FMO Ventures Program | Dutch Development Bank

Ventures Program in short

We focus on start-up and scale-up companies and Venture Capital Funds

The FMO Ventures Program has a EUR 200 mln budget with a 4-year investment period. The geographical focus of the program is on Africa, the European Neighbourhood (~60%) and 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

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: Increase capacities on topics related to ESG, sustainability, impact and inclusive business support
  • Entrepreneurial Ecosystems Building: Work with key stakeholders supporting early-stage ventures and others to further develop the venture capital industry across emerging markets
  • Community Engagement: Bring entrepreneurs together with investors, partners and other stakeholders through thought leadership and industry events