# FMO: portfolio, investments and team

> FMO is a government based in Netherlands. 66 investments on record, 19 in the last 12 months, latest Oct 2026. Portfolio, stages, co-investors and team.

Source: https://millionrounds.com/fund/fmo (Millionrounds; every figure on the page links to its filing or article)

Netherlands · [Investor](https://millionrounds.com/investors)

# FMO

Last cheque observed Oct 2026; 66 cheques on record.

Email

Deploying now Government

Seed Series A Series B Underserved Tech For Good Sdg

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Deploying now

**83%** of best year **19** **cheques in 12 months**, 66 on record

Since the last cheque **8** days **00** hrs **00** min **00** sec

Median round **$20M** Rounds led **5 of 66** Sole investor **25 rounds** Mostly in **United States, 12%**

Pitch FMO

## FMO highlights

- 01 19 cheques in the last 12 months
- 02 Mostly Debt and Venture: 62% of its rounds
- 03 Sole investor in 25 rounds, median $22M

## What they do

- **Type:** Government (from a list, unverified)
- **Cheque size:** Not stated
- **Stages:** Seed Series A Series B Growth
- **Sectors:** Underserved Tech For Good Sdg
- **Based in:** The Hague, Netherlands
- **Cold pitches:** Not stated

## The record

Every round we can evidence, newest first **66 appearances**

- **2026** 15 rounds
- **Oct** **[AXIAN Group](https://millionrounds.com/company/axian-group)** Debt · MG · Google News search **$62M** *Led*
- **Oct** **[ReNew](https://millionrounds.com/company/renew)** Debt · IN · Google News search **$100M** Sole investor
- **Oct** **[East Africa Foods](https://millionrounds.com/company/east-africa-foods)** Series B · TZ · TechMoran **$40M** With 7 others
- **Oct** **[NeoGrowth](https://millionrounds.com/company/neogrowth)** IN · The Economic Times: startups **$8.8M** *Led*
- **Sept** **[Reduciner](https://millionrounds.com/company/reduciner)** Venture · FI **$1.7M** With 2 others
- **Jul** **[Acumen Capital Partners (manager of ARAF II)](https://millionrounds.com/company/acumen-capital-partners-manager-of-araf-ii)** US · QRM Capital **$65M** With 5 others
- **Jun** **[Twinco Capital](https://millionrounds.com/company/twinco-capital)** Series B · ES · Ventureburn **$192M** *Led*
- **Apr** **[Atome Energy](https://millionrounds.com/company/atome-energy)** GB **$245M** With 2 others
- **Mar** **[BlackSoil](https://millionrounds.com/company/blacksoil)** Debt **$22M** Sole investor
- **Mar** **[Ecofy](https://millionrounds.com/company/ecofy)** Series B **$41M** With 1 other
- **Feb** **[Delta40](https://millionrounds.com/company/delta40)** Disrupt Africa **$20M** With 11 others
- **Feb** **[Lula](https://millionrounds.com/company/lula)** Growth · ZA · Disrupt Africa **$21M** *Led*
- **Feb** **[Radiance Renewables](https://millionrounds.com/company/radiance-renewables)** Growth · Firms' own news pages **$100M** Sole investor
- **Feb** **[Lulalend](https://millionrounds.com/company/lulalend)** Debt **$21M** With 4 others
- **Feb** **[Fido](https://millionrounds.com/company/fido)** Debt **$5.5M** With 2 others
- **2025** 15 rounds
- **Dec** **[Genneia](https://millionrounds.com/company/genneia)** Debt · AR **$185M** Sole investor
