Private Equity

KawiSafi Ventures and Catalyst Fund Secures Investment from Heading for Change Trustees (HfC) to Drive Climate Action in Africa

By  |  January 20, 2025

Heading for Change Trustees (HfC), the donor-advised fund founded by the late Suzanne Biegel, has announced two significant additions to its portfolio: KawiSafi Ventures Fund II and Catalyst Fund, both focused on climate resilience and green growth in Africa. 

These investments are part of HfC’s broader strategy that includes five new investments across Asia, Africa, and Latin America, all aimed at advancing climate solutions in emerging markets with a specific focus on gender equity.

The organization’s strategy is to create a global demonstration portfolio of private market funds, spanning various climate themes, regions, and opportunities for impact. 

Among these recent investments are two African climate-focused funds: KawiSafi Ventures Fund II and Catalyst Fund. Both funds focus on providing investments to innovative, gender-smart startups addressing climate resilience and green growth across the African continent.

Catalyst Fund, a women-led venture capital fund incubated by BFA Global, focuses on early-stage startups across Africa that address climate risks and enhance resilience. The fund targets sectors such as agritech, climate fintech, water management, and sustainable energy. A key goal is for 40% of its portfolio companies to be women-led and locally owned. 

Catalyst Fund combines high-risk capital with hands-on venture-building support, helping startups scale while integrating a gender lens throughout its operations. The fund recognizes women as critical agents of climate action, exemplified by its diverse portfolio. 

The fund boasts notable climate-focused African startups in its portfolio including Kenya-based solar energy provider, Earthbond; Kenya-based Direct Air Carbon Capture (DAC) technology company, Octavia Carbon; Uganda-based mobile layaway system provider that helps farmers save, Agro Supply, Kenya-based decentralized cold-chain solutions provider, Keep IT Cool and others

The second African fund, KawiSafi Ventures Fund II, is managed by Acumen and represents a USD 200 M effort targeting Sub-Saharan Africa’s green energy transition and decarbonization efforts.

The fund aims to positively impact 100 million lives and offset 100 million tonnes of carbon emissions through investments in clean energy and climate technologies.

KawiSafi’s portfolio includes off-grid solar energy solutions provider, d.light; Bboxx, a utility startup providing clean energy and clean cooking across Africa; InspiraFarms, a manufacturer and provider of energy-efficient cold rooms; and Sistema.bio, a major player in biogas technology and Africa’s largest biodigester company.

KawiSafi integrates a gender-smart strategy, offering technical assistance to develop pipelines of women-owned businesses and training programs that equip women with skills for green jobs.

By including Catalyst Fund and KawiSafi Ventures Fund II in its growing portfolio, Heading for Change Trustees continues to advance innovative and impactful climate-focused initiatives. These investments are set to support locally driven solutions to tackle environmental challenges across critical markets.

These two funds join Heading for Change’s growing portfolio of 12 investments aimed at advancing climate solutions in emerging markets. Beyond Africa, Heading for Change has invested in funds such as EcoEnterprises Partners IV, LP, which promotes biodiversity conservation in Latin America, and Circulate Capital Ocean Fund LAC, a fund addressing ocean plastic pollution while empowering women in local supply chains. Additionally, the Acumen Climate Action Pakistan Fund

Other funds in the portfolio include AiiM Partners, The 22 Fund, Unconventional Ventures, Supply Change Capital, MCE MESA Fund, Just Climate – Climate Assets Fund I, and WaterEquity Global Access Fund IV.

With these strategic investments, Heading for Change strengthens its position as a leader in supporting climate solutions that combine innovation, inclusivity, and environmental impact.

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