Catalyst marks initial close of $40m Africa climate fund
1 min Read September 7, 2023 at 1:06 PM UTC
- Catalyst Fund, a pre-seed VC fund and accelerator focused on driving climate resilience innovation in Africa, has announced the successful first close of its targeted $40 million fund, with over 20% committed.
- The fund aims to support 40 pre-seed startups building solutions that can enable communities to better prepare for and manage shocks, adapt livelihoods to climate impacts, and build long-term resilience.
- With support from JPMorgan Chase & Co and the Global Environmental Facility, Catalyst Fund also works to provide impact measurement and research support to climate innovators and enable partnerships via its Ecosystem Hub.
Source: Disrupt Africa
Africa may need an almost tenfold increase in climate adaptation funding—from current flows of about $11 billion a year in 2020—to $100 billion a year if it’s to buttress its infrastructure, improve weather early warning systems, and shield its agriculture from climate change. In response to this, a host of venture funds have launched recently targeting the climate tech sector. The Africa People + Planet Fund from Novastar Ventures is geared towards backing startups that are pioneering agriculture and climate solutions. Equator is targeting seed and Series A startups in energy, agriculture, and mobility, Satgana hired an Africa lead last week while the Catalyst Fund aims to fortify climate innovation.
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