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    Investing in a Greener Africa: Meet the VC Funds Backing Climate Tech Startups in 2024

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    A new wave of venture capital (VC) funds is emerging, specifically targeting climate tech startups across Africa. This trend is fueling innovation and accelerating Africa’s transition towards a more sustainable future. This article explores the new VC funds, understanding their investment strategies, target sectors, and the impact they aim to create. From established players entering the climate tech space to entirely new funds dedicated to the cause, we’ll unveil the landscape of these first-time African VC funds backing the continent’s climate tech founders. 

    LeapFrog Investments ($500M)

    • HQ: South Africa, Mauritius, UK
    • Fund Size: $500 million
    • Ticket Size: $20–75 million
    • Focus: Climate Tech in Africa
    • Description: LeapFrog invests in growth-stage companies in financial inclusion and climate innovation across Africa and Asia. Their goal is to empower emerging middle-class consumers and accelerate climate solutions.

    EchoVC Eco Pilot Fund I ($2.5 million)

    • HQ: Nigeria
    • Fund Size: $2.5 million
    • Ticket Size: From $50,000
    • Focus: Climate, Energy, Agriculture, Mobility (Africa)
    • Description: EchoVC Eco Pilot Fund I invests in early-stage ventures across climate, energy, agriculture, and mobility sectors in Africa. They focus on innovative solutions that address the continent’s environmental and social challenges.

    Saviu II Fund ($13 million)

    • HQ: France, Ivory Coast
    • Fund Size: $13 million
    • Ticket Size: $500,000 — $3 million
    • Focus: Climate Tech (Francophone Africa)
    • Description: Saviu II Fund is a VC fund that invests in Seed to Series A companies in Francophone Africa, with a focus on Fintech, Healthtech, Edtech, ClimateTech, and E-commerce.

    Satgana ($8.6 million)

    • HQ: Luxembourg
    • Fund Size: $8.6 million
    • Ticket Size: $325,000
    • Focus: Climate Tech, Mobility, Food and Agriculture, Energy, Industry, Buildings, Circular Economy (Africa)
    • Description: Satgana invests in early-stage startups across ClimateTech, Mobility, Food and Agriculture, Energy, Industry, Buildings, and Circular Economy sectors in Africa.

    E3 Low Carbon Economy Fund for Africa ($48M)

    • HQ: Kenya
    • Fund Size: $48 million
    • Ticket Size: $500,000 — $3 million
    • Focus: Agritech, Climate Tech (Africa)
    • Description: E3 Low Carbon Economy Fund for Africa invests in Seed and Series A companies in agritech and climate tech sectors, aiming to support sustainable development in Africa.

    Pepea Fund ($21.7 million)

    • HQ: Netherlands
    • Fund Size: $21.7 million
    • Ticket Size: $100,000 and $500,000
    • Focus: Sustainable Agriculture, Clean Mobility, Climate Tech (Kenya, Uganda, Ethiopia)
    • Description: Pepea Fund invests in early-stage businesses promoting sustainable agriculture, clean mobility, and climate tech solutions in Kenya, Uganda, and Ethiopia.

    Beyond Capital Ventures ($30 million)

    • HQ: United States
    • Fund Size: $30 million
    • Ticket Size: $100,000 –$1 million
    • Focus: Climate Adaptation Solutions (Africa)
    • Description: Beyond Capital Ventures invests in early and growth-stage companies offering solutions for climate adaptation across healthcare, financial inclusion, and agriculture sectors in Africa.

    Catalyst Fund ($40 million)

    • HQ: Kenya
    • Fund Size: $40 million
    • Ticket Size: $200,000 — $1.5 million
    • Focus: Climate Tech (Agritech, Insurtech, Climate Fintech, Fishery Management, Food Systems, Cold Chain Logistics, Waste Management, Water Management)
    • Description: Catalyst Fund is a VC fund that funds early-stage startups working on climate solutions across agritech, insurtech, climate fintech, fishery management, food systems, cold chain logistics, waste management, and water management in Africa.

    Mirova Gigaton Fund ($282 million)

    • HQ: France
    • Fund Size: $282 million
    • Ticket Size: Not available publicly
    • Focus: Renewable Energy (Africa)
    • Description: Mirova Gigaton Fund invests in renewable energy projects across the globe, with a focus on emerging markets like Africa.

