Africa: Equator Africa Gets $5m From IFC for African Climate Tech Startups

8 October 2024
Daba Finance (Abidjan)

TLDR

  • Equator Africa, a VC firm supporting early-stage climate tech startups in sub-Saharan Africa, receives $5 million from IFC for innovation in the African climate sector.
  • Initial close of $40 million in April aims to address funding gap for seed and Series A-stage startups in the region.
  • Korea Green Resilient and Innovative Development Programme adds $1.5 million guarantee, scaling Equator Africa's fund to $54 million.

Equator Africa, a venture capital firm focused on supporting early-stage climate tech startups in sub-Saharan Africa, has secured an additional $5 million from the International Financial Corporation (IFC) to further boost innovation in the African climate sector.

This follows an initial close of $40 million in April 2023, aimed at addressing the persistent funding gap for seed and Series A-stage startups in the region.

The Korea Green Resilient and Innovative Development (K-GRID) Program, backed by the Korean government, provided a $1.5 million guarantee, bringing Equator Africa's total fund size to $54 million.

You can follow Daba's reporting on Africa on WhatsApp. Sign up here

Key Takeaways

Equator Africa invests in tech-enabled companies across sub-Saharan Africa, with a focus on green energy, agriculture, and mobility, particularly in Kenya and Nigeria. It has already invested in six companies, including Kenya's SunCulture, Roam, Odyssey, Apollo Agriculture, Ibisa, and Downforce Technologies, all of which contribute to climate solutions such as solar-powered energy systems, electric vehicles, and climate risk insurance.

Read the original article on Daba Finance.

Tagged:
Copyright © 2024 Daba Finance. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.

AllAfrica publishes around 500 reports a day from more than 100 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.