First City Monument Bank (FCMB) has launched the HERccelerate initiative, aimed at supporting women-led tech startups in Nigeria. This new programme, led by FCMB’s SheVentures and Hub One, is run in partnership with 8thGear Hub and Venture Studio. It’s designed to give female entrepreneurs the key tools, know-how, and connections they need to succeed in the tech industry.
Applications for HERccelerate are currently open, with a closing date set for 30th September 2024. The programme is focused on women-led startups in key sectors including Fintech, Agritech, Healthtech, Edtech, and E-commerce. Successful applicants will gain access to funding opportunities and various other rewards that could propel their businesses forward.
Participants in the HERccelerate programme will receive extensive training, which includes not just traditional classroom sessions, but also practical experiences such as field trips to successful local startups and networking events with established industry leaders. The programme will conclude with a showcase event, where leading participants will be awarded grant funding, connected with potential investors, and offered additional valuable incentives.
Commenting on the initiative, FCMB’s Managing Director, Mrs. Yemisi Edun, stated: “HERccelerate reflects our commitment to nurturing innovation and supporting women-owned businesses, particularly SMEs in the tech industry. We recognize the barriers these businesses face, from funding challenges to systemic biases. Through HERccelerate, we aim to create more opportunities for female-led ventures to thrive. We encourage women entrepreneurs to take advantage of this platform and drive lasting impact.”
Nigeria’s tech industry has seen impressive growth in recent years, with many female-led startups making notable advancements. However, these businesses continue to face significant hurdles, especially in securing venture capital. In 2023, less than 6% of venture capital funding was directed towards female-led startups. HERccelerate aims to bridge this gap by supporting and accelerating over 200 women-founded tech startups over the next five years, contributing to a more inclusive and equitable tech ecosystem.