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Since 2020, FMO has backed 10 African startups across 9 disclosed funding rounds totaling $199.8M, most heavily in Kenya and Fintech.
FMO is the Dutch entrepreneurial development bank, formally known as Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden N.V. It is a public private development bank that provides capital to entrepreneurs in developing and emerging markets to support sustainable private sector growth. FMO is headquartered in The Hague in the Netherlands. In Africa, FMO is an active institutional investor, backing early and growth stage companies through Series A and Series B rounds as well as other venture financing. Based on disclosed transactions, FMO has invested a total of 199.8 million dollars across nine funding rounds between September 2020 and October 2025. Its African portfolio includes investments in Kenya, Nigeria, Egypt, Côte d'Ivoire, Morocco, Tanzania and South Africa, with a particular presence in fintech, energy and utilities, telecom and connectivity, agri tech and AI and analytics. Within this portfolio, FMO has supported companies such as Tagaddod in Egypt, HUB2 in Côte d'Ivoire, Mawingu in Kenya, Cash Plus in Morocco, ZOLAi in Tanzania, TeamApt Limited in Nigeria and Aerobotics in South Africa. These investments reflect FMO’s focus on inclusive finance, digital connectivity and sustainable innovation in underserved markets across the continent.
Data updated · Sep 18, 2026
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FMO has backed 10 African startups across 9 disclosed funding rounds tracked on Liners, totaling $199.8M since 2020.
Mostly Series B: 3 of its 9 tracked rounds are at that stage, followed by Series A (2).
Its tracked rounds lean toward Fintech (6), Energy & Utilities (2), Telecom & Connectivity (2), and 1 more sector.
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, a public private development bank that provides capital to entrepreneurs in developing and emerging markets. It focuses on financing businesses, projects and financial institutions that contribute to sustainable private sector growth. FMO operates as an institutional impact investor rather than a traditional venture capital fund.
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