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By
Dennis Musau
Published on: March 12, 2025 09:30 (EAT)
Venture capital firm Equator invests in climate tech start-ups in Africa. | PHOTO: Equator
Equator, the climate tech start-up-focused
venture capital (VC) firm, has announced the final close of its first Africa
Fund at $55 million (Ksh.7.1 billion).
The Nairobi, London and
Colorado-based VC targets technology-enabled, early-stage African ventures in energy,
agriculture and mobility sectors.
Nijhad Jamal, managing partner at Equator, said
they plan to invest the fund in 15 to 18 start-ups.
The funder will invest between $750,000 and $1
million in seed-stage start-ups and write $2 million cheques for those at Series A.
Jamal told the American industry outlet
TechCrunch they also seek to help founders figure out unit economics,
governance, and regional expansion, and additionally reserve capital for further investments
and later-stage funding rounds.
Equator’s backers include development
financial institutions (DFIs) like British International Investment (BII),
Proparco, and International Finance Corporation (IFC).
The VC company has also pooled capital from
philanthropies like the Global Energy Alliance for People and Planet and the
Shell Foundation.
The VC achieved a first close of $40
million for the first fund in April 2023.
Equator’s portfolio comprises eight start-ups,
including Kenyan solar-powered energy and irrigation systems provider SunCulture, e-mobility venture Roam Motors and Apollo Agriculture, which
provides input financing and advisory services to smallholder
farmers.
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