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.