The first close was oversubscribed, with commitments from FSD Africa Investments (FSDAi), Cisco Foundation, USAID Prosper Africa, and Andrew Bredenkamp.

With the backing of JPMorgan Chase & Co and the Global Environmental Facility, Catalyst Fund also strives to deliver dedicated support for measuring and researching the impact on climate innovators.

Additionally, it aims to disseminate valuable insights and knowledge while facilitating partnerships through its Ecosystem Hub.

Focusing strategically on solutions within agri-tech, fishery management, food systems, insurtech, climate fintech, cold chain, waste management, and water management, Catalyst Fund is expediting sustainable green growth.

The primary emphasis is on solutions that empower communities to enhance their preparedness and management of shocks, adapt their livelihoods to climate impacts, and foster long-term resilience.

The $40m fund is set to back 40 pre-seed startups, with a particular focus on supporting mission-driven local and women founders.

It will provide crucial early-stage capital while offering tailored venture-building support to accelerate the growth of these startups.

Importantly, Catalyst Fund’s commitment extends beyond the initial stage, as it pledges to offer follow-on capital during the seed and Series A rounds.

By bridging this critical funding gap, Catalyst Fund addresses a significant hurdle for climate-focused ventures in Africa, positioning them for further funding at the growth stage, specifically Series B.

The Catalyst Fund is expected to have a major impact on the development of climate tech in Africa.

The fund will help to accelerate the growth of the climate tech ecosystem in Africa and create new opportunities for job creation and economic growth.