Proparco Invests $5M in Equator Africa Fund for Climate Tech
TLDR
- Equator Africa Fund, a venture capital firm backing early-stage climate technology startups in Sub-Saharan Africa, has secured a $5 million investment from Proparco
- The funding will support startups focused on renewable energy, sustainable agriculture, and green mobility
- Proparco’s investment aligns with growing interest in African climate tech
Equator Africa Fund, a venture capital firm backing early-stage climate technology startups in Sub-Saharan Africa, has secured a $5 million investment from Proparco, the private-sector financing arm of the French Development Agency. The funding will support startups focused on renewable energy, sustainable agriculture, and green mobility.
Equator Africa has invested in companies like SunCulture, which provides solar-powered irrigation systems, and Roam, a Kenyan company producing electric motorcycles and buses for African markets. The firm led Roam’s $14 million Series A round in 2024 to advance green mobility.
Proparco’s investment aligns with growing interest in African climate tech. In 2023, the E3 Low Carbon Economy Fund for Africa closed at $48.1 million, with Proparco as a key partner.
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Key Takeaways
Africa’s climate tech sector is attracting increased global investment. Roam raised $24 million in February 2024 to scale electric vehicle production, while funds like E3 Low Carbon are channeling capital into solar and EV startups. Investors recognize Africa’s potential to develop low-carbon solutions for renewable energy, agriculture, and mobility. These investments aim to address environmental challenges while boosting economic growth and job creation. Proparco’s support for Equator Africa Fund is expected to catalyze additional funding for climate tech startups, enabling them to scale and amplify their impact. As investment in this sector grows, African startups are positioned to play a central role in global climate action.
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