Catalyst Fund has announced that it has secured an impressive first closing for its innovative pre-seed venture capital fund and accelerator program, which focuses on advancing climate resilience innovation in Africa.
The fund is delighted to report that it has already secured over 20% of its $40 million funding target, demonstrating its unwavering dedication to fostering a climate-resilient future by offering crucial support to early-stage startups throughout Africa.
The venture has received significant backing from esteemed investors who share its vision of bolstering pre-seed companies dedicated to forging a climate-resilient future in Africa.
Prominent supporters include FSD Africa, FSDAi, Cisco Foundation, USAID Prosper Africa, and seasoned tech investor Andrew Bredenkamp.
In addition to this, the fund has received additional support from JPMorgan Chase & Co. and the Global Environmental Facility.
Beyond financial assistance, the Catalyst Fund is actively engaged in providing impact measurement and research support to climate innovators.
It also facilitates knowledge sharing and fosters partnerships through its Ecosystem Hub.
The Catalyst Fund has strategically targeted various sectors, including agtech, fishery management, food systems, insurtech, climate fintech, cold chain, waste management and water management, to expedite sustainable green growth.
Its objective is to support solutions that empower communities to prepare for and manage climate-related challenges, adapt their livelihoods to climate impacts, and build long-term resilience.
Chief Investment Officer at FSDAi, Anne-Marie Chidzero underscored the importance of financial support in advancing climate solutions in Africa, highlighting its potential to lead in climate innovation.
She expressed, “This collaboration with the Catalyst Fund… will support entrepreneurs developing locally-driven climate-resilient solutions, contributing to Africa’s green economic growth and global endeavours to combat the impacts of climate change.”
The Catalyst Fund’s commitment extends to aiding 40 pre-seed startups, with a particular focus on mission-driven local founders and women entrepreneurs.
In addition to providing early-stage funding, the fund offers tailored support for venture building to accelerate startup growth.
Earlier this year, the fund allocated a total of $2 million to ten African startups to create solutions aimed at enhancing the resilience of climate-vulnerable communities in Africa.
What sets Catalyst Fund apart is its commitment to providing follow-on funding for startups in their Seed and Series A rounds, bridging a critical funding gap for climate ventures in Africa.
This successful initial closing marks a significant milestone in the Catalyst Fund’s evolution, transitioning it from a philanthropic startup accelerator to a full-fledged venture capital fund.
Armed with seven years of experience in supporting startups across the continent, the Catalyst Fund is well-positioned to drive climate innovation in Africa’s emerging markets.
Backed by a robust network of strategic partners and a holistic approach to nurturing startups, the Catalyst Fund is poised to usher in a new era of climate tech innovation throughout the African continent.
Its unwavering dedication to supporting climate-resilient solutions and empowering local entrepreneurs underscores its pivotal role in addressing climate challenges in Africa and beyond.