- Persistent launches the $70 million Persistent Africa Climate Venture Builder Fund (ACV Fund) to finance African climate startups.
- The fund raised $52 million in seed funding at the first closing and added a $5 million venture-building facility.
- The vehicle targets startups in energy, agriculture and resource management from seed stage to Series A.
Persistent, a climate venture builder operating in Africa, has launched a $70 million investment vehicle aimed at supporting African startups developing climate solutions. Organization announcedMarch 10 marks the launch of the Persistent Africa Climate Venture Builder Fund (Persistent ACV Fund), an investment fund dedicated to early-stage companies addressing climate challenges across the continent.
The launch coincided with the first closing of a $52 million, as well as a $5 million venture-building facility designed to support company formation. The fund primarily targets African startups developing solutions in energy, agriculture and resource management, with funding stages ranging from seed to Series A.
The initiative aims to help these companies scale up their operations and deploy innovations more widely in African markets. In addition to financial support, Persistent will provide operational support to entrepreneurs by helping them structure projects and accelerate business growth.
“This first closing demonstrates that early-stage climate innovation in Africa is an attractive area for investors and represents a unique opportunity. We are excited to launch the investment phase and continue supporting entrepreneurs who are building companies in the energy, agriculture and resources sectors across Africa.”Persistent's partners said.
The fund launch comes at a time when climate finance is unevenly distributed globally. However, according to Dr. James Mwangi, Chief Executive Officer of Equity Group Holdings, Africa produces less than 4% of global greenhouse gas emissions, but the continent receives less than 5% of global climate financing. Proparco.
Many international partners support this fund. Supporters include FSDAI, the Nordic Development Fund, the Sustainable Energy Fund for Africa managed by the African Development Bank, and additional institutions such as JICA, the Soros Economic Development Fund, Impact Fund Denmark, the Schmidt Family Foundation, and the Cottier Donze Foundation.
This article was initially published in French by Sandrine Genne
Adapted into English by Ange JA de Berry Quenam