- **Dec** **[Validus](https://millionrounds.com/company/validus)** Series D · SG · Firms' own news pages **$30M** With 3 others
- **Nov** **[SolarSaver](https://millionrounds.com/company/solarsaver)** Growth · ZA · Disrupt Africa **$60M** With 2 others
- **Nov** **[Solenium](https://millionrounds.com/company/solenium)** Debt · CO **$40M** Sole investor
- **Oct** **[Tagaddod](https://millionrounds.com/company/tagaddod)** Series A · EG · Disrupt Africa **$26M** With 5 others
- **Oct** **[Coris Holding](https://millionrounds.com/company/coris-holding)** Growth **$116M** With 1 other
- **Oct** **[Berkeley Energy Commercial Industrial Solutions (BECIS)](https://millionrounds.com/company/berkeley-energy-commercial-industrial-solutions-becis)** Venture · SG **$45M** With 1 other
- **Sept** **[ALCB Fund](https://millionrounds.com/company/alcb-fund)** NL · Firms' own news pages **$45M** *Led*
- **Sept** **[Accion](https://millionrounds.com/company/accion)** US · Disrupt Africa **$62M** With 5 others
- **Sept** **[Babban Gona](https://millionrounds.com/company/babban-gona)** Debt · NG · TechCabal **$7.5M** With 1 other
- **Sept** **[Red Rocket South Africa](https://millionrounds.com/company/red-rocket-south-africa)** Venture **Undisclosed** Sole investor
- **Jul** **[Zembo](https://millionrounds.com/company/zembo)** Debt · FR **$1.0M** Sole investor
- **Jul** **[InCred](https://millionrounds.com/company/incred)** Debt **$47M** With 1 other
- **Jun** **[Nile](https://millionrounds.com/company/nile)** ZA · Disrupt Africa **$11M** With 2 others
- **Jun** **[Nile.ag](https://millionrounds.com/company/nile-ag)** Series A **$11M** Sole investor
- **2024** 10 rounds
- **Dec** **[HUB2](https://millionrounds.com/company/hub2)** Series A · CI · Disrupt Africa **$8.4M** With 8 others
- **Dec** **[Sahyadri Farms](https://millionrounds.com/company/sahyadri-farms)** Series B **$46M** Sole investor
- **Dec** **[Techcoop](https://millionrounds.com/company/techcoop)** Debt **$42M** With 1 other
- **Nov** **[Hydrobox](https://millionrounds.com/company/hydrobox)** Debt · KE · Disrupt Africa **$9.0M** With 1 other
- **Nov** **[AXIAN](https://millionrounds.com/company/axian)** Debt **$84M** Sole investor
- **Jul** **[Credrails](https://millionrounds.com/company/credrails)** Venture **$2.0M** With 3 others
- **Jul** **[dopay](https://millionrounds.com/company/dopay)** Series A · GB **$14M** With 2 others
- **May** **[YoLa Fresh](https://millionrounds.com/company/yola-fresh)** Pre-seed · MA · Firms' own news pages **$7.0M** With 5 others
- **May** **[Phinma Education](https://millionrounds.com/company/phinma-education)** Growth **$77M** Sole investor
- **Jan** **[Nithio Holdings](https://millionrounds.com/company/nithio-holdings)** Debt · US **$10M** With 1 other

An announcement gives the size of the round, not the size of this investor's cheque: the only rounds that imply a cheque are those where they were the sole named investor.

## The team

We hold **7** people at this firm from the lists this database was built from: a weaker source than the filings, since a list does not say when a title ended. Login to see them.

Funds they back

## 4 fund commitments on record

- **Managers:** 4

Every fund on record that it has committed money to, and the managers who invest it. Source: fund news.

