Pangea Accelerator, in collaboration with the Lithuania Fund for Development Cooperation and Humanitarian Aid, has launched the Climate Tech Accelerator Program, offering substantial funding of up to Sh40 million for Kenyan startups addressing climate challenges.
Set to run from February to August 2024, this six-month initiative is geared towards supporting East African Small and Medium Enterprises (SMEs) dedicated to sustainable agriculture, circular economy, conservation technology, waste management, renewable energy, and nature-based solutions.
The program seeks to enhance revenue, provide expert mentorship, and offer strategic growth support to selected businesses.
Pangea Accelerator, a Kenyan–Norwegian venture builder, is inviting applications until January 12, with plans to select 10 promising startups for the intensive program.
The driving force behind this initiative is to address the urgent need for SMEs and businesses to develop climate-focused solutions, according to Jonas Tesfu, the Founder of Pangea Accelerator.
“The focus of the program extends beyond financial assistance, as Pangea is collaborating with 60 investors in the climate sector to provide not only funding but also valuable networks and expertise. The initiative emphasizes a positive impact on youth and women, recognizing them as key beneficiaries. Beyond monetary support, the program aims to assist businesses in expanding their markets regionally and internationally.”
Anticipating significant participation from the East African region, where climate-related challenges like floods and droughts have been prevalent, Pangea Accelerator aims to tailor the program to the specific needs of each business, unlocking opportunities for growth and success in the evolving climate space.