E3 Capital and Lion’s Head Climate Fund Raises $48 million in its First Close to Support African Companies.
The E3 Low Carbon Economy Fund for Africa (E3LCEF), a fund launched by early-stage venture capital firm E3 Capital (previously Energy Access Ventures) and emerging markets investment bank Lion’s Head Global Partners, has reached its first close of $48.1 million.
The fund aims to raise $100 million and will join the increasing list of funds supporting businesses in Africa’s climate tech sector. The fund will provide seed and follow-on capital to firms that promote low-carbon economies, such as solar providers and EV startups.
The new fund will make investments in firms in Sub-Saharan Africa. E3 Capital, a well-known African investor, is currently in charge of the €75 million Energy Access Ventures Fund I (EAVFI), which has made 15 investments in decentralized energy enterprises in East, West, and Southern Africa.