Managers it backs most

- [Accion Venture Lab 1 fund](https://millionrounds.com/fund/accion-venture-lab)
- [ALIVE Ventures 1 fund](https://millionrounds.com/fund/alive-ventures)
- [LoftyInc Capital 1 fund](https://millionrounds.com/fund/loftyinc-capital)
- [Metier Private Equity 1 fund](https://millionrounds.com/fund/metier)

Most recent commitments

- [Accion Accion Venture Lab Fund II, LP](https://millionrounds.com/fund/accion-venture-lab)
- [Alive Ventures ALEG II](https://millionrounds.com/fund/alive-ventures)
- [LoftyInc Capital LoftyInc Alpha](https://millionrounds.com/fund/loftyinc-capital)
- [Metier Metier Capital Growth Fund III](https://millionrounds.com/fund/metier)

## The cheque

Seed Series A Series B

Median round joined **$20M** the round, not its cheque Alone, median **$22M**

Led 5 of 66 rounds **8%**

- **Sole investor:** 25 rounds
- **Last cheque:** Oct 2026

Rounds by stage said on their site

- Debt *21*
- Venture *12*
- Series A said *7*
- Series B said *7*
- Growth said *6*
- Seed said *-*

Cheques by month Led Joined

Nov 2023 Oct 2026

Often in the room with

- [British International Investment](https://millionrounds.com/fund/british-international-investment-bii) 7
- [International Finance Corporation](https://millionrounds.com/fund/international-finance-corporation-ifc) 3
- [Accion Venture Lab](https://millionrounds.com/fund/accion-venture-lab) 2
- [PROPARCO](https://millionrounds.com/fund/proparco) 2
- [Quona Capital](https://millionrounds.com/fund/quona-capital) 2
- [Swedfund International](https://millionrounds.com/fund/swedfund-international) 2

**Pitching FMO?** Put them on your fundraising board with this record on the card, and follow them to hear when they write a new cheque.

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## Who they invest alongside

The investors most often in the same rounds as FMO. A count of rooms they were both in, not a relationship either has claimed.

[**British International Investment** Government **7** rounds together](https://millionrounds.com/fund/british-international-investment-bii)[**International Finance Corporation** Government **3** rounds together](https://millionrounds.com/fund/international-finance-corporation-ifc)[**Accion Venture Lab** VC firm **2** rounds together](https://millionrounds.com/fund/accion-venture-lab)[**PROPARCO** Government **2** rounds together](https://millionrounds.com/fund/proparco)[**Quona Capital** VC firm **2** rounds together](https://millionrounds.com/fund/quona-capital)[**Swedfund International** Fund of funds **2** rounds together](https://millionrounds.com/fund/swedfund-international)

## Recently backed

The latest companies FMO put money into.

[**ReNew** $100M · Oct 2026](https://millionrounds.com/company/renew)[**NeoGrowth** $8.8M · Oct 2026](https://millionrounds.com/company/neogrowth)[**Reduciner** $1.7M · Sept 2026](https://millionrounds.com/company/reduciner)[**Twinco Capital** $192M · Jun 2026](https://millionrounds.com/company/twinco-capital)[**Atome Energy** $245M · Apr 2026](https://millionrounds.com/company/atome-energy)[**Ecofy** $41M · Mar 2026](https://millionrounds.com/company/ecofy)

## Quick answers about FMO

### What does FMO invest in?

FMO invests most often at Debt and Venture (62% of the rounds on record), in sectors such as Underserved, Tech For Good and Sdg.

### How active is FMO?

66 investments on record, 19 of them in the last 12 months, and it led 5. The most recent was in Oct 2026.

### What has FMO invested in recently?

Its most recent investments on record: AXIAN Group (Debt, Oct 2026), ReNew (Debt, Oct 2026) and East Africa Foods (Series B, Oct 2026).

### How big are FMO's cheques?

The median round it joins is $20M.

### Does FMO lead rounds?

Sometimes: it led 5 of its 66 investments on record (8%).

### Where does FMO invest?

Most of the companies it backs are in the United States (12%), South Africa (12%) and India (8%).

### Is FMO investing now?

Yes: it is actively investing, with 19 investments in the last 12 months.

### Who does FMO invest alongside?

Most often British International Investment (7 rounds together), International Finance Corporation (3 rounds together) and Accion Venture Lab (2 rounds together).

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