Catalyst Fund has secured $30 million in commitments for its Africa-focused climate resilience investment strategy, attracting new backers including the International Finance Corporation, Shell Foundation and Trafigura Foundation as investors increase their bets on adaptation technologies across the continent.
The venture fund, which invests in early-stage startups developing solutions to climate-related challenges, said Thursday that the second close brings in IFC, FASA, Speedinvest, Blink Impact and a group of private investors, alongside earlier supporters including FSD Africa and Cisco Foundation. The fund expects to reach a final close later this year.
The latest fundraising reflects growing investor interest in climate adaptation in Africa, where rising temperatures, unpredictable weather patterns and infrastructure vulnerabilities are creating demand for technologies that strengthen food systems, energy access and supply chains. While climate financing globally has historically concentrated on emissions reduction, adaptation-focused businesses are increasingly drawing attention as investors seek commercial opportunities tied to resilience.
Catalyst Fund, led by Maelis Carraro, Maxime Bayen, Olúwatóyìn Emmanuel-Olubake and Amolo Ng’weno, plans to invest in about 40 startups across the continent. The firm backs companies from pre-seed to Series A and combines capital with hands-on operational support through its venture-building model.
“Climate adaptation is one of the defining investment themes of the next decade, especially in Africa, where the need is immediate and the entrepreneurial talent is extraordinary,” Carraro said in a statement.
The fund has already invested in 28 companies across 10 African markets. Portfolio companies include Kenya-based Keep It Cool, which develops solar-powered cold-chain infrastructure for farmers and fishing communities; Tanzania’s MazaoHub, which uses artificial intelligence and agronomy support to improve agricultural productivity; and Egypt-based Bekia, a waste management platform focused on circular economy solutions.
Development finance institutions and philanthropic investors are playing an increasingly prominent role in de-risking climate investments across Africa. FASA said it committed $5 million in junior equity capital intended to attract additional co-investment into the strategy.
The broader investor mix in the latest close also highlights growing willingness among family offices, corporate investors and foundations to enter African climate markets, a segment long viewed as underserved despite increasing climate-related risks.
Catalyst Fund argues that climate resilience represents not only an impact opportunity but also a potentially significant venture market as demand rises for scalable solutions helping communities adapt to intensifying climate disruptions.