More money is going to African climate startups, but a huge funding gap remains
NAIROBI, Kenya (AP) — When Ademola Adesina founded a startup to provide solar and battery-based power subscription packages to individuals and businesses in Nigeria in 2015, it was a lot harder to raise money than it is today.
Climate tech was new in Africa, the continent was a fledgling destination for venture capital money, there were fewer funders to approach and less money was available, he said.
It took him a year of “running around and scouring” his networks to raise his first amount — just under $1 million — from VC firms and other sources. “Everything was a learning experience,” he said.
But the ecosystem has since changed, and Adesina’s Rensource Energy has raised about $30 million over the years, mostly from VC firms.