Ecosystem Integrity Fund, a venture capital firm, has secured $250 million for sustainable firms, including two in Africa. According to a statement, the San Francisco-based clean-tech investment firm closed its fourth fund with support from the Tennessee Valley Authority Retirement System and Franz Haniel & Cie, a family-owned holding company in Germany.
“Sustainable investing opportunities are becoming much better understood,” said Sasha Brown, a partner at EIF. “Attitudes have changed since the days when people thought what we did was counter to fundamental economics, that we were tree huggers who were going against capitalism.”
Here Is What You Need To Know
- Around 20 early-stage green technology businesses will get funding, with industries spanning from hydrogen-powered airplanes to electric motorcycles and subscription scooters. Rwanda’s Ampersand, Africa’s first electric motorcycle manufacturer, and Ghana’s Energicity, a builder of solar microgrids for underserved rural communities, are among them.
- Investor interest in such companies is growing amid accumulating evidence of climate change, ranging from high amounts of atmospheric carbon dioxide in May to the warmest June ever recorded in the contiguous United States last month. Global spending on technologies to transition away from fossil fuels hit a new high of $501.3 billion last year.
- Closer to home in California, the fund also backed Unagi, an Oakland-based company that is developing a subscription-based network of electric scooters, and ZeroAvia Inc., a Hollister-based company that is developing hydrogen-powered planes and has received funding from Bill Gates and Hong Kong billionaire Li Ka-shing.
Ecosystem Integrity Fund Africa Ecosystem Integrity Fund Africa
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer