• Thursday, April 18, 2024
businessday logo


FATE Foundation, Dutch bank, others partner to support startups

Three start-ups get N10m in nutrition challenge

FATE Foundation, Dutch Entrepreneurial Development Bank, Netherlands Enterprise Agency and the Netherlands Consulate-General in Lagos have hosted ‘the Capital Unleashed Roundtable’ to support startups in Nigeria.

The organisers of the event said in a statement that in the rapidly evolving world, young entrepreneurs were the driving forces behind innovation, economic growth, and sustainable development, hence the need to boost access to capital for them.

“I am excited about the collaboration between the Netherlands and Nigeria to accelerate access to growth capital for young entrepreneurs. This initiative aligns seamlessly with FATE Foundation’s commitment to fostering job creation, and innovation, addressing finance gaps, and propelling Nigeria’s startup ecosystem to new heights,” Adenike Adeyemi, executive director of FATE Foundation, said.

Geoffrey Leeuwen, minister for trade and development cooperation of the Kingdom of The Netherlands, said, “With Nigeria emerging as one of Africa’s leading startup ecosystems, the need for accessible finance is more pressing than ever.

“Bringing together government institutions, banks, venture capital funds, development organisations, and young entrepreneurs, these engagements will forge partnerships that will drive tangible outcomes in the realm of entrepreneurship and innovation,” he said.

The organisers said the objective of the event was to initiate and develop ideas for new financial products that can bridge the early-stage financing gap, ranging between 50,000 and 250,000 euros.

“This initiative comes as a follow-up to the Orange Corners Innovation Fund, providing finance up to 50,000 euros and finance provided via FMO subsidiaries starting from 250,000 euros, both Dutch initiatives in Nigeria,” they said.

They added that despite the vibrant entrepreneurial landscape, many startups struggle to secure the necessary funding to scale their ventures beyond the initial stages.