Swedfund commits to Novastar Ventures fund
Swedfund has committed $10 million to the Novastar Ventures Africa People and Planet Fund III.
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Swedfund, Sweden’s development finance institution, has committed $10 million to the Novastar Ventures Africa People and Planet Fund III (NVIII).
Through this indirect investment, Swedfund aims to catalyse funding for early-stage local businesses developing solutions in renewable energy, e-mobility, smart logistics, circular economy and regenerative agriculture.
"As the impacts of climate change intensify, it is critical to support businesses building resilient, low-carbon economies. Our investment seeks to unlock financing for innovative companies across Africa that improve lives and livelihoods while reducing emissions," says Sofia Gedeon, investment director at Swedfund.
Swedfund invested alongside other development finance institutions such as Norfund and British International Investment.
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