FMO has proposed a US$30-million limited partner investment in Convergence Partners which will provide growth funding to the mid-sized digital companies in Sub-Saharan Africa. Convergence Partners is an investment management firm focused on the TMT sector in Africa. The firm has since its establishment in 2006, developed new investment opportunities as well as actively added value to investments across the life cycle of ICT assets. Previous investments include Comsol, Gemalto, FibreCo Telecommunications, Inala Broadcast, Britehouse and Seacom among many others.
FMO is a Dutch development bank that supports sustainable private sector growth in developing and emerging markets by investing in businesses, projects and financial institutions. FMO was founded in 1970 and is a public-private partnership, with 51% of shares held by the Netherlands government and 49% held by commercial banks, trade unions and other members of the private sector. FMOs strategy is aligned with the United Nations Sustainable Development Goals (SDGs).