The United Nations Development Programme (UNDP) and the European Union (EU) have unveiled the 17 finalists of the Growth Stage Impact Ventures (GSIV) program. This program which was launched in Nigeria, seeks to recognize and support enterprises that have not only achieved commercial success but are also dedicated to making a positive impact on the Sustainable Development Goals (SDGs).
The 17 finalists are HelpMum, MoneyAfrica, Doe, Kitovu, Pricepally, Pachamama Foods, Tomato Jos, Crib MD, DrugStoc, Planet3R, Reswaye, Eja-ice, KoolBoks, Sosai, Bankly, DOT and Hervest.
The selected finalists will receive comprehensive support to enhance their pre- and post-investment readiness, coupled with training on UNDP’s SDG Impact Standards to help them incorporate sustainability into their business strategies. They will also gain exposure to potential financing opportunities from Development Finance Institutions, UN Agencies (including the UNCDF), and domestic and international investors.
Sharing his excitement about being one of the finalists selected for the program in a chat with Technext, Dr. Abiodun Adereni, the founder and CEO of HelpMum says, “We are extremely thrilled to have been accepted into the UNDP-EU GSIV Programme. We eagerly anticipate how this great opportunity will help us scale our impact at HelpMum Africa.”
A total of 131 companies from diverse sectors, including Food and Agriculture, Renewable Resources, Infrastructure, Technology and Communication, Health Care, Services, and Consumer Goods, were nominated for participation in the GSIV program. After rigorous evaluation, 17 outstanding enterprises have emerged as finalists.
Almost all the nominated ventures reported that at least 75% of their company employees are based in Nigeria, contributing to local employment, social development, and poverty reduction. Some ventures also have other offices located around the world, such as in the United Kingdoms, Ghana, Kenya and South Africa.
Read also:Nigeria’s HelpMum among 10 startups selected for ‘Chat for Impact’ Health Accelerator
More on the UNDP-EU Stage Impact Ventures Program
According to the OECD (2022), the SDG financing gap in developing countries surged by 56% after the COVID-19 pandemic, amounting to USD 3.9 trillion in 2020. In Africa, the cost of achieving the SDGs is estimated at USD 1.3 trillion a year, with a projected increase to $19.5 trillion due to population growth (UNECA, 2020).
Yet, it would take less than 1% of global private financing assets to fill this gap and accelerate progress towards the SDGs.
The Growth Stage Impact Ventures (GSIV) programme developed by UNDP, seeks to identify enterprises from developing countries that have developed at-scale products and services that contribute to the SDGs while achieving commercial success. Identified ventures have a proven impact, demonstrated product-market fit, and a revenue-generating self-sustainable model to attract local and international capital.
The program is based on the findings of the Nigeria SDG Investor Map, a cutting-edge market intelligence tool designed to assist private investors in identifying Investment Opportunity Areas (IOAs) and business models that align with and advance the SDGs.
In January 2023, building on the Nigeria SDG Investor Map, the European Union (EU) together with UNDP Nigeria and UNDP Geneva launched the Nigeria Growth Stage Impact Ventures program, in collaboration with the UNDP Africa Sustainable Finance Hub (ASFH), UNCDF, and FC4S Lagos.
This initiative is strategically aligned with Nigeria’s national development needs and policy priorities, pinpointing seven priority sectors where private capital can drive significant change for both people and the planet.
A highlight of the program will be the opportunity for these finalists to engage with investors and key ecosystem players during the 6th Annual Convening on Impact Investing, held in collaboration with the Impact Investors Foundation (IIF). The event is scheduled to take place on October 31st and November 1st, 2023, at the prestigious Lagos Oriental Hotel in Lagos, Nigeria.
Read also: Agro-financing startup Emata closes $2.4 million seed funding round to expand market offerings
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