NAIROBI, Kenya (AP) — When Ademola Adesina founded a startup to provide solar and battery-based power subscription packages to individuals and businesses in ...
NAIROBI, Kenya — When Ademola Adesina founded a startup to provide solar and battery-based power subscription packages to individuals and businesses in Nigeria in 2015, it was a lot harder to raise money than it is today.
Still, the investment numbers for the climate tech sector — which includes businesses in renewable energy, carbon removal, land restoration and water and waste management — are compelling: Last year, climate tech startups on the continent raised $1.04 billion, a 9% increase from the previous year and triple what they raised in 2019,. That was despite a decline in the amount of money raised by all startups in total on the continent last year.
That was the case for Adetayo Bamiduro, co-founder of Metro Africa Xpress, which makes electric two- and three-wheelers and electric vehicle infrastructure in Nigeria and has raised just under $100 million since it was founded in 2015.“We all know that in order to really decarbonize our economies, investments have to be made. And it’s not trivial investment,” he said.
Besides venture capital, other investments by private equity firms, syndicates, venture builders, grant providers and other financial institutions are actively financing climate initiatives on the continent. The startup provides solar panels for homes and businesses and a digital management system that allows users to remotely manage power usage, as it tries to solve the problems of energy access and reliability in southern Africa.
Maëlis Carraro, managing partner at Catalyst Fund, a Nairobi-based VC fund and accelerator that funds climate adaptation solutions, urged more diverse funding, such as that which blends private and public sector funding. The role of public financing, she said, should be to de-risk the private sector and attract more private sector capital into financing climate initiatives.
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