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The news:
- E3 Capital and Lion’s Head have hit $48 million in the first close of their E3 Low Carbon Economy Fund for Africa (E3LCEF).
- The fund’s limited partners include Proparco, Dutch entrepreneurial development bank, and Swedfund International AB.
- The fund will provide initial and follow-on investments for climate tech startups such as solar energy providers and EV startups.
Africa’s climate tech startups could see a significant increase in funding in the coming years as more funds target the sector.
In 2022, Satgana closed $32 million to invest in startups that focus on carbon removal. The International Development Finance Corporation (DFC) also invested $40 million in the Energy Entrepreneurs Growth Fund (EEGF) to increase access to off-grid energy in Africa.
The E3 Low Carbon Economy Fund for Africa (E3LCEF) now joins the list of funds that want to drive investment in African clean-tech startups.
The fund, which just hit its first close at $48.1 million, is managed by E3…
