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Since 2020, FMO has backed 10 African startups across 11 disclosed funding rounds totaling $261.2M, most heavily in Kenya and Fintech.
FMO is the Dutch entrepreneurial development bank, legally known as Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden N.V. It is a leading impact investor focused on supporting sustainable private sector growth in developing countries and emerging markets. FMO is headquartered in The Hague in the Netherlands. In Africa, FMO is an active investor across early and growth stage financing, participating in Series A and Series B rounds as well as other venture and unspecified rounds. Based on disclosed transactions, FMO has backed companies in Kenya, Nigeria, Egypt, Côte d'Ivoire, Morocco, Ghana and South Africa. Its portfolio in the region includes fintech, telecom and connectivity, agri tech, energy and utilities, and AI and analytics businesses, reflecting a focus on inclusive finance, digital infrastructure and sustainable innovation. FMO often invests alongside regional and international partners, including development finance institutions, venture capital firms and other impact investors. These partnerships help mobilize additional capital and expertise to scale African businesses such as mobile money platforms, pay as you go asset financing, digital agriculture services and biofuel supply chains, in line with FMO’s mandate to drive private sector led development.
Data updated · Aug 6, 2026
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FMO has backed 10 African startups across 11 disclosed funding rounds tracked on Liners, totaling $261.2M since 2020.
Mostly Other: 3 of its 11 tracked rounds are at that stage, followed by Series B (3).
FMO's tracked rounds are concentrated in Kenya (3), Nigeria (2), South Africa (2), and 5 more countries.
Its tracked rounds lean toward Fintech (6), Energy & Utilities (2), Telecom & Connectivity (2), and 2 more sectors.
FMO most often shares rounds with Angel investors (3 shared deals), InfraCo Africa (2 shared deals), Novastar Ventures (2 shared deals).
FMO is the Dutch entrepreneurial development bank, formally named Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden N.V. It focuses on supporting sustainable private sector growth in developing countries and emerging markets and is headquartered in The Hague in the Netherlands.
Data from completed rounds indicates that FMO has invested in companies including Tagaddod, HUB2, Mawingu, Cash Plus, M KOPA, Farmerline, TeamApt Limited and Aerobotics. These businesses operate in areas such as fintech, telecom and connectivity, agriculture technology, energy and AI driven analytics.