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10 startups from Nigeria, Kenya, Uganda, others get $2m fresh investments

By Adeyemi Adepetun
11 January 2023   |   4:20 am
Some 10 startups from Nigeria, Uganda, Egypt, Kenya, Morocco and Senegal are to benefit from new $2 million investments from Catalyst Fund. The investment will be channeled into accelerating Africa’s adaptation and resilience to climate change, especially in rural communities. This is the inaugural cohort of the new $30 million venture capital fund of Catalyst…

Startups

Some 10 startups from Nigeria, Uganda, Egypt, Kenya, Morocco and Senegal are to benefit from new $2 million investments from Catalyst Fund. The investment will be channeled into accelerating Africa’s adaptation and resilience to climate change, especially in rural communities.

This is the inaugural cohort of the new $30 million venture capital fund of Catalyst Fund, anchored by financial sector development agency, FSD Africa, aimed at supporting early-stage founders to develop technology that will make Africa more resilient to the impacts of climate change.

Each of the 10 startups will be offered $100, 000 of equity investments as well as $100, 000 of hands-on venture-building support.

These companies will join Catalyst Fund’s existing portfolio of 61 startups across emerging markets and receive capital, bespoke and expert-led venture-building support, and direct connections with investors, corporate innovators and talent networks that can help them scale.

Catalyst Fund’s portfolio companies have raised over $640 million in follow-on funding to date, and currently serve more than 14 million individuals and MSMEs globally.

Managing Partner of Catalyst Fund, Maelis Carraro, said: “We are thrilled to have the opportunity to partner with 10 groundbreaking African startups working to build a more resilient and sustainable future. “Our goal is to back mission-driven founders that share our vision of a world where every individual has the tools and opportunities they need to thrive. From agtech to insurtech, waste management, disaster response, and carbon finance, these startups display finance, tech, and business model innovations that will help communities better adapt to climate impacts and grow their resilience.”

The 10 companies joining this next cohort of Catalyst Fund are: Agro Supply [Uganda]; Assuraf [Senegal]; Bekia [Egypt]; Eight Medical [Nigeria]; Farm to Feed [Kenya]; Farmz2U [Nigeria, Kenya]; Octavia Carbon [Kenya]; PaddyCover [Nigeria]; Sand to Green [Morocco] and VAIS [Egypt.

Director of Digital Economy at FSD Africa, Juliet Munro, said; “At FSD Africa, we believe that by harnessing the power of tech, and specifically fintech innovation, we can help to spur the development of climate resilience solutions for Africa, thereby helping deliver on COP27’s core themes of adaptation and implementation. These companies are strong examples of the innovation we need to enhance the resilience of vulnerable communities across the continent.”

Partner at Catalyst Fund, Aaron Fu, COP27 in Egypt called for more private sector financing to fill the more than $330 billion funding gap for adaptation and resilience by 2030.

“It also called for more local innovations to support communities in building resilience to climate impacts. The Catalyst Fund’s new cohort exemplifies what these innovative climate solutions for the most vulnerable could look like. We are also thrilled to be backing companies in Francophone Africa and Northern Africa for the first time. We intend to back many more startups like them across the African continent in the years to come,” Fu said.

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