IFC, FASA, Shell Foundation, Trafigura Foundation, SpeedInvest, Blink Impact, We-Fi, and private investors join the fund which reaches $30m to back founders building climate tech solutions in Africa.
Across Africa, climate shocks are already reshaping food systems, supply chains, energy access, and infrastructure, and a new generation of founders is building the practical, scalable solutions communities need to adapt. Catalyst Fund, the pan-African venture fund and venture builder backing founders from pre-seed to Series A, has announced the completion of its second close, with total commitments now reaching $30 million, bringing the fund closer to its target fund size and adding fresh momentum to its mission of strengthening climate resilience across the continent. Led by partners Maelis Carraro, Maxime Bayen, Olúwatóyìn Emmanuel-Olubake, and Amolo Ng’weno, the fund plans to invest in 40 ventures across Africa.
The second close brings together IFC, FASA, Shell Foundation, Trafigura Foundation, Speedinvest, Blink Impact, and a group of high-net-worth individuals, joining early backers FSD Africa, Cisco Foundation, and others who validated the thesis at the first close. It also brings in Women Entrepreneurs Finance Initiative (We-Fi) to help the fund increase its pipeline of women-led companies. Catalyst Fund expects to reach final close later this year.
“Climate adaptation is one of the defining investment themes of the next decade, especially in Africa, where the need is immediate, and the entrepreneurial talent is extraordinary. This second close allows us to double down on our mission: backing ambitious founders building practical, scalable solutions for a climate-changed world, and supporting them not just with capital, but with the hands-on venture-building support they need to grow.” — Maelis Carraro, Founder & General Partner, Catalyst Fund
The portfolio of 28 fast-growing companies already shows the breadth of that thesis in action. Keep It Cool, a 2024 Earthshot Prize winner, is building solar-powered cold-chain infrastructure for fisherfolk and poultry farmers in Kenya. MazaoHub, a Tanzanian agritech startup, combines AI-powered soil intelligence with on-the-ground agronomy support and digital market access to help smallholder farmers improve yields and livelihoods. Bekia runs a tech-enabled circular economy platform in Egypt connecting waste producers – households and businesses – with collectors, logistics partners, and trusted recyclers to turn recycling into a profitable, closed-loop. These are the kinds of practical, scalable businesses Catalyst Fund believes will deAfrica’sica’s climate resilience economy.
“Across Africa, entrepreneurs supported through Catalyst Fund are strengthening livelihoods, expanding access to essential services, and creating quality jobs in underserved communities. Through IFC’s partnership with Catalyst Fund, we are mobilizing capital and expertise to help these early‑stage ventures scale sustainably, attract private investors, and deliver lasting impact for people and markets.”
— Farid Fezoua, Global Director for Disruptive Technologies, Services, and Funds, International Finance Corporation (IFC)
“FASA’s mission is to reduce the funding gap faced by agri-SMEs in Africa by mobilizing catalytic capital, empowering investment managers, and fostering a supportive ecosystem. We chose Catalyst Fund because their investment strategy and their embedded venture-building model perfectly address the critical gaps faced by early-stage climate entrepreneurs. Beyond our $5 million junior equity investment to derisk the fund and unlock additional funding from co-investors, we are committed to providing targeted technical assistance to strengthen the fund’s capacities and support its most promising agri-startups”
— Mamadou Ndao, Investment Director, FASA
The company-building model is central to Catalyst Fund’s approach. Rather than acting as a passive investor, the firm works alongside founders as a true co-builder from the earliest stages of the journey. By pairing equity investment with embedded venture-building support from BFA Global, Catalyst Fund helps companies navigate the priorities that matter most – from refining strategy and product to hiring, commercial traction, partnerships, follow-on fundraising, and operational scale. The model is designed to keep incentives aligned from day one and give founders the kind of practical support that is often missing in early-stage investing.
“Climate shocks are already a reality for millions of people across Africa and founders building adaptation solutions urgently need access to the right kind of early support. Catalyst Fund backs entrepreneurs early and works alongside them to turn proven ideas into scalable businesses. We’re pleased to support this second close and help channel more capital to founders addressing critical climate resilience needs.” — Jonathan Berman, CEO, Shell Foundation
The second close also widens the fund’s circle of backers, bringing in a broad mix of development finance, corporate, family offices, and foundations – including some investors making their first commitment to Africa.
“We are proud to make our first impact investing commitment through Catalyst Climate Resilience Fund I, backing bold African founders building the adaptation solutions that vulnerable communities need most. By investing in the junior tranche, we aim to be catalytic, helping unlock additional capital into a space that is critical, yet chronically underfunded.” — Dario Soto-Abril, Trafigura Foundation
The firm is betting that climate resilience in Africa is not just an impact story, but one of the most important venture opportunities emerging on the continent. As climate shocks intensify, demand is rising for affordable, scalable solutions that help communities and economies adapt. Catalyst Fund believes the next generation of category-defining African startups will be built in that gap – and that backing them early can deliver outsized impact and strong returns for investors.
“Backing a first-time strategy early is where catalytic capital does its most important work. We committed to Catalyst Fund before first close, helping build the track record that has shown climate adaptation in Africa is investable from pre-seed to Series A, where the need is greatest, and capital is scarcest. The fund’s second close is a strong validation of that early conviction, and we’re pleased to see it attracting the broader investor base needed to scale climate adaptation investing across Africa.”
— Juliet Munro, Director, Early-Stage Finance, for FSD Africa and FSD Africa Investments (FSDAi)
