|
Getting your Trinity Audio player ready...
|
Herconomy, a women-focused community with the focus of enabling women for success, formerly known as AGS Tribe, has said that it recently raised a pre-seed round of $600,000 for the empowerment of women in Nigeria.
In a statement made available to our correspondent in Lafia, Founder and CEO of Herconomy, Ifedayo Durosinmi-Etti, explained that the organization was making efforts to ensure that Nigerian women are positively impacted in order for them to be valued in the society.
She said, “This year, we unveiled the Herconomy Cooperative Multipurpose Society, which was described as a first step on the community’s mission to owning a female-focused bank here in Nigeria.
“To fund the expansion of Herconomy, the community embarked on its capital raising exercise. Very recently too, through the AGS Savings Challenge, over 500 women were able to save $100,000 cumulatively in 6 months.”
She further said that Herconomy has been able to reposition itself as a financial technology service provider to democratize economic opportunities for women and even the financial landscape.
“We decided to rebrand this year to Herconomy so that the essence of what we do is easily communicated. 70% of the funding we received came from our community while the rest was from Venture Capitalists and Angel Investors.
“Due to the minimum floor of $20,000 investment, a Special Purpose Vehicle was created to onboard members with less than $20,000”, the statement read in part.
Durosinmi-Etti concluded by saying that the funds will be channeled towards hiring an in-house tech team, improving on their product, increasing their marketing efforts and expanding their operations.
