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Home Funding

Novastar’s Africa People + Planet Fund receives $25M in funding from DFC

Tech Gist Africa by Tech Gist Africa
04/14/2023
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A new fund launched by Pan-African venture capital firm Novastar Ventures has received a $25 million equity investment from the U.S. International Development Finance Corporation (DFC) to support entrepreneurs developing agriculture and climate solutions.

Information about the deal and Novastar’s new investment vehicle, the Africa People + Planet Fund, were included in the DFC’s most recent bulletin on the deals it had approved over the previous few months.

Tech-enabled enterprises servicing the mass market in a variety of industries, including agriculture, education, and off-grid renewable energy, have been supported by Novastar’s two earlier funds. 

The businesses that are targeted offer financial, supply chain, and marketplace services that “enable access-to-market and resilience in the face of climate change for the many.”

In addition, Novastar will support companies working in the field of climate technology that “deploy regenerative forestry, agriculture and aquaculture, biofuels, and biochar, that protect biodiversity, improve soil health, and capture carbon” while expanding the market for smallholder farmers. 

Since clean tech businesses in Africa received the second-highest amount of money in the region last year, behind fintechs, the VC company is providing more funding for them.

The venture capital firm stated that it will use the new fund to invest in clean technology, marketplaces, and projects that improve community resilience by providing financial and supply chain services.

 

Read more on Tech Gist Africa:

Kalon Venture Partners, a South African venture capital firm, will launch a $50 million pan-African fund

Flat6Labs has announced the launch of a US$95 million venture capital fund

Modus has announced a $75M venture capital fund to support AI and blockchain startups in Africa

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Tech Gist Africa is a new media and technology news platform that focuses on the untold stories of innovative ideas closely connected to technology news from Africa.

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