Dutch Good Growth Fund (DGGF)

What Dutch Good Growth Fund (DGGF) does

Dutch Good Growth Fund (DGGF) is a government-backed development finance programme established in 2014 and commissioned by the Dutch Ministry of Foreign Affairs. It is designed to catalyze private sector investment in emerging markets and developing countries, with a specific focus on the 'missing middle' financing gap — enterprises that have outgrown microfinance but cannot access conventional bank lending. The programme operates through three distinct tracks, each administered by a specialized partner: Track 1 (Invest International) provides financing and guarantees for Dutch entrepreneurs investing in DGGF-eligible countries; Track 2 (a PwC and Triple Jump consortium) deploys a fund-of-funds approach investing in intermediary funds that finance local SMEs, complemented by Seed Capital and Business Development (SCBD) support; and Track 3 (Atradius Dutch State Business) delivers export credit insurance and export financing for Dutch exporters to DGGF countries. The programme operates across Africa, Asia, South America, Central America, and parts of Europe, and cumulatively reports positive impact in 53 countries, financing over 11,300 SMEs and supporting 65,000+ jobs since inception.

DGGF is not a technology company but rather a financial intermediary operating at a small scale — the core team is approximately 16 employees headquartered in the Netherlands, with operations distributed through its three administering partners. Its underlying 'technology' is a custom set of financial instruments (guarantees, loans, equity investments, export credit insurance) wrapped in a tripartite governance and distribution structure. The fund's primary technical platform is its public website (english.dggf.nl), which provides eligibility information, news, documents, and RSS feeds, alongside outsourced accessibility, vulnerability reporting, and archive functions typical of Dutch government web properties.

The business model is that of a catalytic development investor rather than a profit-maximizing commercial entity. DGGF does not generate traditional revenue in the commercial sense; instead, it receives program funding from the Dutch Ministry of Foreign Affairs and deploys that capital through its three tracks, aiming to balance financial sustainability with development impact. Pricing and terms are not publicly disclosed and are tailored to each applicant and project. As a government programme, DGGF is privately funded in the venture sense, wholly owned by the public sector, and reports impact metrics (SMEs financed, jobs supported, countries reached) as its primary performance indicators rather than revenue or profit.

Name

Dutch Good Growth Fund (DGGF)

Legal name

Dutch Good Growth Fund (DGGF)

Website

https://english.dggf.nl

Company type

Private

Founded year

2014

Operating status

Operating

Headcount range

11–50 employees

Short description

Dutch Good Growth Fund (DGGF) is a Dutch government development finance programme launched in 2014 that supports Dutch entrepreneurs investing in emerging markets and local SMEs in developing countries through three tracks administered by Invest International, PwC/Triple Jump, and Atradius.

Ownership category

akta.pro rank

Product category

Development Finance

NAICS

Funds, Trusts, and Other Financial Vehicles (525)

SIC

Federal & Federally-Sponsored Credit Agencies (6111)

akta.pro primary industry

Development Finance & Blended Finance Facilities (BPADAOAD)

akta.pro secondary industries

National Development Banks & State Development Finance Institutions (DFIs) (BPADACAC), SME/Industrial Development Banks (FSABAKAF), Private Sector & Blended Finance Arms (IFC-type) (BPADACAJ), Bilateral Development Finance Institutions (DFIs) (BPADACAD)

Keywords

• Development finance
• SME financing
• Emerging market investment
• Export credit insurance
• Impact investing

Headquarters

HQ city

The Hague

HQ country

Netherlands

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Others

Revenue model

1. Development Financing Services: DGGF provides various financing instruments including guarantees, direct financing with repayment obligations (loans and equity investments), and export credit insurance. As a development fund commissioned by the Dutch Ministry of Foreign Affairs, it operates as a catalytic investor rather than a profit-generating commercial entity. The fund deploys capital to promote private sector investment, employment, production capacity, and knowledge transfer in developing countries.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels5 records

Core offering

DGGF is a Dutch government-funded development finance programme that provides financing instruments to Dutch entrepreneurs investing in developing countries and to local SMEs in those markets. The programme operates through three tracks offering loans, equity investments, guarantees, and export credit insurance. It is administered by specialised fund managers on behalf of the Dutch Ministry of Foreign Affairs.

Product overview

Dutch Good Growth Fund (DGGF) is a government-funded investment program commissioned by the Dutch Ministry of Foreign Affairs, launched in 2014. It operates as a portfolio of three distinct tracks rather than a unified software product: Track 1 (administered by Invest International) supports Dutch entrepreneurs investing abroad, Track 2 (administered by PwC and Triple Jump consortium) uses a fund-of-funds model to finance local SMEs through intermediary funds, and Track 3 (administered by Atradius Dutch State Business) provides export credit insurance. The program focuses on frontier markets and developing countries, aiming to improve access to finance for underserved entrepreneurs.

