[Press Release] 7 African Startups to Receive $385k to Develop Solutions for the Blue Economy
Nairobi, Kenya, February 8, 2023 – Today, climate resilience venture launcher Triggering Exponential Climate Action (TECA) has announced the selection of seven startups to each receive $55,000 in funding to advance their solutions for the blue economy in Africa. The startup founders were selected following their participation in TECA’s fellowship program, where they were supported to create ideas for companies in the blue economy, build teams, and form companies.
The TECA program, managed by BFA Global and supported by FSD Africa, was created to accelerate the development of climate-resilient solutions to protect and sustain the environment and vulnerable communities. Each startup will receive $27,500 in seed capital and $27,500 in hands-on venture building support to progress financial and tech-enabled solutions that bolster the climate resilience of communities and ecosystems in and around the oceans, lakes, and rivers across the Eastern region of Africa.
“Through the TECA program, we are proud to support and accelerate the development of innovative solutions that will protect and sustain the environment and vulnerable communities in the Eastern coast of Africa. These seven startups represent the forefront of the blue economy in Africa, and we look forward to seeing the impact of their financial and tech-enabled solutions on communities and ecosystems,” said David del Ser, Chairman and Chief Innovation Officer at BFA Global.
“The ventures that have been formed through the TECA program are an inspiration. They represent young Africans – including women – coming forward with great ideas and solutions to climate-related challenges, in this case, in the blue economy. I’m proud that FSD Africa is supporting this initiative, which leverages finance and technology to help build resilience and create opportunity in the context of climate adversity. Through our partnership with BFA Global, we plan to roll out TECA beyond the blue economy to also solve for other challenges and geographies across Africa.” said Juliet Munro, Digital Economy Director at FSD Africa.
Founders of the seven startups selected in the current cohort originate from six countries in Africa—Kenya, Egypt, South Africa, Uganda, Zimbabwe and Tanzania—with ideas focusing on bridging existing gaps in: aquaculture; ecotourism; measurement, reporting, and verification (MRV) in conservation; seaweed value chain; mangrove restoration and protection; and financial services for fisher folk. The startup companies and their solutions are:
- AquaTrack: a data-driven solution for sustainable aquaculture production. They aim to provide a water quality monitoring device for fish farmers seeking to increase production and efficiency in their farms.
- Carboni Bank: a community-centered platform for tourists to offset their carbon emissions and support local climate initiatives.
- ConserVate: utilizing innovative digital technology to build local capacity for monitoring reporting and credible verification (MRV) of conservation impact for both funders and implementers to reverse the effects of climate change.
- Mwani Blu: building a seaweed marketplace with high-level traceability, providing women smallholder farmers with dignified and stable incomes.
- RegisTree: empowering coastal communities to be agents of climate change mitigation by facilitating their role in mangrove restoration and protection.
- Vua Solutions: a fintech company seeking to provide affordable and responsible financial services to people working in the blue economy.
- Wezesha Aqua Farms: seeking to address the dwindling wild capture fisheries stocks that negatively impact the livelihoods and socioeconomic status of local fishing communities around the great lakes region in Eastern Africa.
To further invest in the success of these startups, TECA will provide comprehensive venture building support that includes mentorship, capacity building, business model refinement, and support launching their products and services in market.
Startups working on climate resilience solutions are encouraged to apply for the next TECA cohort. For more information, visit the TECA website.
For further inquiries, contact Carmen Merab, Communications & Influence Manager, BFA Global: cmerab@bfaglobal.com
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About BFA Global
BFA Global applies financial and digital innovation, venture building, and investment expertise – relying on rigorous insights from field research, a deep network of partners and practical implementation experience across emerging markets – to improve the resilience and well-being of underserved people. We leverage global expertise and local knowledge to craft and scale solutions, and catalyze innovation ecosystems, partnering with leading public, private and philanthropic organizations, for a more inclusive and sustainable planet. Founded in 2006, BFA Global is headquartered in Nairobi and Boston, with a presence in Medellín, New Delhi, Mexico City, Johannesburg, Lagos, Accra, Madrid, London and Paris.
Learn more at bfaglobal.com
About FSD Africa
FSD Africa is a specialist development agency working to help make finance work for Africa’s future. Based in Nairobi, FSD Africa’s team of financial sector experts work alongside governments, business leaders, regulators, and policymakers to design and build ambitious programmes that make financial markets work better for everyone. Established in 2012, FSD Africa is incorporated as a non-profit company limited by guarantee in Kenya. It is funded by UK aid from the UK government.
For more information, visit: https://www.fsdafrica.org
