Pangea Accelerator, a platform that connects African startups with investors and partners, has launched a Climate Tech Accelerator Program to support businesses that are developing solutions for the climate crisis.
The program will run for six months, from February to August 2024, and will select 10 startups to receive funding, mentorship, and access to a network of experts and investors in the climate sector.
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Funding Opportunities and Impact
The selected startups will receive funding ranging up to Sh40 million, depending on their stage and needs. The funding will help them scale up their operations, reach new markets, and increase their revenue streams. The program also aims to create a positive impact on youth and women, who are often the most affected by the effects of climate change.
The program is open to startups that are operating in areas such as sustainable agriculture, the circular economy, conservation technology, waste management, renewable energy, and nature-based solutions. These are some of the key sectors that can help mitigate the impact of climate change and foster a green and resilient economy.
Technical Expertise and Mentorship
In addition to funding, the program will also provide the startups with technical expertise and mentorship from various partners, including over 60 investors in the climate sector. The program is implemented in collaboration with the Lithuania Fund for Development Cooperation and Humanitarian Aid, which supports initiatives that promote sustainable development and human rights.
The program will also help the startups develop their strategies and implementation plans, as well as improve their skills and knowledge in the climate space. The program will cover topics such as business development, product design, marketing, legal, and financial aspects.
Regional and International Expansion
The program will also facilitate the expansion of the startups to regional and international markets, where they can access more opportunities and customers. The program will leverage the network and experience of Pangea Accelerator, which has supported over 80 startups across Africa since its inception in 2017.
Jonas Tesfu, the Founder of Pangea Accelerator, said that the program is motivated by the pressing need for SMEs and businesses to develop climate-focused solutions. He said that Pangea aims to support these ventures, enabling them to achieve success in the evolving climate space.
He also said that most of the beneficiaries will be drawn from the East African region, which has faced many climate-related challenges, such as floods and droughts. He said that the program will help them unlock opportunities and overcome these challenges.
He also stressed the importance of sourcing funding from investors who have a deep understanding of the specific sector in which a business operates. He said that the program seeks investors who not only provide funding but also offer valuable networks and expertise to increase the likelihood of success for the startups.
Learn More
The program is currently accepting applications from interested startups until January 31, 2024. The application form and more information can be found on their website – https://itswebsitedeveloper.com/climate-tech/ and their social media pages. The program is open to startups from Kenya and other African countries that are working on climate-related solutions.
Startups that have benefited from Pangea Accelerator
Following are a few instances of startups that have profited from Pangea Accelerator:
Asaak is a fintech company that gives low-income business owners in Uganda access to finance and other financial services. Following its 2018 sponsorship of $50,000 from Pangea Accelerator, Asaak has increased its operations and impact.
Tozzaplus is a cloud-based payroll and accounting tool that assists Kenyan SMEs in handling their money and paying taxes on time. After receiving $30,000 in funding from Pangea Accelerator in 2019, Tozzaplus has expanded both its clientele and earnings.
ZayRide is an Ethiopian and Liberian ride-hailing and delivery platform. Following their 2020 investment of $100,000 from Pangea Accelerator, ZayRide has grown its market share and social impact
These are only a few of the numerous entrepreneurs that have profited from the network, mentorship, and support provided by Pangea Accelerator. Their website and magazine have further information about them and other startups.