venture Capital funds active in the early and late growth stage (i.e Series A/B/C) with a limited allocation for seed-stage VC funds
• Co-investment potential required

Products

• (Preferred) equity, convertible (bridge) notes, and technical assistance
• Complementary to the program, FMO offers debt financing, guarantees, and private equity financing
• Investees benefit from FMO’s networks and sector expertise.

Technical Assistance Facility

Operating in parallel with the investment portfolio, the Ventures Program Technical Assistance Facility provides our direct investee companies and funds with the expertise they need to improve their business operations and invest in inclusive business models, as well as provide broader support for a vibrant startup environment in the regions where the program will invest. The three complementary components of the Technical Assistance Facility are:

Investee Strengthening: enabling Ventures Program investees to meet relevant standards, improve company performance efficiency and revenue, and increase the impact of their business by providing:

• ESG and/or impact advisory support to ensure that fund investees and investee companies are able to meet relevant standards and monitor impact;
• access to advice and the hands-on support entrepreneurs need to scale their businesses and accelerate their impact, and;
  support to design and test inclusive business models, including gender-specific activities, that also help entrepreneurs improve non-financial services for their own client base.

Entrepreneurial Ecosystems Building: fostering the maturity of the venture capital sector in emerging markets by improving services of incubators, accelerators, and other entrepreneurial support organizations, as well as enabling more early-stage financing for ventures.

Our strategic approach to Entrepreneurial Ecosystem building focuses on:

• middle-tier markets for guiding surgical growth;
• the missing middle financing gap for early-stage ventures, and;
• tech-enabled solutions for broad-based development.

The underlying principles of this approach are to empower existing actors to deliver more sustainable, long-term market solutions while co-funding and collaborating with other partners where possible. The Ventures Program is starting ecosystem-building efforts by prioritizing three markets – Ghana, Morocco, and Tanzania – through projects with key partners.

Community Engagement: bringing together entrepreneurs with investors and other stakeholders, as well as industry leaders to share lessons learned and best practices.

For more information on the Technical Assistance Facility and partnerships, please contact Abigail Thomson, Senior Capacity Development Officer at info@fmo.nl.