A decade after leaving Stanford Graduate School of Business, Josh Romisher has closed the first dedicated climate tech fund focused on Southern Africa — a $3m angel investment vehicle that has already backed ten companies.
Holocene Ventures Fund I (HVF1) is managed by Holocene and invests $50,000–250,000 in cash plus $50,000–100,000 in venture-building services into each portfolio company. The fund targets 10–15 of Africa’s early-stage climate tech startups, with a focus on sectors and countries that have traditionally struggled to attract venture capital.
In eighteen months of deployment, the fund has backed ten companies, created more than 500 jobs and achieved a 2x markup on invested capital, according to figures shared by the partner. It has attracted $8 in follow-on capital for every $1 it invested.
The portfolio spans multiple markets. FARO, a circular economy company using technology to manage unused inventory, has reached $15m in trailing revenue. ScootHero, a South African e-mobility startup, is deploying 500+ electric motorbikes and 50+ battery-swap stations across the country. Yongeza, an e-mobility infrastructure company based in Uganda, reached positive EBITDA within eighteen months.
A thesis built from experience
Romisher spent six years in East Africa as a senior leader at distributed solar companies ZOLAi and Fenix International, which was later acquired by ENGIE Energy Access. Those companies collectively reached nearly one million customers and created more than 2,000 jobs.
After relocating to Southern Africa, he became CEO of Stellenbosch University’s LaunchLab, which he led to become Africa’s top-ranked university business incubator. That experience reinforced his view that promising local founders lacked both capital and operational support at the earliest stages, particularly in climate tech.
“It’s clear we need to dramatically accelerate the pace of climate innovation in Africa,” Romisher said. “The continent will double in size, urbanise, and begin to truly consume during our lifetimes. That can be seen as an impending climate catastrophe or a massive innovation opportunity. We choose to view it as the latter.”
Hands-on support model
Holocene distinguishes itself by providing what it calls “embedded, high-touch support” for at least twelve months following each investment. The team includes operators, executives-in-residence, and specialists in revenue growth, fundraising and grant writing, spanning South Africa, the US, Canada and Tunisia.
“What excites me most is not just that Holocene backed us early, it’s that they got in the trenches with us,” said Wahlied Cole, founder and CEO of ScootHero. “When we needed help with go-to-market, they brought in operators. When we were hitting a ceiling on capital, they helped us unlock grants and asset finance.”
Forty percent of portfolio companies have female founders or C-suite executives, compared to less than 1% of venture-backed companies globally, according to data from PitchBook. Sixty percent of HVF1’s capital has been deployed into energy and mobility.
Institutional backing
In 2024, FSD Africa committed $150,000 to Holocene through its Early-Stage Finance Pillar, at the time aimed at laying groundwork for a larger $30m climate tech fund targeting pre-seed to Series A investments. Mary Kashangaki, assistant manager for digital innovations at FSD Africa, said at the time that “innovative financing models” were needed to support Africa’s green transition.
Holocene has also participated in other notable deals. Last year, Kenyan agritech startup Farm to Feed raised $1.5m in seed funding, with Holocene among the participants. The round was led by Delta40 Venture Studio. In 2025, South African SaaS startup The Awareness Company raised $1.6m in seed funding with participation from Holocene, NEXT176, Catalyst Fund and others.
Market context
Africa will represent 25% of the global population by 2050, according to UN projections. The continent holds 65% of the world’s arable land and 50% of its renewable energy potential, data from the International Renewable Energy Agency shows.
Yet venture capital flowing to African climate tech has remained fragmented, with limited follow-on capital and insufficient institutional attention compared to sectors such as fintech. Holocene’s close suggests a shift, though the fund is small relative to the scale of need.
Jonathan Smit, an exited founder and HVF1 investor, said he backed the fund because “climate innovation will be one of the defining challenges and opportunities of our generation, particularly in Africa.”
“We’ve shown that the intersection of climate impact and financial returns is real,” Romisher said. “The task now is to scale that proof.”