This external evaluation assesses the performance of Start Fund Nepal from its inception in 2021 through Phases I and II, examining its effectiveness as a rapid financing mechanism for small- and medium-scale humanitarian emergencies. Using document review, key informant interviews, focus group discussions and case studies, the evaluation analyses the fund's ability to provide rapid and flexible funding, fill critical humanitarian gaps, strengthen localisation through increased leadership of local and national NGOs, and promote anticipatory action through the FOREWARN network. It reviews governance arrangements, decision-making processes, implementation timelines, partnership models, indirect cost recovery, capacity strengthening and value for money, and presents findings on programme effectiveness, operational challenges, lessons learned and recommendations to enhance future emergency response, localisation and anticipatory financing in Nepal.