E3 Capital and Lion’s Head climate fund hits first close at $48M to back African startups

by Digital Brainiacs
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The E3 Low Carbon Economy Fund for Africa (E3LCEF), a fund by early-stage VC E3 Capital (formerly Energy Access Ventures), and emerging markets-focused investment bank Lion’s Head Global Partners, has hit the first close at $48.1 million.

The E3LCEF limited partners include FMO, the Dutch entrepreneurial development bank; Swedfund International AB, the Swedish development finance institution; Proparco, an AFD Group subsidiary and private sector development investor, and KfW, a development bank, in partnership with BMZ, the German ministry for economic cooperation and development.

The fund targets to close at $100 million, joining the growing list of funds backing startups in Africa’s climate tech sector. The fund will provide initial and follow-on funding to startups, such as solar providers and EV startups, supporting low carbon economies.

“African businesses are starting to emerge with clear product market-fit, and a strong commercial potential at the core within…

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