Differentiator

Problem solved

Functional benefit

Brands

• DGGF Track 2 - Financing Local SMEs: A fund of funds approach that invests in intermediary funds to reach local SMEs in frontier markets
• Seed Capital and Business Development (SCBD)
• Intermediary Investment Funds

Products and services

• Track 1: Investing Dutch Entrepreneurs Provides loans, equity investments, and guarantees to Dutch entrepreneurs seeking to invest in or operate businesses in developing countries where local bank financing is unavailable. Administered by Invest International on behalf of the Dutch Ministry of Foreign Affairs. Targets Dutch SMEs that lack sufficient collateral for commercial bank financing of their foreign direct investments.
• Track 2: Financing Local SMEs Provides financing for local SMEs in developing countries through a fund-of-funds model, channeling capital via local and regional intermediary investment funds. Administered by a consortium of PwC and Triple Jump. Targets SMEs in 53+ developing countries that lack access to growth financing from local financial institutions.
• Track 3: Exporting Dutch Entrepreneurs Provides export credit insurance and financing to Dutch businesses exporting goods and services to customers in developing countries, mitigating buyer credit risk. Administered by Atradius Dutch State Business on behalf of the Dutch Ministry of Foreign Affairs.

Quantifiable outcome

• 65,000+ jobs supported since 2014
• +2 more outcomes

Named customers1 record

Segments3 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Three partnerships are on record, tiered primary.

• Invest InternationalprimaryImplementation/ SI/ Consulting PartnerInvest International is the administrator for DGGF Track 1 (Investing Dutch entrepreneurs). They manage financing and guarantees for Dutch entrepreneurs who want to invest in DGGF countries but cannot get financing from banks. Invest International operates as the implementing partner for direct investment support.
• PwC and Triple Jump ConsortiumprimaryImplementation/ SI/ Consulting PartnerThe consortium of PwC and Triple Jump administers DGGF Track 2 (Financing Local SMEs). They manage the fund-of-funds approach that invests in intermediary investment funds supporting local SMEs in frontier markets. This consortium brings together consulting expertise and development finance experience.
• Atradius Dutch State BusinessprimaryImplementation/ SI/ Consulting PartnerAtradius Dutch State Business administers DGGF Track 3 (Exporting Dutch entrepreneurs). They provide export credit insurance and export financing for Dutch entrepreneurs who want to export capital goods to DGGF countries.

Scale indicators6 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• FMO (Dutch Entrepreneurial Development Bank): The Netherlands' flagship bilateral DFI. Directly comparable to DGGF as a Dutch state-backed institution financing private-sector development in emerging markets via debt, equity, and guarantees, though operating at significantly larger scale and broader sector mandate.
• Finnfund: Finnish bilateral development finance company. Comparable to DGGF in providing financing for profitable, responsible private-sector projects in developing countries, including direct investments and fund-of-funds SME channels.
• British International Investment (formerly CDC Group): UK's development finance institution. Directly comparable to DGGF through its fund-of-funds and direct investment approach supporting businesses in frontier and emerging markets, with similar development-impact mandate tied to UK government.
• NORFUND: Norwegian Investment Fund for Developing Countries. Directly comparable as a state-owned DFI deploying capital into SMEs and financial intermediaries in developing economies, with similar catalytic-investor posture.
• DEG (Deutsche Investitions- und Entwicklungsgesellschaft): German bilateral DFI subsidiary of KfW. Closely comparable to DGGF in providing long-term financing, equity, and advisory to private enterprises in developing and emerging-market economies, with a similar focus on SME and missing-middle financing.
• Swedfund: Swedish government DFI investing in private-sector enterprises in developing countries. Closely comparable mandate and instrument mix (equity, loans, guarantees) supporting SME growth and financial-sector development in similar geographies.
• OeEB (Oesterreichische Entwicklungsbank): Austrian Development Bank. Comparable to DGGF as a smaller European bilateral DFI financing private-sector projects in developing countries through loans, equity, and guarantees, often via local intermediary funds.
• Proparco (Agence Française de Développement Group): French bilateral DFI focused on private-sector development in emerging markets. Highly comparable to DGGF in lending, equity, and guarantee instruments targeting SMEs and financial-sector strengthening across Africa, Asia, and Latin America.

Broad incumbents

• IFC (International Finance Corporation): World Bank Group's private-sector development arm. Comparable to DGGF as a major blended-finance institution operating across emerging markets, but at substantially larger scale and broader sector mandate; influences the broader market context for DGGF's interventions.

Others

• Atradius Dutch State Business: Dutch state-owned export credit agency and Track 3 administrator of DGGF. Relevant as the operational partner already executing DGGF's export-credit track; adjacent relationship rather than a pure competitor.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/dggf-localsmes

Revenue estimate

Valuation estimate

Number of profiles

Subsidiaries3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Dutch Good Growth Fund (DGGF)