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African climate startups set to gain ground as VC funding shifts their way


A slew of new funds indicate potential for dedicated pools for climate startups

Annie Njanja

8 hours

Venture capital activity around climate tech has been heating up in Africa despite the global VC funding cooldown.
The continent’s climate tech startups secured over $860 million in equity funding, largely driven by clean energy technologies, representing 3.5x growth amid macroeconomic headwinds last year, data shows, making climate Africa’s most funded sector after fintech.
This seems to be just the beginning: The past few months have seen a slew of new funds dedicated to investing in the space, indicating that funding for climate tech startups will persist for a while.
Pan-African venture firm Novastar was last week reported to be raising over $200 million for its third fund, Africa People + Planet Fund, which will invest in startups developing agriculture and climate solutions on the continent. Around the same time, climate tech venture capital firm Equator announced the initial close of its fund to back seed …

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