Novastar Ventures, a pan-African venture capital firm, has received a $25 million equity investment from the US International Development Finance Corporation (DFC) for its Africa People + Planet Fund. The fund's goal is to support startups that are developing agricultural and climate solutions.
The Africa People + Planet Fund will invest in climate technology, cleantech, marketplaces, and initiatives that help communities thrive by providing financial and supply chain services.
Novastar Ventures intends to invest in cleantech startups such as clean utilities, electric mobility, smart logistics, and alternative materials. The venture capital firm will also focus on climate techs such as regenerative forestry, agriculture and aquaculture, biofuels, and biochar, all of which protect biodiversity and improve soil health while capturing carbon.
This investment in climate tech is Novastar's third, following the $80 million East Africa Fund and the $108 million Africa Fund II, and expansion into West Africa. Novastar invests in agriculture, education, and off-grid renewable energy start-ups that are tech-enabled, with previous investments in TradeDepot, Moniepoint, insurtech Turaco, furniture startup MoKo, mpharma, and agtech firm iProcure.
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