Kenyan startups focusing on climate-related initiatives are poised to benefit from a substantial funding opportunity as part of the Climate Tech Accelerator Program. Pangea Accelerator, the organization behind this initiative, plans to select 10 businesses for a six-month program running from February to August 2024. Startups within the program stand to benefit from receiving funding ranging up to Sh40 million.
The accelerator program 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 optimize their operations.
Jonas Tesfu, the Founder of Pangea Accelerator, underscores the significance of this program for startups and small to medium-sized enterprises (SMEs) in the climate tech space. He emphasizes that the program 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 program 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 program is implemented in conjunction with the Lithuania Fund for Development Cooperation and Humanitarian Aid.
The initiative also emphasizes creating a positive impact on youth and women, who are identified as key beneficiaries of the support.
Beyond financial assistance, the program aims to assist businesses in expanding their markets regionally and internationally. Pangea Accelerator plans to improve operations by facilitating the acquisition of better skills and expertise, while also helping businesses develop strategies and implementation plans for positive growth.
Mr. Tesfu highlights the importance of sourcing funding from investors with a deep understanding of the specific sector in which a business operates. 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.
Despite the rapid growth and immense global potential of the climate sector, Pangea Accelerator acknowledges a significant gap in support. The organization expresses its commitment to expanding and covering more businesses, recognizing the multitude of enterprises that require assistance in the burgeoning climate-focused market.
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