Standard Chartered Bank and Village Capital have recently unveiled a collaborative effort aimed at bolstering startups led by women and committed to making a positive social impact. This strategic partnership entails the establishment of a financing facility tailored to support Standard Chartered’s Women in Tech program, which seeks to bridge the gender financing gap prevalent in the entrepreneurial ecosystem.
The core objective of this initiative, as outlined in a joint release by both entities, is to provide essential catalytic capital, empowering women entrepreneurs to surmount the challenges they encounter in accessing investment and financing opportunities compared to their male counterparts. Heather Matranga, Vice President of Impact Investments at Village Capital, expressed eagerness about the collaboration, affirming their dedication to assisting Standard Chartered in expanding women’s participation globally by channeling additional investment capital to impactful women founders.
As part of the inaugural phase of the program, Village Capital is set to inject $150,000 into two women-led startups: Bena Care, a Kenyan venture offering cost-effective clinical and supportive care services to patients with life-limiting illnesses in the comfort of their homes, and Mighty Finance, a Zambian fintech startup.
Each of these startups is slated to receive $75,000 in funding, underscoring the commitment to providing substantial support to women entrepreneurs striving to make a meaningful difference in their respective industries. Joyce Kibe, Head of Corporate Affairs, Brand, and Marketing at Standard Chartered, voiced excitement regarding the collaboration with Village Capital, citing the success of their Women in Tech program, which has empowered over 70 women-led businesses with critical support to elevate their operations to international standards.
She emphasized the belief that by #empowering more women in business, they can foster stronger and more resilient economic activity while addressing the overlooked needs of startup ventures.
