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Herconomy raises $600,000 to enable members earn high interest

From the start, the round received commitments worth $5,700,000 from 509 community members within 24 hours but Herconomy decided to accept just $600,000, the amount it needed to scale

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Team Herconomy
Team Herconomy

Focused on empowering female-led businesses through financial, grants and continuous mentorship provision, Herconomy has announced its raise of a $600,000 pre-seed round.

The pre-seed round was led by community members of the Herconomy, venture capitalist firm Oui Capital and a host of angel investors including the CEO of Zephans & Co, Nkiru Ayemere; Ehi Onwudiwe, director of business transformation at Ernst & Young; Ope Makinwa, head of reserve at Diageo; Ama Akpata, co-founder of Jand2Gidi, among others. 

From the start, the round received commitments worth $5,700,000 from 509 community members within 24 hours but Herconomy decided to accept just $600,000, the amount it needed to scale.

Herconomy has a community base of over 15,000 people with 20% of them as paying members. The startup plans to introduce financial services to its community members which it believes will be of great benefit to them. 

Over the years, it has run several saving challenges overseeing at least 500 women who have saved over $100,000 in total. With its new funding, Herconomy plans to introduce a savings feature where members can earn high interests. 

While most of Herconomy’s funding has come from bootstrapping, the startup has gotten funding from various individuals and corporates who contributed grants and gifts in kind for its community members. 

Till date, Herconomy asserts to have disbursed about  ₦30,000,000 ($71,600) in grants to forty-two women and men as part of its annual grants programme.

The company has a very strong community element, and also focuses on creating financial products and prosperity for women, who have historically been underserved with financial services. 

​Joan Aimuengheuwa is a content writer who takes keen interest in the scopes of innovation among African startups. She thrives at meeting targets and expectations. Contact: [email protected]

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