This funding forms part of a $7.75 million internal round, enabling Sistema.bio to scale its biogas technology and digital solutions across Africa.

The investment aligns with Novastar’s mission to foster sustainability and economic development through its Africa People + Planet Fund III, which targets climate-focused initiatives and agricultural advancements.

Sistema.bio has made significant strides in providing biogas technology that transforms animal waste into renewable energy and biofertilizer, helping farmers reduce energy costs and improve soil health.

Operating across 12,000 farms in 31 countries, including several in sub-Saharan Africa, the company has positively impacted over 100,000 farmers.

Enhanced Capabilities Through Technology
Sistema.bio’s acquisition of Inclusive Energy has strengthened its digital monitoring and verification (MRV) capabilities.

The integration enhances remote diagnostics, carbon usage analytics, and predictive maintenance, ensuring efficient service delivery and reliable data insights for farmers.

“This investment strengthens our mission to empower low-resourced farmers with solutions that drive economic growth and climate resilience,” said Joyce Cacho, Board Chairman of Sistema.bio.

“Together, we are scaling impactful technologies that benefit both people and the planet.”

Steve Beck, Co-founder of Novastar Ventures, expressed optimism about the partnership:

“Sistema.bio empowers family farmers to transform waste into renewable energy and fertilizer, unlocking productivity and resilience while reducing greenhouse gas emissions. We’re excited to partner at this growth stage and contribute to their carbon market initiatives.”

This capital injection will facilitate its planned expansion into Europe, including the acquisition of a European firm to support independent operations in the region.

The funding round was led by Highland Europe, a London-based growth-stage investment firm known for backing companies with annualized revenues exceeding €10 million.

Existing investors, including Endeavor Catalyst, Left Lane Capital, Palm Drive Capital, and Y Combinator, also participated.

With this latest round, Lemfi’s total funding has reached $85 million since its inception in 2019 by co-founders Ridwan Olalere and Rian Cochran.

Lemfi’s European entry builds on a prior partnership with Modulr.

However, the acquisition of a Republic of Ireland-based company—whose name remains undisclosed—will allow Lemfi to operate independently in Europe starting next month.

The company generates revenue through transaction fees and foreign exchange spreads across its operational footprint.

The new funding will enable Lemfi to secure additional licenses and form new partnerships while enhancing its offerings with localized services.Plans are underway to introduce a customer card in the US, UK, and Canada, along with strategic hiring to sustain its rapid growth trajectory.

Currently, Lemfi processes $1 billion in monthly payment volumes, marking a significant leap from its $2 billion annual transaction volume in 2023.

Over the past two years, the company has doubled its users, revenue, and transaction figures.

CEO Ridwan Olalere attributes this success to strong adoption in the Asian corridor, which now contributes $160 million in monthly transaction processing volume (TPV) and boasts 30% month-on-month growth since its 2023 launch.