In a strategic move to bolster the growth of innovative startups in the climate, mobility, energy, and agricultural sectors, EchoVC has officially launched the EchoVC Eco Pilot Fund I, a substantial $2.5 million fund dedicated to providing crucial support to early-stage ventures.
Eghosa Omoigui, Managing Partner at EchoVC, shared insights into the fund’s objectives, emphasizing its commitment to supplying startups with their initial institutional backing, coupled with ongoing fundraising assistance.
“As a pilot fund, our aim is to champion a roster of exceptional founders who can forge high-quality companies. These enterprises, nurtured through our support, will be well-positioned to attract further investment from the burgeoning landscape of climate and energy-focused funds,” Omoigui commented, dropping a hint about a more extensive fund slated for unveiling in 2024.
This development comes in the wake of a surge in venture capital firms dedicating funds to Africa’s climate sector over the past year. Satgana, a French VC firm, recently revealed a $32 million fund earmarked for investments in energy, mobility, food, and agriculture startups in 2022.
Catalyst Fund and Equator have also made significant strides, closing in on $40 million and unveiling a dedicated fund for energy and mobility startups, respectively. EchoVC’s initiative follows the launch of its blockchain fund seven months ago and is a culmination of a year-long comprehensive study.
The establishment of the Eco Pilot Fund I is a strategic response to the scarcity of early-stage funding options for Africa’s climate-centric startups. Taiwo Kamson, Principal at EchoVC, underscored the necessity of supporting pre-seed stage companies to kickstart initiatives vital for meeting market demand and fostering climate-resilient economies.
With previous investments in notable startups like Shuttlers and Complete Farmer, EchoVC aims to leverage the scale of this fund to gain insights into the unique dynamics of investing in startups within the mobility, agriculture, climate, and energy domains.
Distinguished by its mission to champion under-represented founders, the Eco Pilot Fund I has earmarked investments for up to ten startups at the pre-seed stage. These ventures are expected to focus on creating solutions that enhance access to finance, insurance, and markets for smallholder farmers across Africa.
The fund will also consider startups specializing in renewable energy solutions and groundbreaking approaches to urban transportation. Although maintaining a broader African mandate, the majority of the fund’s investments are anticipated to be directed towards startups based in Kenya and Nigeria.
Photo (Andreas Gebert |Credit: picture alliance /)
By: Delino Gayweh
Serrari Financial Analyst
28th November, 2023
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