Catalyst Fund has completed the second close of its debut Africa-focused climate resilience fund, raising total commitments to $30 million from a coalition of development finance institutions, foundations, and private investors. The fund will continue supporting early-stage startups developing climate adaptation solutions across agriculture, food systems, clean energy, water, mobility, and fintech while providing hands-on venture-building support to help founders scale their businesses across the continent.

Key Overview

• Catalyst Fund has completed the second close of its debut fund, reaching $30 million.
• The fund targets pre-seed to Series A climate resilience startups across Africa.
• It has already invested in 28 startups across 10 African countries.
• New investors include IFC, FASA, Shell Foundation, and Trafigura Foundation.
• The fund aims to back approximately 40 African climate technology startups.

New Capital Strengthens Climate Innovation Across Africa

Catalyst Fund has completed the second close of its debut Africa-focused climate resilience fund, bringing total commitments to $30 million and strengthening support for early-stage startups developing practical solutions to climate challenges across the continent.

The latest fundraising round attracted backing from a broad coalition of development finance institutions, philanthropic organisations, venture capital firms, and private investors, including the International Finance Corporation (IFC), Financing for Agri-SMEs in Africa (FASA), Shell Foundation, Trafigura Foundation, Speedinvest, Blink Impact, We-Fi, and several private investors. These organisations join existing supporters, including FSD Africa and the Cisco Foundation, which participated during the fund’s first close.

The fund expects to complete its final fundraising round later this year while continuing to expand investment in African entrepreneurs developing climate resilience technologies.

Supporting Africa’s Climate Entrepreneurs

Led by Maelis Carraro, Maxime Bayen, Olúwatóyìn Emmanuel-Olubake, and Amolo Ng’weno, Catalyst Fund focuses on investing in startups from the pre-seed to Series A stage.

The investment strategy targets businesses developing solutions across sectors that are increasingly vulnerable to climate change, including agriculture, food systems, clean energy, water, mobility, fintech, and other climate technologies.

Unlike many climate-focused investment vehicles that primarily support emissions reduction projects, Catalyst Fund concentrates on climate adaptation—helping communities, businesses, and industries become more resilient to rising temperatures, droughts, floods, and other climate-related risks.

The firm plans to invest in approximately 40 startups, combining financial investment with operational support designed to help founders build scalable businesses capable of delivering both commercial returns and measurable climate impact.

Venture Building Beyond Capital

Catalyst Fund distinguishes itself by operating as both an investor and a venture builder.

In addition to providing equity financing, the fund offers practical support through BFA Global, helping entrepreneurs strengthen business strategy, refine products, recruit talent, improve commercial execution, and prepare for future fundraising rounds.

This hands-on approach is intended to address one of Africa’s biggest startup challenges: limited access to experienced operational support during the early stages of company development.

According to the fund, combining capital with venture-building services increases the likelihood that climate-focused startups can successfully scale across African markets.

Growing Portfolio Across Africa

Catalyst Fund has already deployed capital into 28 companies across 10 African markets.

Its existing portfolio reflects the diversity of climate adaptation opportunities across the continent.

Among its investments is Keep It Cool in Kenya, which develops solar-powered cold-chain infrastructure that helps reduce post-harvest losses for fishing and farming communities.

In Tanzania, MazaoHub combines artificial intelligence, soil intelligence, agronomy services, and digital market access to support smallholder farmers.

Meanwhile, Egypt-based Bekia operates a technology-enabled circular economy platform connecting households and businesses with waste collectors and recyclers, helping improve waste management while promoting recycling.

The addition of We-Fi also strengthens the fund’s pipeline of women-led startups, supporting broader efforts to improve diversity within Africa’s climate innovation ecosystem.

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Strong Institutional Support

The second close attracted several prominent institutions that see climate adaptation as one of Africa’s most important long-term investment opportunities.

The International Finance Corporation (IFC) said entrepreneurs supported through the Catalyst Fund are helping strengthen livelihoods, expand access to essential services, create quality jobs, and deliver measurable development impact across underserved communities.

Meanwhile, FASA committed $5 million in junior equity designed to absorb first losses and encourage greater participation from commercial investors.

The Trafigura Foundation described its investment as its first impact investing allocation, noting that catalytic capital can help unlock additional funding for climate adaptation—an area that remains significantly underfunded despite growing climate risks across Africa.

Closing Africa’s Climate Finance Gap

Although Africa contributes relatively little to global greenhouse gas emissions, it remains among the regions most vulnerable to climate change.

Despite this, climate adaptation continues to receive only a small share of global climate finance, with significantly more capital flowing toward mitigation projects such as renewable energy generation.

Catalyst Fund believes that investing earlier in climate adaptation businesses can help address this imbalance while generating both financial returns and long-term resilience for African communities.

The successful second close also demonstrates continued investor confidence in African climate technology despite slower venture capital fundraising across the continent in recent years.

Outlook

Catalyst Fund’s $30 million second close highlights growing investor recognition that climate adaptation represents one of Africa’s most significant long-term investment opportunities. As climate risks continue affecting agriculture, food security, water resources, and infrastructure, early-stage companies developing practical adaptation solutions are expected to play an increasingly important role in strengthening resilience across the continent. With additional fundraising planned later this year and a target of supporting around 40 climate-focused startups, Catalyst Fund is positioning itself as a key investor helping scale innovative African businesses while expanding access to climate finance and sustainable economic development.

FAQs

1. How much has the Catalyst Fund raised?

Catalyst Fund has completed the second close of its debut climate resilience fund, bringing total commitments to $30 million.

2. What types of businesses does the fund invest in?

The fund invests in early-stage startups developing climate resilience solutions across agriculture, food systems, energy, water, mobility, fintech, and other climate technologies.

3. How many startups has Catalyst Fund invested in?

The fund has already invested in 28 startups across 10 African countries and plans to support approximately 40 startups in total.

4. Who are the major investors in the fund?

Major backers include the International Finance Corporation (IFC), FASA, Shell Foundation, Trafigura Foundation, Speedinvest, Blink Impact, We-Fi, FSD Africa, and the Cisco Foundation, alongside private investors.

Sources: Wamda, Launch Base Africa, Streamline 

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