Catalyst Fund, a leading pre-seed VC and accelerator, has recently injected $1.8 million into nine early-stage climate tech startups across Africa. This strategic move aims to fortify the startups’ impact and growth potential in addressing climate change challenges.
In September 2023, Catalyst Fund achieved its first close, securing $8.6 million from investors such as FSD Africa, FSDAi, Cisco Foundation, USAID Prosper Africa, and Andrew Bredenkamp. Managed by BFA Global since its establishment in 2016, Catalyst Fund acts as a crucial bridge for startups, providing access to capital, talent, and market opportunities.
This marks Catalyst Fund’s second round of investments in African startups dedicated to climate change solutions. In January 2023, $2 million was invested in ten startups focused on climate-vulnerable communities across eight markets: Kenya, Egypt, Morocco, Nigeria, Senegal, South Africa, Tanzania, and Uganda.
The nine startups benefitting from the recent investment are:
- Earthbond (Nigeria)
- Keep It Cool (Kenya)
- Mazao Hub (Tanzania)
- Medikea (Tanzania)
- NoorNation (Egypt)
- Scrapays (Nigeria)
- Thola (South Africa)
- Tolbi (Senegal), and
- Zebra Cropbank (Nigeria)
These companies offer diverse solutions ranging from solar cold chain systems and AI-powered farm management to healthcare services resilient to climate-related health shocks.
The Catalyst Fund team, through its venture-building approach, will actively engage with the startups, becoming integral extensions of their teams. This hands-on support is designed to rapidly accelerate the impact and growth potential of each startup.
Maelis Carraro, Managing Partner at the Catalyst Fund, expressed enthusiasm, stating, “We are thrilled to invest in these 9 new ventures bringing innovative climate-smart solutions to the communities that need them most.”
Maxime Bayen, Operating Partner at the Catalyst Fund, emphasized the commitment to diversifying the portfolio and supporting climate ventures in various sectors and geographies. The fund plans to maintain its momentum throughout 2024, reinforcing African climate tech solutions with its unique VC investing model and dedicated hands-on support.
For more information and to engage with the Catalyst Fund, interested companies and investors can visit www.thecatalystfund.com.