Innovation Triumph: FUNGUO's Second Cohort Unveiled, Paving the Way for Sustainable Impact in Tanzania

The culmination of 2023 witnessed the triumphant unveiling of FUNGUO's second cohort, comprising 17 dynamic investees selected under the FUNGUO Innovation Programme implemented by UNDP. This marked the pinnacle of a highly successful Second Call for Funding Applications, valued at a staggering TZS 1.2 billion and launched mid-June with a specific focus on propelling Tanzanian impact-driven startups and innovative SMEs into the growth potential spotlight.

This second call propels FUNGUO's catalytic funding commitment to TZS 3.8 billion, funded by the EU. FUNGUO, backed by the European Union and British High Commission, harmonizes with the rhythm of increasing the number of successfully scaled innovation ventures essential for achieving national development goals and the ambitious Sustainable Development Goals (SDGs) in Tanzania.

In a mission to spotlight and champion women innovators and entrepreneurs, a quota of 30% was exclusively reserved for women-founded or women-led startup ventures, but the initiative surpassed expectations with 47% of the final investees being women-founded and women-led businesses!

Applications poured in from every corner of the country—22 regions, to be precise. Sectors including agriculture, energy, fisheries, healthcare, education, and tech-driven solutions all vied for their chance in the innovation limelight. Now, 17 innovative businesses have emerged victorious from an intense competition of 356 applications nationwide.

This initiative follows the success of FUNGUO's first cohort, echoing far and wide. The 25 investees raised over TZS 1.28 billion in additional funding, creating a remarkable 3,400 direct and indirect employments, and forging over 250 strategic partnerships. FUNGUO transcends being merely an initiative; it stands as a powerhouse of innovation, propelling dreams into reality and making waves across the landscape of progress, aligned with national development goals and the transformative impact envisioned by the SDGs.