Pan-African venture capital firm Catalyst Fund has announced the second close of its latest fund, bringing total commitments to $30 million and moving the firm closer to its $40 million target.

The fund invests in pre-seed to Series A startups building climate resilience solutions across agriculture, fintech, food systems, energy, water, mobility and other climate technologies. Catalyst Fund plans to back around 40 startups across Africa. The firm is led by partners Maelis Carraro, Maxime Bayen, Olúwatóyìn Emmanuel-Olubake and Amolo Ng’weno.

The milestone comes as investor confidence appears to be returning to Africa’s climate technology sector. After climate tech funding fell to $754 million in 2024, according to TechCabal Insights‘ funding tracker, the sector rebounded to $1.1 billion by November 2025. Catalyst Fund’s latest raise is another sign that investors are once again betting on climate-focused innovation across the continent.

“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.”

New investors participating in the second close include the International Finance Corporation (IFC), Financing for Agri-SMEs in Africa (FASA), Shell Foundation, Trafigura Foundation, Speedinvest, Blink Impact and the Women Entrepreneurs Finance Initiative (We-Fi), which will help expand the fund’s pipeline of women-led startups. They join existing investors including FSD Africa and the Cisco Foundation.

“Across Africa, entrepreneurs supported through Catalyst Fund are strengthening livelihoods, expanding access to essential services and creating quality jobs in underserved communities,” said Farid Fezoua, Global Director for Disruptive Technologies, Services and Funds at IFC. “Through IFC’s partnership with Catalyst Fund, we are mobilising capital and expertise to help these early-stage ventures scale sustainably, attract private investors and deliver lasting impact for people and markets.”

The second close follows a $9 million first close completed in the third quarter of 2023. Since then, Catalyst Fund has built a portfolio of 28 startups across 10 African markets and made nine follow-on investments into its strongest-performing companies. With $30 million now committed, the firm is entering its next phase of investment as it works towards its $40 million fundraising target.