This fresh injection of capital comes on the heels of Arnergy’s $9 million Series A round in 2019, backed by All On, Breakthrough Energy Ventures, ElectriFI, and Norfund.

Founded in 2013 by Femi Adeyemo and Kunle Odebunmi, Arnergy provides businesses and homes with clean and reliable energy through solar power systems and other renewable energy solutions.

They currently operate across all 36 states of Nigeria, collaborating with mini-grid developers to expand their reach.

“This recent funding is not just about raising capital,” explains CEO Adeyemo.

“We’re strategically waiting for specific market triggers like the removal of fuel subsidies, grid parity with on-grid prices, and stabilizing diesel costs before launching our Series B round, expected to close within this quarter.”

Adeyemo emphasizes Arnergy’s commitment to capital efficiency and highlights the company’s shift towards offering more leasing options, recognizing the growing demand for solar solutions due to their increasing economic viability.

Nigeria’s unreliable grid system, with power output dropping to 93.5% in late 2023, has fueled the demand for off-grid alternatives.

In fact, Nigeria led the West African solar market in Q2 2022, accounting for 78% of all sales, with a staggering 450% increase in solar product sales observed between 2017 and 2022.

This latest funding empowers Arnergy to capitalize on the surging demand for renewable energy solutions in Nigeria and contribute to a cleaner, more sustainable future for the country.

This marks the firm’s second funding round focused on tackling climate change challenges and expands its portfolio to 19 companies operating in eight countries.

The nine recipients hail from diverse African countries: Tanzania (Mazao Hub, Medikea), Nigeria (Earthbond, Zebra Cropbank, Scrapays), Kenya (Keep It Cool), Egypt (NoorNation), South Africa (Thola), and Senegal (Tolbi). They represent various sectors tackling critical climate issues in agriculture, healthcare, energy access, and waste management.

“These models directly empower farmers, healthcare providers, waste workers, and small and medium businesses to adapt to the changing climate and drive positive economic growth,” said Maelis Carraro, Managing Partner at Catalyst Fund.

This investment comes amidst growing concerns about the impact of climate change on Africa, with over 110 million people directly affected by weather, climate, and water-related hazards in 2022 alone.

Recognizing this urgency, Catalyst Fund aims to support ventures providing innovative solutions for vulnerable communities.

“With these new investments, we aim to continue diversifying our portfolio across models, sectors, and geographies,” added Maxime Bayen, Operating Partner at the Catalyst Fund.

This investment builds upon Catalyst Fund’s earlier efforts in 2023 when they deployed $2 million to ten startups addressing climate challenges.

The organization is actively seeking to raise $40 million to further expand its reach and empower even more African climate tech ventures.

This investment will propel Moove’s expansion in India, where it aims to solidify its presence and venture into new cities like Delhi, Pune, and Kolkata.

Moove entered the Indian market in 2023 and has established itself in Bengaluru, Mumbai, and Hyderabad.

The company boasts impressive traction, with its financed vehicles completing over 4.2 million trips in India alone.

A significant portion of these vehicles operate on the Uber platform, having facilitated over 30 million rides. To further scale its reach, Moove plans to grow its fleet to over 5,000 cars.

“With the robust support of Stride Ventures, we stand on the cusp of transforming vehicle ownership nationwide, propelling our mission forward,” said Binod Mishra, Moove’s Regional Managing Director, highlighting the impact Moove has already made and its ambitious future plans.

This $10 million investment adds to Moove’s recent global funding success, having raised $76 million in total.

Founded in 2020, Moove utilizes alternative credit scoring and productivity data to offer vehicle financing solutions for transportation entrepreneurs in ride-hailing, logistics, and other mobility sectors.

This locally-denominated private equity fund will support high-potential small and medium-sized enterprises (SMEs) in Ghana and Côte d’Ivoire.

The fund attracted prominent investors, including the Venture Capital Trust Fund, Minerals Income Investment Fund Ghana, local pension funds managed by Stanbic Investment Management Services, PETRA Securities, Databank Group, and CAL Asset Management Company Ltd.

Injaro Ghana Venture Capital Fund will focus on boosting profitable SMEs within key Ghanaian sectors: mining support services, food and agriculture, education, healthcare, financial services, industrial services, and light manufacturing.

This aligns with Injaro’s long-standing mission to fuel economic growth on the continent by empowering local businesses.

Founded in 2009, Injaro boasts a successful track record, managing over $65 million across various funds. Notable examples include the Injaro Agricultural Capital Holdings and Agri-Business Capital Fund.

This latest initiative, IGVCF, builds on this rich experience and is expected to create job opportunities for thousands across Africa, adding to the 3 million individuals already impacted by Injaro’s investments.

To qualify for IGVCF investments, companies must have been operational for at least three years, generate at least GHS 20 million in revenue, and demonstrate a minimum net income (EBITDA) of GHS 3.5 million.

The fund offers flexible investment solutions, utilizing debt, equity, and quasi-equity instruments to tailor support to individual business needs.

The fund has already deployed its first $2 million investment in Zeepay’s Series A funding round.

This significant investment will go towards scaling up production, optimizing supply chains, and driving the transition to sustainable transportation on the continent.

Founded in 2017, Roam is a leading provider of locally designed and manufactured electric motorcycles and buses.

The company has a clear vision: to create reliable and cost-effective EVs tailored for the pan-African mass market.

Building upon its earlier $7.5 million funding in 2021, this latest raise bolsters Roam’s mission to revolutionize African transportation with innovative products designed specifically for the continent’s needs.

The financing round consists of a $14 million Series A equity investment led by Equator Africa, alongside contributions from prominent investors like At One Ventures, TES Ventures, Renew Capital, The World We Want, and One Small Planet.

Additionally, a $10 million debt commitment from the US government’s Development Finance Corporation (DFC) strengthens the company’s financial position.

Roam’s product portfolio encompasses the Roam Air (electric motorcycle), Roam Rapid (electric mass transit bus), and Roam Move (electric urban transit bus), along with supporting energy and public charging systems.

“As Africa embraces the electric vehicle revolution, we are proud of our contribution to a cleaner environment and improved livelihoods across Kenya and the continent,” said Rajal Upadhyaya, CFO of Roam.

“This funding is a crucial step in achieving our strategic objectives to scale up production and deliver greater utility to our customers.”

Nijhad Jamal, partner at Equator Africa, shared his firm’s enthusiasm for Roam’s vision. “Roam’s innovative platform is at the forefront of transforming African mobility towards efficient, accessible, and sustainable solutions.”

This investment, led by a renowned consortium of venture capitalists, including Maroc Numeric Fund II (Morocco), 216 Capital (Tunisia), Gullit VC (Ethiopia), Founders Factory Africa (Nigeria), Sunny Side Venture Partners (Egypt/Japan) and Kalys Ventures (Morocco).

The new funding validates Logidoo’s unique approach to transforming the African logistics landscape and its potential to unlock the continent’s trade potential.

The funding underscores the market’s confidence in Logidoo’s mission to tackle the critical challenge of low intra-African trade compared to other regions.

By focusing on “Cross-border” logistics, Logidoo goes beyond mere service provision; it acts as a visionary force in turning the African Continental Free Trade Area (AFCFTA) vision into a tangible reality.

Logidoo has established itself as a “Cross-border end-to-end 5PL” provider, a unique approach that sets it apart in the industry.

This tagline reflects their commitment to offering comprehensive, market-leading solutions for seamless cross-border logistics.

In 2023, Logidoo embarked on an ambitious expansion plan, extending its franchise network to 5 African countries.

This strategy, fueled by the new funding, aims to solidify their continental footprint.