(Ecofin Agency) – The fund, which reached a first closing of $40 million in April 2023, contributes to filling the persistent financing gaps that exist in Africa for technological innovation in the climate field.
The International Finance Corporation (IFC) announced an investment in Equator Africa Fund I on October 3, marking its first-ever investment in a venture capital fund focused entirely on supporting business and innovation in the climate sector.
Equator Africa supports early-stage technology companies in sub-Saharan Africa, including those working on green solutions in the energy, agriculture and mobility sectors.
The investment of $5 million is part of the financial closing of the fund, bringing its size to $54 million. The fund has already invested in six companies, including SunCulture which provides solar power and irrigation systems to farmers and Roam, which designs and develops electric motorcycles and buses.
« We are delighted that IFC is participating in our fund and supporting Equator’s mandate to invest in early-stage technology companies that accelerate an equitable climate transition in sub-Saharan Africasaid Nijhad Jamal, Managing Partner of Equator.
Africa is the continent most vulnerable to the effects of climate change, but its significant potential in terms of clean energy resources can help it benefit from sustainable solutions offered by innovative technology companies.
Abdullah Diop
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