Empowering Women Entrepreneurs: The Rise of Benacare and Mighty Finance
In a significant move towards bridging the gender financing gap in the entrepreneurial ecosystem, Kenyan e-health startup Benacare and Zambian fintech company Mighty Finance have successfully secured funding from Village Capital and Standard Chartered Bank. This funding comes through a newly established financing facility that is specifically focused on supporting women-led businesses.
The Financing Facility: A Collaborative Effort
Village Capital, a renowned organization dedicated to fostering innovation and entrepreneurship, has partnered with Standard Chartered Bank to pilot this financing facility. The initiative is part of the bank’s Women in Tech programme, which aims to empower women entrepreneurs by providing them with the necessary resources and capital to thrive. By focusing on early-stage, impact-driven startups led by women, this facility seeks to address the persistent gender financing gap that has long hindered female entrepreneurs.
Spotlight on Benacare and Mighty Finance
Benacare, based in Kenya, is making strides in the healthcare sector by delivering affordable clinical and supportive care to patients with life-limiting illnesses in the comfort of their own homes. This innovative approach not only enhances the quality of life for patients but also alleviates the burden on healthcare facilities. With the recent funding of US$75,000, Benacare is poised to expand its services and reach more patients in need.
On the other hand, Mighty Finance, hailing from Zambia, is a fintech startup that is revolutionizing access to capital for primarily women-led businesses. By providing tailored financial solutions, Mighty Finance empowers women entrepreneurs to secure the funding they need to grow and scale their ventures. The US$75,000 funding will enable Mighty Finance to enhance its offerings and support even more women in their entrepreneurial journeys.
A Vision for Gender Equity in Investment
Heather Matranga, vice president for impact investments at Village Capital, expressed her enthusiasm about the partnership with Standard Chartered Bank. She emphasized the importance of driving investment capital towards impact-driven women founders. “We’re extremely excited to partner with Standard Chartered Bank to support their vision to lift participation of women globally,” she stated. This collaboration aims to unlock more opportunities and capital for women-founded and led ventures, ultimately fostering a more equitable investment landscape.
For over a decade, Village Capital has been at the forefront of developing systems and processes that improve equity in investment decision-making. The pilot facility is a testament to their commitment to creating innovative financing solutions that cater to the unique needs of women entrepreneurs across various business models and markets.
Standard Chartered’s Commitment to Women in Tech
Joyce Kibe, head of corporate affairs, brand and marketing at Standard Chartered, shared her excitement about the partnership with Village Capital. She highlighted the bank’s Women in Tech programme, which has already trained over 70 women-led businesses, providing them with critical support to scale their operations to international standards. Kibe believes that by supporting more women in business, they are not only stimulating robust economic activity but also addressing the often-overlooked inputs necessary for startup success.
The Broader Impact of Women-Led Ventures
The funding secured by Benacare and Mighty Finance is more than just a financial boost; it represents a broader movement towards empowering women in the entrepreneurial space. By investing in women-led businesses, stakeholders are contributing to a more inclusive economy that recognizes the vital role women play in driving innovation and growth.
As the entrepreneurial landscape continues to evolve, initiatives like the financing facility from Village Capital and Standard Chartered Bank are crucial in ensuring that women entrepreneurs receive the support they need to succeed. With the right resources and backing, women-led startups can thrive, ultimately leading to a more equitable and prosperous future for all.