FATE Foundation is to partner with Village Capital through the Africa Ecosystem Catalysts Facility (AECF) to strengthen early-stage entrepreneurship in Nigeria.
The AECF is managed by Village Capital with support from the Dutch Entrepreneurial Development Bank (FMO) and the Netherlands Enterprise Agency (RVO).
The Facility is a $4 million initiative established to invest in startups developing context-specific solutions that enhance economic mobility and climate resilience in Nigeria, Ghana, and Tanzania.
Under the partnership, FATE Foundation will act as a venture partner leveraging it’s deep local expertise to identify and evaluate high-impact startups.
Read also: FATE Foundation trains over 8,000 entrepreneurs to grow sustainable businesses
“This partnership reflects a shared mission to drive inclusive, sustainable economic growth by closing the capital access gap for early-stage businesses,” Adenike Adeyemi, executive director, FATE Foundation, stated.
According to Adeyemi, FATE Foundation will play a critical role in ensuring capital is directed to context-relevant solutions, to strengthen regional entrepreneurship ecosystems by amplifying the facility’s impact.
“By placing local Entrepreneur Support Organisations (ESOs) like ours at the heart of the investment process, the facility leverages deep ecosystem insight to identify and prepare high-potential, locally relevant businesses,” Adeyemi stated.
Susan Nakami, Africa Region Lead at Village Capital, stated that FATE Foundation’s local experience will be instrumental to channel catalytic capital into startups, driving climate resilience and economic mobility.
“We’re thrilled to welcome FATE Foundation as a partner in the Africa Ecosystem Catalysts Facility (AECF).
“FATE has played a pivotal role in advancing entrepreneurship in Nigeria, and we’re excited to collaborate with an organization that brings both deep local context and a strong commitment to founder support,” Nakami stated.
