Drive aimed at startups in climate space

Startups focusing on climate-related initiatives stand to benefit from a substantial funding opportunity as part of the Climate Tech Accelerator Programme.

Pangea Accelerator, the organisation behind this initiative, plans to select 10 businesses for a six-month programme running from February to August 2024.

Startups within the programme stand to benefit from receiving funding ranging up to Sh40 million.

The accelerator programme aims to bolster startups operating primarily in areas such as sustainable agriculture, the circular economy, conservation technology, waste management, renewable energy, and nature-based solutions.

The overarching goal is to empower these enterprises to enhance their revenue streams, expand their client base, and optimise their operations.

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Jonas Tesfu, the Founder of Pangea Accelerator, underscores the significance of this programme for startups and small to medium-sized enterprises (SMEs) in the climate tech space.

He emphasises that the programme offers not only funding opportunities but also access to technical expertise and mentorship across various sectors, including nature-based solutions and ocean tech aquaculture.

“The motivation behind the initiative is to address the pressing need for SMEs and businesses to develop climate-focused solutions. Pangea aims to support these ventures, enabling them to achieve success in the evolving climate space,” said Tesfu.

Mr Tesfu anticipates that most beneficiaries will be drawn from the East African region, which has experienced its share of climate-related challenges, including floods and droughts.

The programme is tailored to the specific needs of each business, with a focus on helping them unlock opportunities.

“Pangea is collaborating with various partners, including over 60 investors in the climate sector, to provide not only funding but also networks and expertise. The programme is implemented in conjunction with the Lithuania Fund for Development Cooperation and Humanitarian Aid,” he said.

The initiative emphasises creating a positive impact on youth and women, who are identified as key beneficiaries of the support. Beyond financial assistance, the programme aims to assist businesses in expanding their markets regionally and internationally.