Unveiling a Transformative Partnership
In a strategic move to champion women-led startups and bridge the gender financing gap, Standard Chartered Bank and Village Capital have announced a groundbreaking partnership. This collaboration is poised to bring about impactful change by launching a financing facility dedicated to investing in Standard Chartered's Women in Tech program.
Addressing Gender Disparities
The primary objective of the financing facility is to serve as a catalyst, providing crucial capital to empower women entrepreneurs. This initiative aims to tackle the challenges women founders face in accessing investments and financing opportunities, creating a more inclusive and equitable entrepreneurial ecosystem.
Village Capital's Pioneering Investment
Heather Matranga, Vice President of Impact Investments at Village Capital, expresses enthusiasm about the partnership, stating, "We're extremely excited to partner with Standard Chartered Bank to support their vision to lift participation of women globally by driving more investment capital to impact-driven women founders."
Pilot Program: Investing in Innovation
As a testament to their commitment, Village Capital is set to invest $150,000 in two remarkable women-led startups as part of the pilot program. Bena Care, a Kenyan startup providing affordable clinical and supportive care to patients with life-limiting illnesses, and Zambian fintech startup, Mighty Finance, are set to receive $75,000 each.
Bolstering the Women in Tech Program
Joyce Kibe, Head of Corporate Affairs, Brand, and Marketing at Standard Chartered, expresses excitement about the partnership, emphasizing its role in strengthening the successful Women in Tech program. The program has already trained over 70 women-led businesses, providing critical support to elevate their businesses to international standards.
Fostering Economic Resilience
Ms. Kibe highlights the broader impact of supporting women in business, stating, "We believe by supporting more women in business, we are stimulating more robust and resilient economic activity while providing support for inputs that are often neglected for startup businesses."
The Standard Chartered and Village Capital partnership emerges as a beacon of empowerment for women entrepreneurs. By investing in innovation and providing much-needed financial support, this collaboration aims to reshape the landscape for women-led startups, fostering a more equitable and thriving entrepreneurial ecosystem.