This partnership secures access to funding for early-stage startups joining the Inqumax incubation program.
On the 5th of April 2021, FM Capital Group agreed to come on board our program as a financial partner to provide capital to Inqumax’s portfolio of graduate startups at their pre-seed and seed funding stages. Our portfolio of startups, having gone through our 3-month intensive training program which entails but not restricted to product, team, and market development, will get the opportunity to access the required capital from our partners at FM Capital Group which will serve as essential leverage to achieving their next ambitious milestones.
For quite some time now, a lot of founders and entrepreneurs have been met with the frustration of bootstrapping a startup from its conceptual phase to achieving a minimum viable product or MVP, and more often than not, they end up shutting down the project somewhere in between as a result of inadequate capital. In a different scenario, there have been cases where founders get to apply for incubation programs with as much enthusiasm and positive prospects for the future of their startups, but much seems to be the case where they graduate from such programs disappointed due to the lack of provision to put the mentoring and lecturing to practical use. The popular maxim says: “Black founders are usually over mentored and underfunded”, which is why the timing of this strategic partnership between Inqumax and FM Capital Group is impeccable, to say the least.
“We at FM Capital Group are pleased to join Inqumax in this Partnership. Not only is Inqumax’s support of founders with sustainability and ESG aspects to their business unique, it also puts us in the remarkable position to add more impact to portfolios for clients. With the opportunities coming through the Inqumax program for startup companies already having an adherence to ESG, it allows us to have even more impact with our investment dollars. I look forward to a long and healthy partnership.”– Lydia Idem, Managing Director, FM Capital Group.
According to Business Day, the rate of startup failure in Nigeria hit a record high of 61.07% as of 2020, the highest among the top three biggest ecosystems and investment destinations in Africa. Startups indeed fail for a myriad of reasons besides lack of capital which is why at Inqumax, we are passionate about pulling the other facets together (team development, product development, office space, mentorship) alongside access to adequate capital to help improve the success rates of early-stage startups, thus creating a thriving ecosystem where innovations and opportunities are unconstrained.
This is a strategic partnership for our incubation pragram focused on early stage founders, to bridge access to funding and market growth. With this partnership, we are positioned to provide requisite support for early stage startups as they prepare for the next level of growth.
– Henry Ukoha, General Partner, Inqumax.
Inqumax will formally open its maiden edition of the Varsity Pitch Tour event through multiple state universities in Nigeria at the start of Q2 and going forward, where it will engage with aspiring founders and entrepreneurs from different Universities. Students with the most interesting innovations may be selected to participate in its incubation program. Register for the event here.
About Inqumax: Inqumax is a sustainability-driven tech incubator that assists early-stage founders and entrepreneurs in Africa in building quality teams, scalable goods, and viable markets. We are deeply committed to developing the next generation of sustainable entrepreneurs.
About FM Capital Group: FM Capital Group LLC is a US-based registered investment advisory firm operating since August 20, 2014. FM Capital Group offers portfolio management services that include venture capital for sophisticated investors. We work with African angel investors in the diaspora that are interested in startups in the emerging markets of Africa and Latin America.