9 African climate startups receives $1.8 million in investment funds from Catalyst Fund. Pre-seed VC and accelerator, Catalyst Fund has reportedly invested $1.8 million in nine African early-stage climate tech startups in a bid to boost their impact and also grow prospects.
The nine startups in question are known as Mazao Hub and Medikea (Tanzania), Earthbond, Zebra Cropbank and Scrapays (Nigeria), Keep It Cool (Kenya), NoorNation (Egypt), Thola (South Africa), and Tolbi (Senegal).
9 African Climate Startups Receives $1.8 Million
In September 2023, Catalyst Fund achieved its first close, securing $8.6 million of the targeted $40 million investment aimed at supporting African climate startups. Notable investors in this round include FSD Africa, FSDAi, Cisco Foundation, USAID Prosper Africa, and Andrew Bredenkamp.
Founded in 2016 and managed by BFA Global, Catalyst Fund facilitates access to capital, talent, and market opportunities for startups. This represents the fund’s second round of investments in African startups dedicated to addressing climate change challenges.
Catalyst Fund Allocated $2 Million to Ten Startups in January 2023
In January 2023, Catalyst Fund allocated $2 million to ten startups focused on developing solutions for climate-vulnerable communities in Africa. With this latest investment, the fund’s portfolio expands to 19 companies operating across eight markets: Kenya, Egypt, Morocco, Nigeria, Senegal, South Africa, Tanzania, and Uganda. The Catalyst Fund team will provide venture-building support to these startups, integrating them as extensions of their own teams.
These startups are actively addressing climate-related challenges in various sectors, including agriculture, healthcare, energy access, and waste management. A 2023 survey revealed that more than 110 million people in Africa were directly impacted by weather, climate, and water-related hazards in 2022, resulting in over $8.5 billion in economic damages.
What You Need to Know about the Startup’s Model
Maelis Carraro, Managing Partner at Catalyst Fund, highlighted that the startups’ models directly empower farmers, healthcare providers, waste workers, and small and medium businesses to adapt to climate change and foster climate-positive economic growth.
Maxime Bayen, Operating Partner at Catalyst Fund, emphasized the fund’s commitment to diversifying its portfolio across different models, climate adaptation sectors, and geographic regions with these new investments.
Catalyst Fund Received a $3.5 Million Investment from FSD Africa in 2022
In 2022, Catalyst Fund received a $3.5 million investment from FSD Africa to expand its footprint and scale in Africa. This funding aimed to support 40 pre-seed impact ventures across the continent, providing venture-building support to develop solutions for underserved climate-vulnerable communities.
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