Most carbon finance enters the market once a project is already operational. Hummingbirds is moving further upstream to address the supply-side bottleneck.
Last year, HAVAÍC — a venture capital firm known for strategic tech investments and a recent exit from fellow emergency-tech startup RapidDeploy — invested $1.1 million in AURA through a bridge round, in partnership with AfricInvest.
Cameroon’s ultimatum comes just weeks after the Central Bank of West African States (BCEAO) initiated a similar regulatory crackdown across the West African Economic and Monetary Union (WAEMU).
The company has raised $19 million since inception, supplemented by $20 million from contract chip design — a necessity in a region where deep-tech funding is scarce.
Africa’s mid-market businesses — often too large for microfinance but too small or risky for traditional bank lending — face an estimated $330 billion annual financing shortfall, according to the African Development Bank.
Most carbon finance enters the market once a project is already operational. Hummingbirds is moving further upstream to address the supply-side bottleneck.