First venture capital firm established in Madagascar, founded in 1998 by the Insurance Company ARO with the technical and financial suppoet of IFC (World Bank Group) and PROPARCO (AFD Group).

main shareholders).

 

Association of French Venture capital firms).and local economic interest groups such as GEM, SIM and CCIFM.

 

financing start-up
Sustaining growth of existing firms
Participating in acquisition of firms

FIARO aims to help entrepreneurs and firms based in Madagascar build up their equities and again the confidence of other financial partners.

FIARO finances investment projects by means of two complementary financial instruments: Equity holding and Debt financing

FIARO’s investment decision results from an in depth analysis of the business plan presented by the entrepreneur.
 
 
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