Village Capital and Standard Chartered Bank have collaborated to launch a pilot financing facility, in a critical effort to close the gender funding gap in Africa’s entrepreneurial environment. This project focuses on early-stage, impact-oriented startups led by women, with the goal of delivering essential catalytic capital to catalyze their business growth.
Creating opportunities for businesses with significant impact
The collaboration acknowledges the continued hurdles female entrepreneurs encounter when seeking funding compared to males.
This initiative is dedicated to offering resources to female-led businesses that address local and global challenges. The goal is to create a domino effect that spurs economic development and social change.
Heather Matranga, Vice President of Impact Investments at Village Capital, expressed her excitement about the partnership:
“We’re delighted to collaborate with Standard Chartered and back their mission of empowering female founders. Our goal with this innovative financing facility is to uncover more prospects and capital for these significant enterprises, addressing their various needs in different markets.”
Putting Money into Prospective Businesses
Village Capital revealed its first investments in two startups, marking a major achievement:
Bena Care: A Kenyan firm offering affordable clinical and compassionate care to patients with life-threatening illnesses at home. Mighty Finance: A Zambian fintech startup focused on delivering accessible funding, predominantly to women-led businesses.
Each startup secured $75,000, with the total initial investment being $150,000.
Joyce Kibe, Head of Corporate Affairs, Brand and Marketing at Standard Chartered, underlined the importance of the program by saying:
“This collaboration enhances our successful Women in Tech program, which has enabled over 70 women-led firms with necessary tools and support. We believe that investing in female entrepreneurs cultivates stronger, more resilient economies and addresses critical needs often ignored in the startup environment.”
The Women in Tech program by Standard Chartered has empowered 64 women-led businesses across six cohorts, providing grants totaling $7 million to 32 participants.
This fresh collaboration symbolizes the unwavering commitment of both the bank and Village Capital to promoting diversity, equity, and inclusion in the field of impact investing.
