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Africa Climate Ventures (ACV) is a venture studio based in Kigali, Rwanda, founded by James Mwangi. Established to leverage Africa's unique resources and opportunities in the climate sector, ACV aims to build Africa's first climate unicorns by developing a portfolio of climate-positive ventures. The organization operates as a permanent capital vehicle, which allows it to sell equity rather than manage traditional fund mandates.
ACV targets a portfolio size of $45 million and aims to eliminate 1 million tonnes of carbon emissions annually by 2030. The firm plans to improve the lives of 50 million Africans and create over 5,000 jobs through its investments. The organization is backed by FSD Africa Investments, which has committed GBP 1 million to support its mission.
ACV invests in sectors related to climate action, including climate-smart agriculture, circular economy, e-mobility, and carbon removals. The firm employs three primary investment models: importing proven global climate technologies to Africa, scaling successful African climate tech businesses, and monetizing carbon potential to enhance profitability. This approach allows ACV to adapt global technologies for the African market while supporting local businesses in expanding their reach.
Investment stages include seed, Series A, and growth equity, with a focus on early-stage ventures. ACV's strategy emphasizes technology transfer, market expansion, and integrating carbon revenue streams into existing business models. The firm seeks to partner with founders who are committed to sustainability and have a clear vision for their climate-positive ventures.
ACV's portfolio includes notable investments in two companies:
Additionally, ACV has invested in Safi Organics, which aims to expand organic fertilizer production. These investments reflect ACV's commitment to supporting innovative climate solutions that address pressing environmental challenges in Africa.
James I Mwangi - Co-Founder & CEO. Mwangi is the co-founder of Dalberg Advisors and has served as its Global Managing Partner. He is a recipient of the 2022 Climate Breakthrough Award and founded the Climate Action Platform for Africa (CAP-A).
Mohamed Cassim - Co-Founder & CIO. Cassim is a South African investor and angel investor, serving as Chair of the MFS Africa Board and founder of Abacus Advisory.
CJ Fonzi - Co-Founder & COO. Fonzi previously worked as a Partner at Dalberg Advisors and founded Dalberg's Rwanda business in 2017.
Oluwakemi Olajide - Principal. Olajide brings expertise in investment strategy and climate technology.
Scott Hosking - Principal. Hosking has a background in venture capital and climate innovation.
Jermaine Coelho - Senior Associate. Coelho focuses on supporting portfolio companies and investment analysis.
Divine Mutoni - Associate. Mutoni assists in deal sourcing and portfolio management.
Bilha Ndirangu - Venture Partner. Ndirangu provides strategic guidance and support to portfolio companies.
Doreen Rwigamba - Venture Partner. Rwigamba brings experience in climate finance and investment.
To pitch to Africa Climate Ventures, founders should visit their website at Africa Climate Ventures. The pitch deck should include a clear overview of the business model, market opportunity, and how the venture contributes to climate action. ACV prefers pitches that highlight the potential for technology transfer and carbon monetization.
Response times may vary, but founders are encouraged to follow up if they do not receive a timely response. Warm introductions are beneficial, but not strictly necessary for submission.
Africa Climate Ventures runs the Africa Climate Ventures program, which focuses on developing climate-smart businesses across the continent. This program supports startups in scaling their operations and integrating sustainable practices into their business models. Eligibility criteria typically include a commitment to climate action and a viable business model.
Founders interested in applying to the program can do so through the ACV website, where they can find more information on the application process and requirements.
In March 2026, Africa Climate Ventures announced a notable investment in Safi Organics, aimed at expanding organic fertilizer production. This investment aligns with ACV's mission to support climate-smart business models across Africa.
Additionally, ACV continues to build its portfolio, focusing on innovative climate-related sectors. Their partnership with KOKO Networks has been highlighted as a strong anchor investment, providing sustainable bioethanol cooking fuel to Kenyan families.
What are Africa Climate Ventures' investment criteria?
ACV focuses on sectors related to climate action, including climate-smart agriculture, circular economy, e-mobility, and carbon removals. They invest in early-stage ventures, specifically at the seed, Series A, and growth equity stages.
How can I apply or pitch to Africa Climate Ventures?
Founders can submit their pitches through the ACV website at Africa Climate Ventures. It is recommended to include a clear business model, market analysis, and how the venture contributes to climate action.
What makes Africa Climate Ventures different from other investors?
ACV operates as a venture studio and permanent capital vehicle, allowing them to sell equity rather than manage traditional fund mandates. This structure enables them to focus on building long-term partnerships with portfolio companies.
What is ACV's geographic scope?
ACV primarily invests in Africa, targeting ventures that address local climate challenges and leverage the continent's unique resources.
What kind of post-investment involvement does ACV have?
ACV adds value to its portfolio companies by facilitating technology transfer, supporting market expansion, and helping businesses monetize their carbon potential, thereby enhancing profitability and growth.
What is the typical check size for investments?
While specific check sizes are not disclosed, ACV invests at the seed, Series A, and growth equity stages, indicating a flexible approach to funding based on the needs of the venture.
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