Catalyst Fund, a pan African venture capital fund and venture builder that invests in technology startups from the pre seed stage through Series A, has completed a second close of its current fund at US$30 million as it continues raising capital for companies developing climate resilience technologies across the continent.
The latest close adds commitments from the International Finance Corporation (IFC), FASA, Shell Foundation, Trafigura Foundation, Speedinvest, BlinkCV and a group of high net worth individuals. They join existing investors, including FSD Africa, Cisco Foundation and other backers that participated in the fund's first close in September 2023. Catalyst Fund said it expects to complete a final close later this year.
The fund invests in startups developing technology aimed at improving the resilience of underserved communities that face climate related risks. Until 2023, Catalyst Fund supported selected companies through grant funding before shifting to an equity investment 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. This second close allows us to double down on our mission: backing ambitious founders building practical, scalable solutions for a climate-changed world, and supporting them not just with capital, but with the hands-on venture-building support they need to grow,” said Maelis Carraro, founder and general partner at Catalyst Fund.
According to Catalyst Fund, the additional capital will allow it to continue investing in early stage founders while combining equity financing with venture building support as startups develop products and expand their operations. The fund's investment strategy remains focused on technology companies addressing climate resilience challenges affecting underserved communities across Africa.
