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Home Business StartUPs

Swedfund Commits $10m to Boost African Climate Tech, Innovation

…Through Novastar’s Fund

by Joan Aimuengheuwa
May 27, 2025
in StartUPs
0
Swedfund Commits $10m to Boost African Climate Tech, Innovation
A farmer uses a Sistema.bio biodigester, part of Novastar’s portfolio supporting sustainable farming. Photo: Sistema.bio

A farmer uses a Sistema.bio biodigester, part of Novastar’s portfolio supporting sustainable farming. Photo: Sistema.bio

UBA
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Swedfund, Sweden’s Development Finance Institution, has invested $10 million in the Novastar Ventures Africa People and Planet Fund III (NVIII) to expand access to capital for African companies tackling climate change and development challenges through clean and climate-positive technologies. 

At a time when Africa faces increasing climate risks, it is also emerging as a rising hub for climate and clean-tech innovation. 

Through this indirect investment, Swedfund aims to catalyse funding for early-stage local businesses developing solutions in renewable energy, e-mobility, smart logistics, circular economy and regenerative agriculture.

“As the impacts of climate change intensify, it is critical to support businesses building resilient, low-carbon economies. Our investment seeks to unlock financing for innovative companies across Africa that improve lives and livelihoods while reducing emissions,” says Sofia Gedeon, investment director at Swedfund.

By investing in NVIII, a fund structure with broad reach and local presence in countries like Kenya and Nigeria, Swedfund enables capital to reach a larger number of high-impact companies across the continent. This approach supports market development, job creation and access to essential services in underserved communities.

Swedfund’s investment is made alongside other development finance institutions such as Norfund and British International Investment (BII).

The investment was signed in September, 2024

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Tags: African Climate TechAfrican Green EconomyAfrican Sustainable TechClean Energy AfricaClimate Innovation AfricaDevelopment Finance AfricaNovastar Ventures FundPlanet Fund III (NVIII)Renewable Energy AfricaSwedfundSwedfund Africa InvestmentSwedfund Novastar
Joan Aimuengheuwa

Joan Aimuengheuwa

Joan thrives at helping individuals and businesses scale via storytelling...

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