Ten startups from six African countries namely Nigeria, Uganda, Egypt, Kenya, Morocco and Senegal are set to be beneficiaries of an investment worth $2 million from Catalyst Fund.
The investment which is the inaugural cohort of the new $30 million venture capital fund of Catalyst Fund will be channelled towards accelerating Africa’s adaptation and resilience to climate most especially in rural communities.
The multi-million dollar investment will be anchored by the Financial Sector Development Agency, FSD Africa and aimed at supporting early-stage founders to develop technology that will make Africa more resilient to the impacts of climate change.
Equity investments worth $100,000 and $100,000 of hands-on venture-building support will be offered to each of the 10 startups.
Over $640 million have been raised by Catalyst Fund’s portfolio companies and presently serve more than 14 million individuals and MSMEs in the world.
The ten startups that will be joining this next cohort of Catalyst Fund include Agro Supply from Uganda, Assuraf from Senegal, Bekia from Egypt, Eight Medical from Nigeria, Farm to Feed from Kenya, Farmz2U from Nigeria & Kenya, Octavia Carbon from Kenya, PaddyCover from Nigeria, Sand to Green from Morocco and lastly VAIS from Egypt.