The United Nations Development Programme (UNDP), in collaboration with the European Union (EU), the British High Commission, and the United Nations Capital Development Fund (UNCDF), proudly introduced the second cohort of FUNGUO Investees.
This initiative aims to support 17 impact-driven startups in Tanzania by granting them catalytic funding of up to TZS 1.2 billion, along with essential technical assistance. Among the remarkable features of these startups are the fact that 47% of them are women-founded, they hail from eight different regions, and approximately 50% operate within the agribusiness value chain. The official launch event was presided over by the EU Ambassador, Ms. Christine Grau, who reaffirmed the EU's unwavering commitment to investing in innovation and startups. In her statement, Ms. Grau underscored the significance of the Funguo program within the EU BEGIN programme, which is dedicated to enhancing the innovation ecosystem and empowering entrepreneurs to effect positive change. She emphasized the impressive potential and innovation demonstrated by these entrepreneurs, expressing the EU's eagerness to support their journey in expanding their impact across Tanzania.
Representing the Tanzanian government, Mr. Baraka Aligaesha, Director of the Business Environment Unit in the Ministry of Investment & Planning, extended gratitude to all the partners who funded the program. He highlighted the crucial role of such programs in the development of countries like Tanzania, as they foster the emergence of innovative millionaires and generate employment opportunities for the youth.
In his prerecorded opening remarks, Mr. Shigeki Komatsubara, the UNDP Resident Representative, urged stakeholders from the public, private sector, and development partners to align their efforts in unlocking the potential of Tanzania's youth. He emphasized that the opportunities awaiting them are vast but require investment to be fully harnessed. UNDP's Senior Economic Advisor, Ms. Weyinmi Omamuli, delivered a keynote address titled "Funding Tomorrow: Investing in Innovation and Startups." She reminded the audience that startups and innovative micro, small, and medium-sized enterprises (MSMEs) serve as the engines of economic dynamism. These entities introduce fresh ideas, disrupt traditional industries, and provide innovative solutions to address pressing challenges.
The launch of the second cohort of FUNGUO Investees represents a significant step forward in fostering entrepreneurship and innovation in Tanzania, with the backing of UNDP, the EU, the British High Commission, and UNCDF. This initiative holds the promise of not only transforming the lives of these startups but also contributing to the nation's economic growth and development