Catalyst Fund, a pan-African venture fund investing in startups building climate adaptation and resilience solutions, has announced the completion of its second close, bringing total commitments to $30 million as it advances toward a $40 million target.
Led by partners Maelis Carraro, Maxime Bayen, Olúwatóyìn Emmanuel-Olubake, and Amolo Ng’weno, Catalyst Fund noted that it expects to increase its portfolio to about 40 startups across Africa with its fund.
The second close comes as investment in the African climate technology sector recovers after a 2024 slump. Climate tech funding fell to $754 million that year, according to TechCabal Insights’ funding tracker, before rebounding to $1.1 billion by November 2025. The recovery suggests growing investor confidence in the sector.
“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,” Maelis Carraro, founder and general partner at Catalyst Fund, said in a statement. “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.”
