Catalyst Fund made announcement that FSD Africa has invested $3.5M to anchor the Fund’s presence in Africa and scale its work as the leading accelerator and pre-seed impact fund for emerging market entrepreneurs.
Catalyst Fund will invest and offer venture-building support, with FSD Africa’s backing, to high-impact startups that improve the resilience of communities through technology solutions.
The investment will help ensure that Catalyst Fund continues to support high-impact startups that improve the resilience of societies in Africa, increase access to capital for entrepreneurs, and create new jobs.
Catalyst Fund created with the support of the Bill & Melinda Gates Foundation and JPMorgan Chase & Co. to support early-stage startups who are building affordable, accessible and appropriate digital financial solutions that improve the financial health of underserved communities in emerging markets.
Juliet Munro, Director, Digital Economy at FSD Africa noted that so sustain the future of Africans, a strong and accessible financial framework is essential. Particularly, the belief that finance will attend to climate issues by bridling the force of fintech development and assist with addressing market obstructions to working out truly necessary climate resolutions.
He also mentioned that their collaboration with Catalyst Fund will spike innovation by supporting entrepreneurs and expanding investment into the space.
According to the Managing Director of Catalyst Fund, the company will be particularly pleased to share at least 40% female founders who are 80% from the locality. The aim is to to transform domestic businesses while accelerating the overall innovation system.
Until this point, Catalyst Fund has upheld 61 new companies across developing markets that have together raised more than US$573 million in follow-on financing and arrived at over 13.2 million low-pay clients.