Kenyan startups focusing on climate solutions are set to benefit from funding ranging from between Sh15 million to Sh40 million under a new six-month climate Tech Accelerator Programme.
The programme by Pangea aims to provide the selected businesses with support in enhancing revenues, expanding their client base, and improving operations.
Pangea Accelerator Founder, Jonas Tesfu said that the programme is tailored for startups and SMEs in the climate tech space, with a focus on sustainable agriculture, circular economy, conservation technology, waste management, renewable energy and nature-based solutions.
“There is a big need for SMEs and businesses to develop solutions for the climate space and we would want to support them and help them become successful. For each of the businesses we will tailor the programme to suit their specific needs. It will be a tailored programme to help them unlock their specific opportunities,” said Tesfu.
According to the founder, from the 10 startups set to benefit, most of the them would be drawn from the East African region, which has faced its fair share of climate-related disasters in recent years, mainly floods and drought.
While the programme anticipates a strong representation from the East African region, it is open to enterprises addressing climate-related challenges globally.
Other than financing the businesses, the programme will help the businesses expand their markets regionally and internationally, improve operations by helping them source better skills and expertise and developing strategies and their implementation plans for positive growth.
“We don’t expect them to have huge revenues but having a few customers is important so that we know you are out in the market and that it’s more than an idea,” he said.
The initiative is a collaboration by over 60 investors in the climate sector, along with partners such as the government, the World Food Programme (WFP), and the World Wildlife Fund (WWF).
This collaboration aims to provide not only funding but also valuable networks and expertise to foster the growth of these enterprises.
The programme seeks to make a positive impact on youth and women, with plans to include them as major beneficiaries of the support.
Beyond financial assistance, the initiative aims to assist businesses in expanding their regional and international markets, sourcing skilled expertise, and developing growth-oriented strategies
Recognising the growing potential of the climate sector globally, Pangea Accelerator aims to address the existing gap in support.
Tesfu emphasises the importance of securing funding from investors with sector-specific knowledge, networks, and a genuine interest in fostering the success of the startups.
Pangea Accelerator notes that there still exists a huge gap in the support extended to the climate sector, despite its fast growth and huge potential globally, which creates a huge opportunity for the youth and other climate champions to tap into.
“We see that the climate sector is a growing sector and it’s growing very fast. Supporting the 10 businesses alone will not cover the full need, the need is much bigger there because there are hundreds of businesses that need support and at Pangea we will do everything we can to expand and cover more businesses,” Tesfu says.