    Gaia Energy Impact Fund II (GEIF II) ($42 million)

    • HQ: 86 Bd de Sébastopol, 75003 Paris, France
    • Fund Size: $42 million
    • Ticket Size: $500,000 to $5 million
    • Focus: Renewable Energy (Africa)
    • Description: GEIF II invests in renewable energy projects in Sub-Saharan Africa, targeting mini-grids, solar home systems, and clean energy solutions for businesses.

    AEOLUS SAS (by Toyota Tshusho) ($15 million)

    • HQ: France
    • Fund Size: $15 million
    • Ticket Size: Not available publicly
    • Focus: Renewables (Africa)
    • Description: Invests in renewable energy solutions in Africa, potentially with a focus on wind or solar power projects based on involvement by Toyota Tshusho.

    Energy Go-Getters Fund (By Southbridge Investments) ($100 million)

    • HQ: South Africa
    • Fund Size: $100 million
    • Ticket Size: Not available publicly
    • Focus: Renewables & Cleantech (Africa)
    • Description: Energy Go-Getters Fund invests in renewable energy and cleantech projects across Sub-Saharan Africa.

     Equator ($40 million)

    • HQ: 71 Church Road Nairobi, Kenya
    • Fund Size: $40 million
    • Ticket Size: $1 million — $4 million
    • Focus: Renewables, Energy, Agriculture, Mobility (Africa)
    • Description: Equator invests in growth-stage companies across renewables, energy, agriculture, and mobility sectors in Africa.

    Modern Cooking Facility for Africa (MCFA) ($17.5 million)

    • HQ: Netherlands
    • Fund Size: $17.5 million
    • Ticket Size: Not available publicly
    • Focus: Clean Tech (Africa)
    • Description: MCFA invests in clean cooking solutions that improve health and livelihoods across Africa.

    DisrupTech Fund ($36 million)

    • HQ: Egypt
    • Fund Size: $36 million
    • Ticket Size: $500,000 — $2 million
    • Focus: Fintech (Egypt. Sector-agnostic)
    • Description (Founded in 2021): DisrupTech Fund primarily invests in early and growth-stage fintech companies in Egypt, but it occasionally extends its investments to startups in other sectors, provided they incorporate some element of fintech.

    Seedstars Youth Wellbeing Ventures ($20 million)

    • HQ: Switzerland
    • Fund Size: $20 million
    • Ticket Size: $250,000 — $1 million
    • Focus: Environmental Sustainability, Local Food Security, Waste Management
    • Description: Seedstars Youth Wellbeing Ventures is VC fund that deplores funds into early-stage businesses in Africa promoting environmental sustainability, climate, local food security, and waste management solutions.

    Enza Capital ($58 million)

    • HQ: Kenya
    • Fund Size: $58 million
    • Ticket Size: $250,000 — $5 million
    • Focus: Sector-agnostic (including climate tech)
    • Description (Founded in 2016): Enza Capital invests in growth-stage businesses across various sectors, including potential for climate tech solutions based on fund descriptions.

    Novastar Ventures People and Planet Fund III LP ($200M)

    • HQ: Singapore
    • Fund Size: $200 million
    • Ticket Size: $500,000 to $3,000,000
    • Focus: E-mobility, Renewable Energy, Sustainable Housing
    • Description: Novastar Ventures People and Planet Fund invests in growth-stage companies across sectors like e-mobility, renewable energy, and sustainable housing, potentially relevant to climate tech and sustainability goals.

    Flourish Ventures ($350 million)

    • HQ: United States (HQ location may not be entirely accurate)
    • Fund Size: $350 million
    • Ticket Size: $2 million — $7 million
    • Focus: Fintech (with potential for climate-focused financial solutions)
    • Description (Founded in 2019): Flourish Ventures invests in fintech companies around the world. While their core focus is financial inclusion, they could potentially invest in climate-focused financial solutions that address sustainability challenges.

    Editor’s Note: This article was updated to clarify that DisrupTech Fund focuses primarily on investing in early and growth-stage fintech companies in Egypt. While the fund’s core focus is fintech, it may occasionally invest in startups from other sectors if those startups have a significant fintech component.

    Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert. As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard.

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