2023-05-29 17:00:00
(Ecofin Agency) – FSD Africa’s investment arm plans to invest up to £8 million when Africa Climate Ventures closes in 2024. These funds will enable its beneficiary to build a portfolio of climate-focused businesses across Africa.
FSD Africa Investments (FSDAI), the investment arm of financial development agency FSD Africa, recently announced a £1 million ($1.2 million) investment in Africa Climate Ventures (ACV). It is a venture capital firm that funds African climate-focused start-ups. This FSDAI investment consists of a convertible loan, which will be used to support ACV’s portfolio companies.
« FSDAI’s involvement has already been invaluable in refining the Africa Climate Ventures model. As we work towards achieving ambitious goals, we believe that FSDAI will be a key partner in ensuring our success. said James Mwangi (pictured), Managing Director of ACV.
By supporting Africa Climate Ventures, FSD Africa Investments expects the activities of the venture capitalist to contribute to accentuating Africa’s transition towards sustainable energy, more respectful of the environment, through the creation of profitable climate-focused businesses.
FSDAI plans to invest up to £8m when the ACV closes scheduled for 2024.
Africa Climate Ventures is the latest in a series of investments made by FSDAI in innovative green vehicles, such as Persistent Energy, which is active in off-grid energy and e-mobility in sub-Saharan Africa, as well as as Nithio, which invests in off-grid renewable energy.
Africa Climate Ventures, which already has two companies in its portfolio (Koko Networks Rwanda and Great Carbon Valley) will seek to build, over the next four years, a portfolio of around 15 climate-focused companies across Africa .
Chamberlain Moko
Read also:
13/11/2021 – FSD Africa expands insurtech accelerator program to Ghana and Nigeria
07/15/2022 – FSD Africa commits $3.5 million to support some forty start-ups in the pre-seed phase in Africa
10/02/2023 – FSD Africa will support the issuance of $400 million of green bonds in several African countries in 2023
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