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    Catalyst Fund has completed the second close of its $30 million debut climate resilience fund to back 40 early-stage African startups from pre-seed to Series A.

    New investors in this round include the International Finance Corporation (IFC), FASA, Shell Foundation, Trafigura Foundation, Speedinvest, and Blink Impact, alongside the Women Entrepreneurs Finance Initiative (We-Fi) to boost recruitment of female-led companies. They join existing investors, including FSD Africa and the Cisco Foundation.

    Catalyst Fund is Backing Africa’s Climate Adaptation

    The pan-African venture is led by partners Maelis Carraro, Maxime Bayen, Olúwatóyìn Emmanuel-Olubake, and Amolo Ng’weno. This second close comes as investment in the African climate technology sector recovers following a 2024 slump. Climate tech funding dropped to $754 million that year, before climbing to $1.1 billion by November 2025. 

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    The rebound points to growing investor confidence in the sector. “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,” Maelis Carraro, founder and general partner at Catalyst Fund, said in a statement. 

    “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.”

    New investors in the round include IFC, FASA, Shell Foundation, Trafigura Foundation, Speedinvest, and Blink Impact, as well as a group of high-net-worth individuals. They join early backers FSD Africa and Cisco Foundation from the first close. The Women Entrepreneurs Finance Initiative (We-Fi) has also come on board to grow the fund’s pipeline of women-led companies.

    “Across Africa, entrepreneurs supported through Catalyst Fund are strengthening livelihoods, expanding access to essential services, and creating quality jobs in underserved communities,” Farid Fezoua, global director for disruptive technologies, services, and funds, IFC, said. 

    “Through IFC’s partnership with Catalyst Fund, we are mobilizing capital and expertise to help these early‐stage ventures scale sustainably, attract private investors, and deliver lasting impact for people and markets.” 

    The Track Record So Far

    This fund brings total capital commitments to $30 million, approaching its final target of $40 million. This second close follows a $9 million first close in the third quarter of 2023, according to the firm. Since then, the Nairobi, Kenya-based company said it has built a portfolio of 28 startups across 10 African markets and made nine follow-on investments into its strongest-performing companies. 

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    Its portfolio companies include MazaoHub, a Tanzanian agritech startup; Bekia, an Egyptian platform connecting waste producers with collectors and recyclers; and Keep It Cool, a Kenyan startup building solar-powered cold chain infrastructure for fish and poultry farmers.

    The firm disclosed that it invests exclusively through equity, typically writing $200,000 pre-seed checks before reserving additional capital for follow-on rounds. Although it invests across Africa, it noted that its largest markets today are Nigeria, Kenya, Egypt, and Tanzania, where it said climate technology ecosystems have developed most rapidly.

    Catalyst Fund also noted that beyond capital, it pairs its investments with venture-building support delivered by BFA Global to work with startups on product strategy, hiring, commercial growth, fundraising, and partnerships. It added that the model is designed to help founders overcome operational challenges that are often missing in early-stage companies.

    For the Catalyst Fund, investing in climate technology has shifted from an impact-focused approach, as the sector has proven it can deliver both commercial returns and measurable impact. 

    “Climate is no longer a niche investment theme—it’s reshaping virtually every sector of the economy, from agriculture and logistics to healthcare and financial services,” said Maxime Bayen, general partner at Catalyst Fund. 

    “Investors increasingly recognize that businesses helping people and industries adapt to climate change are addressing large, growing markets with strong commercial fundamentals.”

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    Catalyst Fund said it is now focused on completing its final raise, which it expects to conclude before the end of the year, while continuing to deploy capital.

    Main Image: Maxim Bayen, Olúwatóyìn Emmanuel-Olubake, Maelis Carraro, and Amolo Ng’weno. Image credit: Catalyst Fund

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    The post Catalyst Fund Reaches $30M Second Close to Back Africa’s Climate Startups appeared first on UrbanGeekz.

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