EchoVC launches $2.5m fund to back climate-focused startups
EchoVC, a venture capital firm specializing in seed and early-stage technology investments with a focus on supporting underrepresented founders and underserved markets, has unveiled its latest pre-seed fund initiative, the EchoVC Eco Pilot Fund I. This fund is dedicated to making investments in ventures related to climate and energy.
Positioning itself with the aspiration to be the Sequoia Capital for underestimated founders and markets, EchoVC operates from offices in Lagos, Nairobi, New York, and London, boasting a diverse portfolio of nearly 70 companies.
The new fund, with a capital of $2.5 million, serves as a preliminary fund designed to identify and invest in promising pre-seed startups that are shaping the future in areas such as climate, energy, agriculture, and mobility. Through this fund, EchoVC aims to nurture early-stage enterprise development and innovation, fostering solutions that contribute to an uplift in income for all participants involved in the entrepreneurial journey.
Key Takeaways
Over the past 12 months, several venture capital firms have introduced funds specifically dedicated to supporting startups in Africa's climate sector. Among them, the French VC firm Satgana recently achieved the initial closing of a $32 million fund earmarked for investments in startups operating in the energy, mobility, food, and agriculture sectors in 2022. Additionally, Catalyst Fund accomplished the initial closing of a $40 million climate fund this year, focusing on supporting ventures in the climate space. Equator also unveiled a fund targeting startups in the energy and mobility domains. Notably, EchoVC, following its launch of a blockchain fund seven months ago, has introduced its fund dedicated to climate ventures. This initiative is a result of over a year's worth of study and serves as a response to the scarcity of early-stage funding for Africa's startups with a climate focus.
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