FMO Ventures Program | Dutch Development Bank


empowering innovative business models for impact

The program in short

FMO Ventures Program is a EUR 200 million investment program focusing on early-stage growth phase direct investments (50%) in Fintech, Energy Access and AgriTech alongside a lead investor, plus indirect investments (50%) with a more generalist focus in either sector specific or sector agnostic funds, and a technical assistance facility operating in parallel.

Our Investees

Agritech portfolio

Tech and tech-enabled companies that help to improve smallholder farmer yield and their access to markets.

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Energy Access portfolio

Offgrid energy companies that play a critical role in delivering clean, affordable, reliable energy without the need for grid infrastructure.

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Fintech portfolio

Tech and tech-enabled companies that enhance access to safe, affordable financial services and improve financial inclusion.

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Funds portfolio

Venture Capital funds investing in start-ups that improve access to goods and services to un(der)served segments of the population.

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More Details

FMO Ventures Program is an initiative of FMO supported by contributions from the Ministry of Foreign Affairs of the Netherlands and a guarantee from the European Union with a 4-year investment period. The program aims to empower innovative business models applying disruptive technology to enable or improve affordable access to goods and services to un(der)served communities, predominantly in Africa and the European neighborhood (60%), and in certain parts of Asia (40%).

Direct investments (50%)

  • Start-ups 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


  • (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.

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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 start-up 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 moni-tor 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 emerg-ing 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 learnt and best practices. 

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

Our Partners

AgFunder Anza CFF
Endeavor Dalberg ImpactHub Accra
LaStartupFactory VC4A AFN
60_dB Accion AESIS
AfricArena Afrilabs ANDE

Contact the FMO Ventures team

Want to know if your fund or business is eligible for an FMO Ventures investment? Answer a couple of questions to find out!

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