First City Monument Bank (FCMB) has launched HERccelerate, a technology accelerator dedicated to driving innovation and empowering women-founded technology startups in Nigeria.
Powered by the bank’s SheVentures and Hub One innovation hubs, and implemented by 8thGear Hub and Venture Studio, the initiative provides women-founded startups with the skills, knowledge and networks they need to raise capital and sustain sustainable growth. It is intended to.
Applications for the HERccelerate program are now being accepted at www.fcmb.com/herccelerate/ and will close on September 30, 2024.
It provides funding opportunities and other rewards to women-led startups in a variety of sectors including fintech, agritech, healthtech, edtech, and e-commerce.
Participants will receive intensive training, including office hours, field trips to successful local startups, and networking events with prominent founders. This comprehensive support system provides access to knowledge, resources, investors, markets and networks. The accelerator culminates in a showcase day, where winners receive grants and other attractive benefits, including access to potential investors.
Commenting on the HERccelerate competition, Managing Director of FCMB, Mr. Yemisi Edun said:
“This initiative builds on our commitment to foster innovation and empower women-owned businesses, especially small and medium-sized enterprises (SMEs) in the technology sector, to pursue their dreams and contribute significantly to the technology ecosystem and the country’s economic development. We recognize the challenges women-owned technology companies face, from lack of funding to bias that limits growth. The HERccelerate competition is a platform to foster innovation and create more funding opportunities for women-owned and led ventures. We encourage women entrepreneurs to seize this opportunity to make a lasting impact. ”
Nigeria’s technology industry has seen impressive growth in recent years, with women-led startups making great strides in various sectors. However, they still face various challenges hindering their growth, including limited funding. In 2023, less than 6% of venture capital investments went to women-led startups. Through the HERccelerate program, FCMB aims to support and accelerate more than 200 women-founded technology startups over the next five years, contributing to a more inclusive and equitable technology ecosystem.
First City Monument Bank (FCMB) is a member of FCMB Group Plc. FCMB is committed to fostering inclusive and sustainable growth and is rooted in Africa, primarily Nigeria, building a supportive ecosystem that connects people, capital and markets.
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