The pan-African venture capital firm Catalyst Fund has secured new capital commitments to bring its cumulative funding pool to 30 million USD. Announced on 2 July 2026, the completion of this second close pushes the firm closer to its final fundraising target for its climate resilience investment strategy.
Led by partners Maelis Carraro, Maxime Bayen, Olúwatóyìn Emmanuel-Olubake and Amolo Ng’weno, the fund aims to back 40 African early-stage startups from pre-seed to Series A. This latest funding round attracted institutional capital from the International Finance Corporation (IFC), FASA, Shell Foundation, Trafigura Foundation, Speedinvest and Blink Impact. Private high-net-worth individuals also participated, joining foundational backers like FSD Africa and the Cisco Foundation. The Women Entrepreneurs Finance Initiative (We-Fi) also joined to increase the recruitment of female-led tech companies.
The investment vehicle has already constructed a portfolio of 28 fast-growing businesses working in ecological adaptation. Active investments include the 2024 Earthshot Prize winner Keep It Cool, which builds solar-powered cold-chain units for Kenyan fishing and poultry sectors. The fund also backs MazaoHub, a Tanzanian agritech platform combining artificial intelligence soil data with digital market access, and Bekia, an Egyptian tech-enabled recycling network.
Catalyst Fund operates an active company-building model, partnering with BFA Global to deliver operational support. This system embeds specialist teams directly within early-stage ventures to refine strategies, handle recruitment and secure commercial traction alongside injecting direct equity capital.
“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,” said Maelis Carraro, Founder & General Partner, Catalyst Fund.
The venture firm expects to reach its final closing later this year as capital demand grows for scalable climate solutions across African supply chains, energy markets and agricultural systems.
Farid Fezoua, Global Director for Disruptive Technologies, Services, and Funds at the IFC, commented on the development, stating: “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.”
Mamadou Ndao, Investment Director at FASA, added that his organisation chose to back the firm due to its integrated support model. “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,” Ndao stated.
Corporate foundations also emphasized the necessity of targeting early infrastructure gaps. “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,” said Jonathan Berman, CEO of the Shell Foundation.
The inclusion of international philanthropic funds also aims to attract further institutional capital to African venture capital markets. Dario Soto-Abril of the Trafigura Foundation noted: “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.”
Early project validation has helped show the financial viability of African green tech investments. Juliet Munro, Director of Early-Stage Finance for FSD Africa and FSD Africa Investments (FSDAi), said: “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.”
